- Advertisement -spot_img
Wednesday, October 20, 2021

Asian stocks mostly up after a mixed session on Wall Street

by Elaine Kurtenbach

Asian stocks were mostly up on Thursday after a mixed trading session on Wall Street.

Tokyo’s Nikkei 225 index fell 0.4% after disappointing factory and retail sales figures were released. Shares also fell in Hong Kong but other regional benchmarks advanced.

Japanese investors chose former Foreign Minister Fumio Kishida to lead the ruling Liberal Democrats and thus become the next prime minister.

Shares of China Evergrande Group fell as reports said the company, which is struggling to reduce its debt, was likely to miss another payment on a bond.

Shares of Evergrande jumped on Wednesday after it announced it was selling a stake in Shengjing Bank to help it pay off 10 billion yuan ($1.6 billion) of its debt to the northeastern China-based lender.

Hong Kong’s Hang Seng index fell 0.9% to 24,452.61, while Tokyo’s Nikkei 225 fell 104.92 points to 29,439.37.

The Shanghai Composite Index rose 0.4% to 3,550.24 and Australia’s S&P/ASX 200 jumped 1.5% to 7,302.50. In Seoul, the Kospi ended with a gain of 0.1% at 3,063.19.

The yield on the 10-year Treasury, which is used to set interest rates on many types of loans, fell to 1.51% from 1.53% early Thursday.

The S&P 500 rose 0.2% to 4,359.46 on Wednesday, with most gaining 0.8%. The benchmark index gained marginally a day after recording its worst fall since May. The index is on pace for its first monthly loss since January.

The Dow Jones Industrial Average also lost momentum, but gained 0.3% to 34,390.72, while the tech-heavy Nasdaq Composite gave up 0.2% to 14,512.44.

The Russell 2000 Index of Small Companies also fell 0.2% to 2,225.31.

Bond yields stabilized over the past week after a spurt and pressure on the markets, especially technology stocks. The high return has forced investors to reevaluate whether prices are too high for the stock, as it makes them look expensive by comparison.

Read Also:  Police: Man stabbed in Rotterdam Junction on Wednesday morning, suspect arrested

The broader market has lost ground in September, leaving the S&P 500 down 3.6% for the month with one day left.

Investors have spent much of the month reviewing a mixed batch of economic data showing the impact of COVID-19 and the highly contagious delta variant on consumer spending and recovery in the job market.

Investors are still watching the Federal Reserve closely to see how a slowdown in economic growth will affect the pace of its plan, eventually trimming bond purchases to help keep interest rates low.

Wall Street is also eyeing Washington, where Democrats and Republicans in Congress are wrestling to raise the country’s debt ceiling. If the limit, which is the limit on the amount of money the federal government can borrow, is not raised by October 18, the country will face “a financial crisis and an economic downturn,” Treasury Secretary Janet Yellen told Congress on Wednesday. Told.

Yellen’s remarks came a day after Senate Republicans stopped considering a bill that would have raised the debt limit.

The next few weeks will bring a fresh round of corporate earnings that will give investors a detailed look at how supply chain problems and high costs are affecting corporate finances.

A wide range of companies have been warning investors about the impact of inflation on costs and profits. Nike, Costco and FedEx are among those that cited material costs, shipping delays and labor problems as concerns.

In other trade, US benchmark crude oil fell 11 cents to $74.72 a barrel in electronic trading on the New York Mercantile Exchange on Thursday. It rose 46 cents to $74.89 a barrel on Wednesday.

Brent crude oil fell 29 cents to $77.80 a barrel.

The US dollar fell from 111.96 yen to 111.84 Japanese yen. The euro rose from $1.1599 to $1.1607.

___

AP Business Writers Alex Veiga and Damien J Trois contributed.

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news
- Advertisement -

Leave a Reply