cloudy.png
Saturday September 18th, 2021 10:30AM

Asian shares mostly rise amid mixed market signs

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian shares were mostly higher on Tuesday as investors focused on causes for optimism despite a weak close on Wall Street.

Japan's benchmark edged up 0.2% to finish at 29,432.70. Australia's S&P/ASX 200 lost early gains to fall 0.9% to 6,738.40. South Korea's Kospi added 1.1% to 3,068.75. Hong Kong's Hang Seng gained 1.1% to 28,647.79, while the Shanghai Composite rose 0.5% to 3,451.89.

“Asian markets can be seen broadly treading water,” said Jingyi Pan, senior market strategist at IG in Singapore. She said markets were “awaiting fresh catalysts to assume a definitive direction.”

One cause for market optimism was the reopening of the Suez Canal, one of the world’s most vital waterways, after a stuck cargo ship was freed. At least 113 of over 420 vessels that had waited for the Ever Given to be freed were expected to cross the canal by Tuesday morning Egypt time.

Fully clearing the backlog of delayed ships is expected to take at least another 10 days.

Shares in Nomura Holdings declined further after a 16.3% plunge on Monday. But they recouped some of their morning losses to end down 0.6% in Tokyo trading.

On Monday, Nomura and Swiss bank Credit Suisse said they’re facing potentially significant losses because of their dealings with a major client, though the exact magnitude is still unclear. Nomura estimated the claim against its client could be about $2 billion.

Credit Suisse said that it “and a number of other banks” are exiting trades they made with a significant U.S.-based hedge fund, which defaulted on a “margin call” last week. A margin call happens when a broker tells a client to put up cash after it borrowed money to make trades. News reports identified the client as New York-based Archegos Capital Management.

U.S. banks got caught in the downdraft as investors questioned whether the soured trades will be isolated or the effects will expand.

Hopes for economic recovery have been growing as the vaccine rollout moves along in parts of Europe as well as the U.S., with reports the shots are proving effective in preventing serious illnesses. Developing economies were also getting the vaccine.

Japan was one exception, having among the slowest vaccine rollouts in Asia, with fewer than 1% of its population, nearly all of them medical workers, having been inoculated so far. The general public might not get the vaccine until the end of the year.

In Japan and elsewhere, worries are also growing about people giving up on social distancing measures too early, as they get vaccinated, leading to further waves of infections.

On Monday, the S&P 500 slipped 0.1% to 3,971.09, recovering most of a 0.8% slide earlier in the day. Banks had some of the sharpest losses, while technology stocks also fell broadly as China announced more tax breaks to bolster its own chip sector.

The Dow Jones Industrial Average rose 0.3% to 33,171.37. The tech-heavy Nasdaq declined 0.6% to 13,059.65.

The Russell 2000 index of smaller company stocks fell more than the broader market, shedding 2.8% to 2,158.68.

Many are betting that a supercharged economic recovery is on the way thanks to COVID-19 vaccinations, immense spending by the U.S. government and continued low rates from the Federal Reserve. But that brings worries about rising inflation and possibly too-ebullient prices across the market.

Fresh economic reports this week could help show whether stocks deserve the lofty prices they’ve reached. Among the headliners is Friday’s jobs report, which economists expect to reflect a big acceleration in hiring.

On Wednesday, President Joe Biden will also give details about his proposals for rebuilding roads, bridges and other infrastructure. Shares of raw-material producers have rallied recently on expectations of heavier spending on such projects even though many past presidential administrations have failed to make it happen.

Among the winners on Wall Street was Boeing, which rose 2.3% after Southwest Airlines said it will order 100 737 MAX airplanes. Regulators in the United States and other countries have cleared the plane model to resume flying, after it was grounded worldwide in 2019 after two crashes that killed 346 people.

In energy trading, benchmark U.S. crude lost 23 cents to $61.33 a barrel in electronic trading on the New York Mercantile Exchange. It gained 59 cents to $61.56. Brent crude, the international standard, fell 24 cents to $64.73 a barrel.

In currency trading, the U.S. dollar rose to 110.17 Japanese yen from 109.82 yen. The euro cost $1.1763, down from $1.1766.

___

AP Business Writers Stan Joe, Damian J. Troise and Alex Veiga contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, 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.
Some medical experts unconvinced about holding Tokyo Games
The Tokyo Olympics open in less than four months and the torch relay has already begun to crisscross Japan
3:14AM ( 15 minutes ago )
Asian shares mostly rise amid mixed market signs
Asian shares have advanced as investors focus on causes for optimism, such as the reopening of the Suez Canal
3:08AM ( 22 minutes ago )
China sharply reduces elected seats in Hong Kong legislature
China has sharply reduced the number of directly elected seats in Hong Kong's legislature in a setback for the democracy movement
2:38AM ( 51 minutes ago )
Associated Press (AP)
Stepping up Myanmar coup penalties, US suspends trade deal
The United States on Monday has suspended a trade deal with Myanmar until a democratic government is restored in the Southeast Asian country after a Feb. 1 coup followed by a violent crackdown on mass protests
12:05AM ( 3 hours ago )
Biden, CDC director warn of virus rebound if nation lets up
President Joe Biden and CDC Director Dr. Rochelle Walensky are making impassioned pleas to Americans not to let their guard down in the fight against COVID-19
12:04AM ( 3 hours ago )
Asian shares mixed after Wall St. fall, mixed market signs
Asian shares were mixed in listless trading Tuesday after U.S. stocks finished mostly lower as cause for optimism, such as the Suez Canal reopening, mixed with caution about the vaccine rollout
11:07PM ( 4 hours ago )
AP Business
Economist who pulled Albania out of 1997 anarchy dead at 58
Bashkim Fino, who was appointed to shepherd Albania out of almost total chaos when fraudulent investment schemes collapsed 24 years ago and angry crowds looted military installations nationwide, has died
12:31PM ( 14 hours ago )
News Corp. buys Houghton Mifflin Harcourt books division
Rupert Murdoch’s News Corp. is buying Houghton Mifflin Harcourt’s book-publishing division, with titles by J
11:44AM ( 15 hours ago )
Paris court convicts, fines pharma firm for deadly diet pill
A Paris court has handed hundreds of millions of euros in damages and fines to a French pharmaceutical company for its role in one of the nation’s biggest modern health scandals
10:34AM ( 16 hours ago )
AP Business - Corporate News
Biden wants $4T infrastructure package approved over summer
President Joe Biden is set to unveil the first part of his sweeping $4 trillion infrastructure plan, aiming for passage over the summer
6:52PM ( 8 hours ago )
Late fade pushes S&P 500 slightly below its record high
Stocks didn't manage to hold on to the meager gains they made on Wall Street Monday, pulling the S&P 500 slightly below the record high it set late last week
4:51PM ( 10 hours ago )
Suez Canal reopens after stuck cargo ship is freed
Salvage teams have finally freed a giant container ship that has been stuck sideways in the Suez Canal for nearly a week
4:42PM ( 10 hours ago )
AP Business - Economy
Global stocks mixed amid vaccine, stimulus optimism
Global stocks are mixed after Wall Street hit a new high and investors were encouraged by government stimulus and the rollout of coronavirus vaccines
4:50AM ( 22 hours ago )
Suez Canal blockage adds to pressure points in global trade
Delays in freeing a mammoth container ship stuck in Egypt’s Suez Canal have highlighted still more pressure points in global trade, a year after supply chains were disrupted by the pandemic
4:28AM ( 23 hours ago )
Pleas for more aid to Syria: 'We don't have nearly enough'
The humanitarian situation across war-ravaged Syria is worsening
3:14AM ( 1 day ago )
AP Business - Financial Markets
The Latest: Kansas considers relief fund for businesses
State legislators in Kansas are working on a plan for setting aside potentially several hundred million dollars in federal pandemic relief funds to pay businesses harmed by restrictions aimed at slowing the spread of the coronavirus
6:18PM ( 9 hours ago )
Biden boosts offshore wind energy, wants to power 10M homes
The Biden administration is ramping up efforts to sharply increase offshore wind energy along the East Coast
5:41PM ( 9 hours ago )
The Latest: Georgia gov. to further ease virus restrictions
Georgia’s governor says he plans to ease COVID-19 restrictions in the state
5:12PM ( 10 hours ago )
AP Business - Industries
The Latest: Germany reports more AstraZeneca clot cases
Germany’s medical regulator says it has received reports of 21 cases of rare blood clots in people who had recently received AstraZeneca’s coronavirus vaccine
9:05AM ( 18 hours ago )
The Latest: Bosnia sets record for daily COVID-19 deaths
Bosnia has set a record for the daily number of fatalities from COVID-19 as the Balkan nation struggles to contain a surge in infections
8:50AM ( 18 hours ago )
The Latest: Portugal tightens COVID-19 flight restrictions
Portugal is tightening its flight restrictions due to COVID-19, introducing stricter limits on arrivals from other European Union countries where the pandemic has worsened
5:27AM ( 22 hours ago )
AP Business - Health Care
Some medical experts unconvinced about holding Tokyo Games
The Tokyo Olympics open in less than four months and the torch relay has already begun to crisscross Japan
3:14AM ( 15 minutes ago )
China sharply reduces elected seats in Hong Kong legislature
China has sharply reduced the number of directly elected seats in Hong Kong's legislature in a setback for the democracy movement
2:38AM ( 51 minutes ago )
Baylor beats Arkansas 81-72 for first Final Four in 71 years
Baylor reached the Final Four for the first time in 71 years, getting 22 points from MaCio Teague and a dominating defensive performance from Davion Mitchell to beat Arkansas 81-72
2:34AM ( 55 minutes ago )
Probe underway, day after cargo ship freed in Suez Canal
Experts have boarded a colossal container ship that had been stuck sideways for nearly a week in the Suez Canal before it was dislodged
2:15AM ( 1 hour ago )
China reduces elected seats in Hong Kong legislature
China has sharply reduced the number of directly elected seats in Hong Kong's legislature in a setback for the democracy movement
1:57AM ( 1 hour ago )