Asian stocks decline on Wednesday

StocksFeaturedInternational News
By Nada Ali

Asian shares were mostly lower on Wednesday, following a mixed session on Wall Street as US markets reopened from a three-day holiday weekend, as reported by AP.

Market movers

  • Japan’s Nikkei 225 shed 0.4 per cent to 38,695.05.
  • Australia’s S&P/ASX 200 dipped 1.0 per cent to 7,688.60.
  • South Korea’s Kospi lost 0.9 per cent to 2,698.43.
  • Hong Kong’s Hang Seng slipped 1.1 per cent to 18,611.59.
  • Mainland China’s Shanghai Composite edged up 0.4 per cent to 3,123.00, lifted by government support for the property market.

Wall street recap

  • Most US stocks fell on Tuesday as bond yields rose slightly.
  • The S&P 500 edged higher by 1.32 points (less than 0.1 per cent) to 5,306.04.
  • The Dow Jones Industrial Average fell 0.6 per cent to 38,852.86.
  • The Nasdaq composite rose 0.6 per cent to 17,019.88, extending its record high.

This week’s economic data, including Friday’s report on consumer spending and inflation, will be closely watched by the Federal Reserve as it considers future interest rate hikes.

Oil prices rose, with US crude up 26 cents to $80.09 and Brent crude adding 18 cents to $84.40.

The US dollar edged up to 157.22 Japanese yen, while the euro dipped to $1.0850.

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