fog.png
Wednesday December 8th, 2021 11:00AM

Asian stocks mixed after Wall St retreat as virus cases rise

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian shares were mixed Tuesday, as Japanese shares echoed pullbacks on Wall Street while other regional indexes recouped earlier losses amid continuing worries about surging coronavirus cases.

Japan's benchmark Nikkei 225 shed 0.4% to 27,159.27 as the government was preparing to declare a state of emergency in Tokyo and several surrounding areas.

Australia's S&P/ASX 200 inched down less than 0.1% to 6,681.90. South Korea's Kospi gained 1.0% to 2,975.05, while Hong Kong's Hang Seng added 0.4% to 27,577.74. The Shanghai Composite climbed 0.5% to 3,521.75.

Japan's prime minister has said the government is considering declaring a state of emergency to help curb the spread of infections. The move is expected this week. Tokyo Gov. Yuriko Koike and the governors of Saitama, Chiba and Kanagawa asked the national government over the weekend to declare the emergency after the capital saw a daily record of 1,337 cases on New Year’s Eve.

U.S. stocks pulled back from their recent record highs, as big swings return to Wall Street at the onset of a year where the dominant expectation is for a powerful economic rebound to sweep the world.

“With the seven-day average new cases still hanging in the 600 K zone globally, few are likely expecting the market to be spared the resurgence of COVID-19 fears,” said Jingyi Pan, senior market strategist at IG in Singapore.

“Certainly, with the amalgamation of factors ranging from the U.K.’s third nationwide lockdown announcement, U.S. hospitalizations surging to a record and Tokyo mulling a state of emergency, these had all been evidence of the still raging pandemic inducing the risk-off mood to start the year for U.S. indices," Pan said.

The S&P 500, which ended 2020 at an all-time high, slid 1.5% after earlier dropping as much as 2.5%. It was the benchmark index's biggest decline since late October. Technology companies accounted for a big share of the sell-off, along with industrial, communication services, health care and other stocks. Only the S&P 500's energy sector managed to eked out a gain.

The selling comes as coronavirus cases keep climbing at frightening rates around the world, threatening to bring more lockdown orders that would punish the economy. The worsening numbers also raise the possibility that Wall Street has been overly optimistic about the big economic recovery it sees coming because of COVID-19 vaccines. Tuesday's upcoming runoff elections to determine which party controls the Senate may also be contributing to the volatility.

“We’ve got a wobbly start to the year here,” said Lindsey Bell, chief investment strategist at Ally Invest. “Investors are looking for a reason to lock in profits. The selling is probably a bit overdone.”

The S&P 500 fell 55.42 points to 3,700.65. The Dow Jones Industrial Average also fell from its record set last week, shedding 1.3%, to 30,223.89. At one point, it was down 724 points. The tech-heavy Nasdaq composite lost 1.5%, to 12,698.45.

Small company stocks, which have been notching solid gains in recent weeks, also fell. The Russell 2000 index of smaller companies dropped 1.5%, to 1,945.91.

Investors have been hoping that vaccines will allow daily life around the world to slowly return to normal. That's helped spark a recent recovery for stocks of travel-related businesses, smaller companies and other industries left behind for much of the pandemic.

In the United States, regulators have already approved two other vaccines. China last week gave the greenlight for its first domestically developed vaccine. Others are also being tested.

In energy trading, benchmark U.S. crude lost 20 cents to $47.42 a barrel in electronic trading on the New York Mercantile Exchange. It shed 92 cents to $47.62 on Monday.

Brent crude, the international standard, fell 26 cents to $50.83 a barrel.

In currency trading, the U.S. dollar slipped to 102.95 Japanese yen from 103.13 yen late Monday. The euro cost $1.2269, up from $1.2249.

___

AP Business Writers Stan Choe and Alex Veiga contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stocks mixed after Wall St retreat as virus cases rise
Asian shares are mixed as Japanese shares echoed pullbacks on Wall Street while other regional indexes recouped earlier losses amid continuing worries about surging coronavirus cases
2:02AM ( 14 minutes ago )
The Latest: Thailand ups restrictions amid virus outbreak
Thailand’s government is tightening restrictions aimed at stopping the spread of the coronavirus as the country logged another 527 new cases
1:51AM ( 25 minutes ago )
Curry scores 30 after career night, Warriors beat Kings
Stephen Curry followed up his career-high 62 points a night earlier with another 30 points, nine rebounds and eight assists to lead the suddenly clicking Golden State Warriors past the Sacramento Kings 137-106
1:25AM ( 51 minutes ago )
Associated Press (AP)
EXPLAINER: Biden's Iran problem is getting worse by the day
Joe Biden has an Iran problem
12:26AM ( 1 hour ago )
South Korean tanker was boarded by armed Iran Guard forces
The owners of a vessel seized by Iran say that armed Iranian Revolutionary Guard troops stormed a South Korean tanker the day before and forced the ship to travel to Iran
12:25AM ( 1 hour ago )
NYSE withdraws plans to delist 3 Chinese phone carriers
The New York Stock Exchange says it no longer plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump
11:49PM ( 2 hours ago )
AP Business
Stocks fall as trading starts for year of great expectations
U.S. stocks are closing lower Monday as big swings return to Wall Street to start a year when the dominant expectation is for a powerful economic rebound to sweep the world
6:34PM ( 7 hours ago )
Carlos Ghosn asks why Japanese don't question him in Lebanon
Former Renault-Nissan boss Carlos Ghosn says that French investigators are coming to question him in Lebanon over some legal challenges in France, asking why don’t the Japanese do the same thing
4:49PM ( 9 hours ago )
Lebanon to start lockdown amid post-holiday infections surge
Lebanon will begin a 25-day nationwide lockdown Thursday to battle a surge in coronavirus infections during the holiday season that has challenged the country’s already battered health care sector
1:58PM ( 12 hours ago )
AP Business - Economy
Amazon's Bezos tops list of richest charitable gifts in 2020
The world’s richest person made the single largest charitable contribution in 2020, according to The Chronicle of Philanthropy’s annual list of top donations, a $10 billion gift that is intended to help fight climate change
2:07PM ( 12 hours ago )
New governor sworn in as a wary Puerto Rico demands changes
Puerto Rico's new governor is vowing to achieve statehood for the U.S. territory and fight against poverty, corruption and COVID-19
4:31PM ( 2 days ago )
EU avoided chaos, explored new paths in turbulent 2020 year
Between the specter of Brexit, the coronavirus pandemic and a new leadership team facing a budget battle and bitterness over immigration, the European Union looked set to remember 2020 as an “annus horribilis.”
3:06AM ( 3 days ago )
AP Business - Financial Markets
The Latest: Chicago schools to resume in-person on Jan. 11
Some Chicago Public Schools teachers expected to report to the classroom ahead of preschool students’ anticipated return next week have stayed home over coronavirus concerns
4:01PM ( 10 hours ago )
Vaccination campaign picks up speed around the world
The campaign to vanquish the coronavirus is picking up speed
3:35PM ( 10 hours ago )
The Latest: France's go-slow vaccination strategy backfires
Cyprus’ Health Ministry says that a new variant of COVID-19 has been detected among confirmed coronavirus infections on the island nation
1:59PM ( 12 hours ago )
AP Business - Industries
The Latest: France criticized for slow vaccine rollout
France’s cautious approach to its virus vaccine rollout appears to have backfired, leaving just a few hundred people vaccinated after the first week and rekindling anger over the government’s handling of the coronavirus pandemic
7:10AM ( 19 hours ago )
The Latest: Belgium to speed up vaccines for nursing homes
Belgium is stepping up its coronavirus vaccination campaign in nursing homes, where more than half of of all COVID-19 deaths in the country have been recorded
6:29AM ( 19 hours ago )
UK ramps up inoculations with Oxford-AstraZeneca vaccine
Britain has taken another giant step in the fight against COVID-19, ramping up its immunization program by giving out the first shots in the world from the vaccine created by Oxford University and pharmaceutical giant AstraZeneca
3:35AM ( 22 hours ago )
AP Business - Health Care
The Latest: Thailand ups restrictions amid virus outbreak
Thailand’s government is tightening restrictions aimed at stopping the spread of the coronavirus as the country logged another 527 new cases
1:51AM ( 25 minutes ago )
Curry scores 30 after career night, Warriors beat Kings
Stephen Curry followed up his career-high 62 points a night earlier with another 30 points, nine rebounds and eight assists to lead the suddenly clicking Golden State Warriors past the Sacramento Kings 137-106
1:25AM ( 51 minutes ago )
Culver leads No. 14 West Virginia from 19 down past Okla St
Derek Culver had 22 points and 19 rebounds to help No. 14 West Virginia come all the way back from 19 down in the second half to beat Oklahoma State 87-84
1:19AM ( 56 minutes ago )
Loyal soldier Pence torn between Trump, Constitution
Vice President Mike Pence has been President Donald Trump’s most loyal soldier, dutifully backing the unpredictable leader through one chaotic situation after another
12:50AM ( 1 hour ago )
Asia Today: Virus cluster brings new measures for China city
China has designated parts of Hebei province near Beijing as a coronavirus high danger zone after 14 new cases of COVID-19 were found
12:45AM ( 1 hour ago )