Asian stocks fall after Wall St rebounds against US growth data | WGN Radio 720

Bangkok (AP) — Asian stocks and US futures fell almost on Friday after a sharp rise in stock prices on Wall Street.

Japan reported relatively strong economic data from the previous quarter before the government began tightening coronavirus regulations due to a surge in incidents.

“Retail sales, industrial production and employment all recovered strongly in June, with significant recovery in activity between alpha-driven and delta-driven coronavirus waves,” Capital Economics said in a report. There are. ”

However, in the current situation, Japanese officials have warned that Tokyo has reported record cases of coronavirus for two consecutive days and the Olympics are on track.

Chief Cabinet Secretary Katsunobu Kato said new incidents are skyrocketing nationwide on an unprecedented scale.

The Nikkei 225 in Tokyo fell 1.8% to 27,283.59 and the Kospi in Seoul fell 1.2% to 3,202.32. Hong Kong’s Hang Seng Index fell 1.8% to 25,834.96 and the Shanghai Composite Index fell 0.4% to 3,397.36.

Australia’s S & P / ASX 200 fell 0.3% to 7,392.60.

Stocks rose in India and Singapore, but fell elsewhere in Southeast Asia.

Yields on 10-year Treasuries fell from 1.27% late Thursday to 1.24%.

Wall Street shares bounced off Thursday’s two-day slide, with the S & P 500 accelerating for the second straight week of gains. The S & P 500 Index rose 0.4% to 4,419.15, supported by a significant rise. It is slightly below the latest record.

Modest recovery was seen as the latest government data showed continued economic growth and investors reviewed another batch of primarily positive corporate earnings reports.

Online brokerage Robin Hood made an overwhelming debut on the Nasdaq, closing at $ 34.82. This is 8.4% below the lower limit of the expected range of $ 38.

The Dow Jones Industrial Average rose 0.4% to 35,084.53, and the Nasdaq rose 0.1% to 14,778.26. The Dow and Nasdaq also hovered just below the record highs set on Monday.

The Commerce Department said the US economy grew steadily at an annual rate of 6.5% in the previous quarter, helping to alleviate Wall Street’s concerns about the pace of economic recovery. The size of the economy as a whole is now above pre-pandemic levels. It has also revised its 2020 figures to show that the economy has shrunk by slightly less than previously reported.

The latest GDP figures were below economists’ expectations of 8.5% growth, but investors have largely eliminated major mistakes.

There was also promising news about the big picture of employment, which tended to lag behind the rest of the recovery. Unemployment claims fell from 24,000 to 400,000 last week, the Ministry of Labor reported.

Yum! Brands, which owns KFC and Taco Bells, rose 6.3% after strong customer demand easily exceeded Wall Street’s profit and revenue forecasts. Ford rose 3.8% after automakers reported surprising profits in the second quarter on pickup truck and SUV sales.

Facebook squeezed the S & P 500’s telecommunications sector, declining 4% after warning that growth would slow for the rest of the year.

Amazon fell 6.2% in expansion transactions after Internet retail giants reported mixed results in the second quarter after the market closed.

In other transactions, electronic trading on the New York Mercantile Exchange saw US benchmark crude fall 49 cents to $ 73.13 a barrel. Brent crude fell 54 cents to $ 74.56.

The US dollar rose from 109.48 yen on Thursday to 109.59 yen. The euro fell from $ 1.1889 to $ 1.1886.

Asian stocks fall after Wall St rebounds against US growth data | WGN Radio 720

Source link Asian stocks fall after Wall St rebounds against US growth data | WGN Radio 720

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