Asian shares pressured following Wall Street retreat

- Advertisement -

BANGKOK (AP) – Asian shares fell on Friday after a rebound on Wall Street, leaving the Nasdaq Composite down 2.5%.

- Advertisement -

Tokyo fell nearly 2% and Hong Kong, Shanghai and Seoul were even lower.

- Advertisement -

China reported that its global trade surplus grew nearly 30% to $676.4 billion in 2021. The trade surplus in December rose 20.8% from a year earlier to a monthly record of $94.4 billion, customs data showed on Friday.

Exports rose to $3.3 trillion in 2021 despite a shortage of processor chips for smartphones and other products, as global demand resumed from the pandemic. The rationing of electricity in some areas also caused problems for the manufacturers.

- Advertisement -

Shanghai Composite Index SCOMP,
0.9% and Hang Seng HSI,
Hong Kong lost 3%. Tokyo’s Nikkei 225 NIK,
Lost 1.2%.

Kospi 180721 of South Korea,
declined by 1.3%. In Sydney, S&P/ASX 200 XJO,
1% shedding.

Technology companies led the sell-off on Wall Street on Thursday that dragged major indices into the red for the week.

s&p 500 spx,
fell 1.4% to 4,659.03. tech-heavy NASDAQ comp,
fell 2.5% to 14,806.81. Dow Jones Industrial Average DJIA,
fell 0.5% to 36,113.62.

Shares of smaller companies also fell. Russell 2000 RUT,
It closed 16.62 points, or 0.8%, down at 2,159.44.

The sell-off came as investors speculated on the company’s earnings report and new data pointing to rising wholesale prices. Inflation has been a major focus for investors as they try to figure out how rising prices will affect businesses, consumers, and the Federal Reserve’s policy on interest rates in 2022.

“Investors continue to worry that the worst in terms of inflation is yet to be seen,” said Sam Stovall, chief investment strategist at CFRA.

Yield on 10 Year Treasury TMUBMUSD10Y,
It fell to 1.71% from 1.73% since late Wednesday.

The Labor Department reported Thursday that its producer price index, which measures prices at the wholesale level, rose by a record 9.7% for all of 2021. The increase set an annual record and provided further evidence that inflation still exists at all levels. American economy. The report follows the release of consumer price data for December on Wednesday, which showed inflation rose last month at the fastest pace in nearly 40 years.

Many big tech companies with solid revenue and profits, such as Apple AAPL,
and Microsoft MSFT,
He said there would be less losses than their counterparts, who have less revenue but rosy estimates.

Still, even those big tech names lost ground on Thursday. Apple fell 1.9% and Microsoft 4.2%.

Health care stocks, communications services firms and a mix of companies that rely on direct consumer spending were in decline. pfizer pfe,
fell 2%, Facebook parent meta platform FB,
2% dropped and Amazon AMZN,
dropped 2.4%.

Industrial companies were also among the beneficiaries. Delta Air Lines DAL,
Up 2.1% after reporting surprisingly good fourth-quarter financial results. Other airlines also got a boost. American Airlines AAL,
4.5% and United Airlines UAL,
rose 3.5%.

US benchmark crude oil CL00,
It rose 9 cents to $82.19 a barrel in electronic trading on the New York Mercantile Exchange. Brent Crude BRN00,
The international oil pricing base rose 46 cents to $84.88 a barrel.

Dollar DXY,
113.75 JPY weakens to USDJPY,
From 114.18 yen. EUR EURUSD,
increased from $1.1457 to $1.1463.


- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox