TOKYO (AP) -- Global shares dropped Wednesday and Wall Street was set to edge slightly lower on the open amid worries over a rise in the cost of borrowing and companies' raw materials.
KEEPING SCORE: France's CAC 40 was down 0.8 percent to 5,399, while Germany's DAX fell 1.7 percent to 12,343. Britain's FTSE 100 lost 0.8 percent to 7,368. U.S. shares were set to drift lower with Dow futures down almost 0.1 percent and S&P 500 futures 0.4 percent lower.
YIELDS QUESTION: The yield on the 10-year Treasury note rose to 2.99 percent on Tuesday from 2.98 percent the day before, having peaked at 3 percent for the first time since January 2014. Low interest rates have played an important role in the economic recovery of the last decade, and the yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages. It's been climbing because investors expect higher economic growth and inflation.
TAKEDA-SHIRE: Shares in Japanese pharmaceutical company Takeda Pharmaceutical Co. tumbled 7 percent to in Tokyo on Wednesday after the company confirmed it had revised its offer for an approximately 50 percent stake in biotech company Shire Plc to 46 billion pounds ($64.2 billion). Shire's board indicated that it would recommend that proposal to its shareholders, Takeda said in a statement. The two companies have until May 8 to reach a final deal, they said.
SKY TUSSLE: U.S. media conglomerate Comcast offered to buy British broadcaster Sky for 22 billion pounds ($30 billion), topping a controversial bid from Rupert Murdoch's 21st Century Fox. The move opened up the possibility of a bidding war for Sky, whose stock spiked 4.4 percent to 13.63 pounds on the news.
ASIA'S DAY: Japan's benchmark Nikkei 225 shed 0.3 percent to finish at 22,215.32. Hong Kong's Hang Seng lost 1.1 percent to 30,281.15. The Shanghai Composite index shed nearly 0.4 percent to 3,117.97. South Korea's Kospi lost 0.6 percent to 2,448.81. Australian markets were closed for Anzac Day, a public holiday. Southeast Asian shares were also lower.
ENERGY: Benchmark U.S. crude oil edged 8 cents lower to $67.62 a barrel in electronic trading on the New York Mercantile Exchange. It shed 1.4 percent to $67.70 on Tuesday. Brent crude, used to price international oils, fell 22 cents to $73.64 per barrel.
CURRENCIES: The dollar rose to 109.22 yen from 108.82 yen. The euro fell to $1.2182 from $1.2196.
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