Sunday, February 5, 2023

Asian Markets Fall After Wall Street Record And Trade Growth In China

BEIJING (AP) – Global stock markets and Wall Street futures declined on Monday following a surge in US employees and double-digit growth in Chinese exports.

London and Frankfurt opened lower. Tokyo, Hong Kong and Sydney were down while Shanghai was up.

US employers hired more people than expected in October, government figures released Friday.

China’s exports rose 27.1% in October from a year ago, although that figure was down from 28.1% growth in the previous month, customs data showed on Sunday.

Despite this, China’s antivirus controls could weaken manufacturing and consumer activity, “still causing an uncertain picture of recovery,” IG’s Yeap Jun Rong said in a report.

At the start of trading, London’s FTSE 100 fell less than 0.1% to 7,303.60. The DAX in Frankfurt lost less than 0.1% to 16,051.14. CAC 40 in Paris added 0.1% to 7,047.62.

On Wall Street, futures for the benchmark S&P 500 and the Dow Jones Industrial Average fell less than 0.1%.

The S&P 500 rose 0.4% on Friday to a record high after the government said the companies hired 531,000 people in October, more than the 450,000 consensus forecast.

The Dow rose 0.6%, also to a new high. Nasdaq roster added 0.2%.

In Asia, the Nikkei 225 fell 0.4% to 29,507.05 and the Shanghai Composite rose 0.2% to 2,498.63. The Hang Seng Index in Hong Kong lost 0.4% to 34,763.77.

Seoul’s Kospi fell 0.3% to 2,960.20, while Sydney’s S&P-ASX 200 shed less than 0.1% to 7,452.20.

India’s Sensex rose 0.9% to 60,588.11. New Zealand retreated while Southeast Asian markets rallied.

The US government is due to report inflation this week. Investors are concerned that the Federal Reserve and other central banks may feel pressure to bring rising prices down by ditching incentives that drive up stock prices.

Also on Monday, the ruling Chinese Communist Party opened a leadership meeting amid signs that President Xi Jinping is laying the groundwork for a third term as party leader next year.

Investors are also hoping for possible policy updates on technology and other industries after data security and antitrust measures against Chinese tech giants, which began late last year, wiped out more than $ 1 trillion from their total stock market value.

In energy markets, US benchmark crude rose 77 cents to $ 82.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $ 2.46 on Friday to $ 81.27. Brent crude, the reference price for international oil prices, rose 74 cents to $ 83.48 a barrel in London. In the previous session, it added $ 2.20 to $ 82.74.

The dollar rose to 113.50 yen from 113.40 yen on Friday. The euro rose to $ 1.1572 from $ 1.1550.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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