Asian stocks slip following record Wall Street charge

Asian stocks slipped Thursday pursuing a complaint connected Wall Street that drove indices to all-time highs for the 2nd consecutive day.

Japan’s benchmark Nikkei 225 fell 0.1% to 27,742.29 and Hong Kong's Hang Seng gave up 1.6% to 25,293.14. The Shanghai Composite was down 1% astatine 3,504.49 successful day trading.

Australia’s S&P/ASX 200 retreated 0.5% to 7,491.20. The Kospi successful South Korea mislaid 0.6% to 3,129.51 aft the country's cardinal slope raised its argumentation complaint by 25 ground points, successful a determination that could quell rising household debt.

Shares roseate successful India, Singapore and Malaysia but fell successful Indonesia.

Investors are awaiting much clarity connected Chinese regulatory reforms and their interaction connected the exertion sector.

Chinese exertion stocks had rallied earlier this week arsenic a stock buyback by games and societal media elephantine Tencent Holding Ltd. boosted sentiment. The firm's Hong Kong-listed shares fell 0.7% connected Thursday.

Ad

“After immoderate renewed sentiments brought astir by bottom-fishing from organization investors and Tencent’s stock buyback, investors whitethorn look to beryllium connected clasp for present arsenic they look towards further clarity connected the regulatory reforms, which is improbable to reason successful the adjacent term,” Yeap Jun Rong of IG said.

They are besides looking toward the Federal Reserve's yearly normal successful Jackson Hole, Wyoming, which begins Thursday. Fed Chair Jerome Powell is scheduled to talk astatine the normal connected Friday.

Investors are betting that Fed officials volition stay successful a “wait and see” mode regarding inflation, since astir policymakers judge immoderate ostentation earlier this twelvemonth would beryllium impermanent and the emergence successful COVID-19 cases has made immoderate economists worried.

“Fact is, markets excavation perceptions of Jackson Hole shifting from a harbinger of tightening to assurance of digging successful connected accommodation arsenic planetary economies digs retired of the pandemic,” said Venkateswaran Lavanya of Mizuho Bank.

Ad

Over connected Wall Street connected Wednesday, fiscal and vigor companies led the S&P 500 to different all-time high. The benchmark edged up 0.2% to adjacent astatine 4,496.19 connected Wednesday.

The Dow Jones Industrial Average roseate 0.1% to 35,405.50. Meanwhile, the Nasdaq gained 0.2% to 15,041.86, which was besides an all-time high.

In vigor markets, benchmark U.S. crude shed 31 cents to $68.05 per tube successful physics trading connected the New York Mercantile Exchange. Brent crude, utilized arsenic the terms ground for planetary oils, dropped 18 cents to $72.07.

The dollar roseate to 110.06 yen from Wednesday’s 109.98 yen. The euro declined to $1.1766 from $1.1776.

Copyright 2021 The Associated Press. All rights reserved. This worldly whitethorn not beryllium published, broadcast, rewritten oregon redistributed without permission.