Wednesday, December 8, 2021

Asian markets fall after Wall St record, trade growth in China

BEIJING (AP) – Asian stock markets were mostly lower on Monday after Wall Street hit a new high and reported double-digit growth in China’s exports.

Tokyo, Hong Kong and Sydney declined while Shanghai advanced.

Wall Street’s benchmark S&P 500 index rose 0.4% on Friday for a record seventh day after US employers hired more people than expected in October.

China’s October exports rose 27.1% from a year earlier, though narrowed the previous month’s increase of 28.1%, customs data showed on Sunday.

Despite that advantage, Chinese anti-virus controls could reduce factory and consumer activity, “still bringing about an uncertain recovery picture,” IG’s Yep Jun Rong said in a report.

The Nikkei 225 fell 0.3% to 29,528.45 in Tokyo, while the Shanghai Composite Index fell 0.1% to 3,495.04. The Hang Seng in Hong Kong fell 0.6% to 24,728.63.

In Seoul, the Kospi was down 0.7% at 2,948.39 and Sydney’s S&P-ASX 200 was down 0.2% at 7,445.50.

India’s Sensex opened 0.3% lower at 59,903.04. New Zealand retreated while markets in Southeast Asia edged up.

On Wall Street, the S&P 500 rose to 4,697.53 after the government added 531,000 jobs to the US economy last month, better than the consensus forecast of 450,000.

The Dow Jones Industrial Average rose 0.6% to hit a new high at 36,327.95. The Nasdaq Composite rose 0.2% to 15,971.59.

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The US government is due to report inflation this week. Investors are watching prices rise amid fears that strong inflationary pressure could prompt the Federal Reserve and other central banks to roll back the stimulus that boosted stock prices.

Also this week, China’s ruling Communist Party held its sixth plenary leadership meeting of the latest five-year political cycle to run until 2022.

The sixth plenum usually focuses on ideology and party affairs rather than the economy. However, investors are also anticipating a possible update on policy toward technology and other industries following data protection and anti-monopoly crackdowns on Chinese tech giants that began late last year, which exceed their total stock market values ​​of more than $1 trillion. eliminated.

In energy markets, benchmark US crude oil rose 99 cents to $82.26 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.46 to $81.27 on Friday. Brent crude, the price base of international oil, rose 90 cents to $83.65 a barrel in London. In the previous session, it added $2.20 to $82.74.

The dollar rose to 113.58 yen from Friday’s 113.40 yen. The euro rose from $1.1550 to $1.1564.


Nation World News Desk
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