Saturday, December 10, 2022

Asia shares follow Wall Street lows as rally cools

Rally momentum calms as stocks drop on Wall Street

by Joy McDonald

BEIJING (AP) – Asian stock markets followed Wall Street lows on Friday as a rally cooled and investors waited for US inflation data to back the Federal Reserve’s decision to roll back economic stimulus. can affect.

Shanghai, Tokyo, Hong Kong and Sydney withdrew.

Wall Street’s benchmark S&P 500 index fell after three days of gains. More than three-quarters of the companies in the index closed down.

Investors await US consumer price data for November. Fed officials, due to meet next week, said they were prepared to take action to calm inflation, which hit a 30-year high in October.

In a report, IG’s Yep Jun Rong said that while they waited for the numbers, traders were “potentially taking some risk”.

The Shanghai Composite Index was down 0.3% at 3,662.72 and the Nikkei 225 in Tokyo was down 0.4% at 28,609.84. The Hang Seng in Hong Kong fell 0.5% to 24,138.40.

In Seoul, the Kospi was up 0.6% at 3,011.44 and Sydney’s S&P-ASX 200 was down 0.5% at 7,346.00.

New Zealand and Southeast Asian markets also declined.

On Wall Street, the S&P 500 fell 0.7% to 4,667.45. The Dow Jones Industrial Average closed less than 1 point down at 35,754.69. The Nasdaq closed down 1.7% at 15,517.37.

The S&P 500 was up 3.6% over the past three days, the White House’s chief medical adviser said, adding that the Omicron version may not be as dangerous as the earlier delta. This allayed fears of more restrictions on travel and trade.

Technology stocks and a mix of retailers and other companies that rely on direct consumer spending weighed the most on the S&P 500. Chipmaker Nvidia fell 3.4%, while Tesla fell 6.1%, making for the biggest drop in the index.

Travel companies have slipped after making gains in the last few days. Carnival fell 1.7% and United Airlines 1.8%.

Health-related stocks rose. Pfizer, which is touting the potential benefits of a vaccine booster against the Omicron variant, rose 1.3%.

The number of Americans applying for unemployment benefits fell last week to the lowest level in 52 years, the Labor Department reported.

In energy markets, benchmark US crude rose 7 cents to $71.01 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.42 to $70.94 on Thursday. International oil price base Brent crude rose 8 cents to $74.50 a barrel in London. In the previous session, it fell by $1.40 to $74.42.

The dollar was little changed at 113.49 yen. The euro rose from $1.1289 to $1.1301.

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