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Asian stocks mixed after Wall Street fell, China’s travel restrained | WGN Radio 720

A woman passing by a bank’s electronic bulletin board showing the Hong Kong Stock Index on the Hong Kong Stock Exchange in Hong Kong on Monday, October 25, 2021. Asian stock markets turmoil on Monday after Wall Street slipped and China tightened travel restrictions in some areas. For coronavirus infection. (AP Photo / Vincent Yu)

Beijing (AP) — Asian stock markets turmoil on Monday after Wall Street slipped and China tightened travel restrictions in some areas in response to a coronavirus infection.

Shanghai, Hong Kong and Sydney have advanced. Tokyo declined.

Wall Street’s S & P 500 index fell 0.1% on Friday, but after seven consecutive days of gains, tech companies’ losses were squeezed.

Beijing, the capital of China, has banned visitors from infected areas in the last 14 days, and Gansu Province in the northwest has closed tourist destinations after a case of coronavirus was found. China has reported dozens of incidents, but Beijing’s response to curbing travel has raised concerns that it may put pressure on already weakened economic activity.

IG’s Yeap Jun Rong said in a report, “Proactive measures are expected to control the spread of the virus, which may limit growth.”

The Shanghai Composite Index rose 0.3% to 3,593.51 and the Nikkei 225 in Tokyo fell 0.8% to 28,572.21. The Hang Seng Index in Hong Kong was added less than 0.1% to 26,124.84.

Seoul’s Kospi rose 0.6% to 3,022.89, and Sydney’s S & P-ASX 200 rose 0.3% to 7,441.00.

India’s Sensex opened 0.1% at 60,894.54. New Zealand, Singapore and Bangkok have declined, but Jakarta has moved forward.

On Wall Street, the S & P 500 ended on Friday at 4,544.90.

The Dow Jones Industrial Average rose 0.2% to 35,677.02, above the August 15 high. The Nasdaq Composite fell 0.8% to 15,090.20.

Approximately 65% ​​of S & P 500’s stake rose, driven primarily by financial and healthcare companies, but S & P 500 fell due to losses from telecommunications and technology companies. Chip maker Intel fell 11.7% after reporting disappointing earnings.

Snapchat’s parent company, Snap, plunged 26.6% after reporting sluggish revenues and revealing that the privacy crackdown on Apple’s iPhone was hitting ad sales earlier this year. Facebook was down 5.1% and Twitter was down 4.8%. Google’s parent Alphabet fell by 3%.

The three major indexes recorded a rise in the third week after investors were encouraged by near-strong corporate performance.

Also on Friday, Federal Reserve Chairman Jerome Powell said that industrial supply chain problems are exacerbating and inflation could continue to rise next year.

Investors are looking for clues about how companies are navigating supply chain issues and the rising costs of materials, transportation and other goods and services. Many companies warn that high costs can disrupt operations.

Powell also said the Fed is not ready to raise benchmark rates from near zero. But he suggested that the economy may be ready for next year’s rate hike.

In the energy market, benchmark US crude rose 76 cents to $ 84.52 a barrel in e-commerce on the New York trading exchange. Friday’s contract rose $ 1.26 to $ 83.76. Brent crude, used as the price standard for international oil, fell 28 cents in London to $ 85.25 per barrel. In the last session, it rose 92 cents to $ 85.53.

The dollar rose from 113.44 yen on Friday to 113.60 yen. The euro rose from $ 1.1637 to $ 1.1658.

Asian stocks mixed after Wall Street fell, China’s travel restrained | WGN Radio 720

Source link Asian stocks mixed after Wall Street fell, China’s travel restrained | WGN Radio 720

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