Asian markets fall as Wall Street pauses near record levels

Asian markets fall as Wall Street pauses near record levels

Asian markets closed lower on Thursday, following a mixed performance on Wall Street that saw the S&P 500 inch closer to its all-time high.

U.S. futures and oil prices also declined.

Japan’s Nikkei 225 dropped 0.8% to 38,121.23, as investors took profits after the benchmark reached its highest level since 1989 on Wednesday.

Hong Kong’s Hang Seng fell 1.2% to 16,498.77, weighed down by losses in technology and property stocks.

The Shanghai Composite index slipped 0.3% to 2,951.67, amid lingering worries about China’s economic slowdown and regulatory crackdown.

Australia’s S&P/ASX 200 shed 0.9% to 7,539.50, despite better-than-expected data on wages and consumer confidence.

South Korea’s Kospi edged down 0.1% to 2,643.88, after the central bank raised its key interest rate for the second time in three months to curb inflation and financial risks.

On Wednesday, Wall Street ended mostly higher, with the S&P 500 gaining 0.1% to 4,977.18, just 0.4% below its record set last week.

The Dow Jones Industrial Average rose 0.3% to 38,588.93, while the Nasdaq composite dipped 0.1% to 15,624.77.

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Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea

Technology stocks were the biggest winners, boosted by strong earnings from Nvidia, the chip giant that reported a 265% surge in revenue and a bullish outlook for the current quarter.

Other sectors, such as energy, health care and consumer staples, lagged behind.
The market shrugged off a disappointing report on consumer confidence, which dropped in February to its lowest level since August 2021, amid concerns about the labor market and the political polarization.

Investors are awaiting the release of key inflation data on Thursday, which could provide clues on the health of the economy and the direction of monetary policy.

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The personal consumption expenditure price index, the Fed’s preferred inflation gauge, is expected to show a 0.4% increase in January from the previous month and a 4.8% rise from a year ago.

 

Personal income and spending data will also be released.

Agrima Infotech

Source : US NEWS

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