sunny.png
Sunday April 11th, 2021 2:11PM

Asian stocks mixed after lackluster day on Wall Street

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian shares were mixed Wednesday after Wall Street took a breather, with major indexes edging lower.

Japan's benchmark Nikkei 225 edged up 0.1% to finish at 29,730.79 and the Shanghai Composite index sank 0.2% to 3,475.96. Australia's S&P/ASX 200 gained 0.6% to 6,928.00. South Korea's Kospi added 0.4% to 3,139.55. Hong Kong's Hang Seng slipped 0.8% to 28,702.49.

President Joe Biden said he is bumping up his deadline for states by two weeks, to April 19, to make all adults in the U.S. eligible for coronavirus vaccines, reflecting steady progress in the U.S.

Optimism about a global economic rebound from the pandemic is growing, but Venkateswaran Lavanya at Mizuho Bank's Asia & Oceania Treasury Department noted some nations were lagging in a “divergent recovery."

“To be sure, the aggregated growth assessment is upbeat. Global GDP contraction for 2020, at 3.3%, was not as bad as the 4.4% drop expected earlier,” Lavanya said, referring to gross domestic product.

The International Monetary Fund said it expects global economic growth to accelerate this year as vaccine distribution ramps up and the world rebounds. The 190-country lending agency said it expects the world economy to expand 6% in 2021, up from the 5.5% it had forecast in January. That would be the fastest expansion in IMF records dating back to 1980.

Trading in Toshiba Corp.'s shares was halted after the Tokyo-based technology conglomerate confirmed it had received a preliminary acquisition proposal.

Toshiba Corp. said it was seeking more details on the proposal, giving it “careful consideration” and would make an announcement “in due course.” The Japanese financial newspaper Nikkei reported that CVC Capital Partners was looking into acquiring the company for 2 trillion yen ($18 billion).

CVC is an international private equity and credit company that has committed nearly $162 billion in funds, managing more than 300 investors. It declined to comment.

Toshiba, founded in 1875, was long revered as one of Japan’s most respected brands but in recent years has been mired in scandals and burdened by its investments in nuclear power. After the March 2011 nuclear disaster in Fukushima, its costs ballooned because of growing safety concerns and a souring of sentiment toward nuclear power in countries like Germany.

On Wall Street, stocks finished slightly lower, pulling the market back from all-time highs reached a day earlier. Technology and health care stocks accounted for much of the decline.

The S&P 500 snapped a three-day winning streak, slipping 0.1% to 4,073.94, after wavering between small gains and losses. The Dow Jones Industrial Average fell 0.3% to 33,430.24. Both indexes set all-time highs Monday. The tech-heavy Nasdaq composite slipped 0.1% to 13,698.38.

Small company stocks, which have been outgaining the broader market this year, also fell. The Russell 2000 index of smaller companies gave up 0.3% to 2,259.15. The index is up 14.4% so far this year, while the S&P 500, which tracks large companies, is up 8.5%.

Financial stocks fell as bond yields eased. That countered broader gains from companies that are depending on continued economic growth to recover. Oil prices rose.

Recent market gyrations mostly reflect varying assessments of the health and speed of the recovery from the pandemic.

Vaccine distribution is speeding up the reopening of businesses, while government stimulus is helping shore them up in the interim.

In energy trading, benchmark U.S. crude edged up 2 cents to $59.35 a barrel in electronic trading on the New York Mercantile Exchange. It gained 68 cents to $59.33 per barrel on Tuesday. Brent crude, the international standard, fell 1 cent to $62.73 a barrel.

In currency trading, the U.S. dollar was at 109.80 Japanese yen, nearly unchanged from 109.81 yen late Tuesday. The euro cost $1.1875, inching up from $1.1870.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Senate gives Biden a big tool to work around GOP filibuster
Senate Majority Leader Chuck Schumer has fresh options for advancing President Joe Biden’s priorities over Republican obstruction in the 50-50 split Senate
12:11AM ( 56 seconds ago )
Biden makes all adults eligible for a vaccine on April 19
President Joe Biden says he's bumping up his deadline by two weeks for states to make all adults eligible for coronavirus vaccines
12:09AM ( 2 minutes ago )
Survey: Even as schools reopen, many students learn remotely
A new survey from the Biden administration finds that large numbers of students are not returning to the classroom even as more schools reopen for full-time, in-person learning
12:04AM ( 7 minutes ago )
Associated Press (AP)
Japan's Toshiba studies acquisition proposal by global fund
Trading in Toshiba stock has been halted after the Japanese technology conglomerate confirmed it had received a preliminary acquisition proposal
9:29PM ( 2 hours ago )
eBay auction of Japanese internment art pulled after protest
The auction of a series of sketches purportedly drawn by an artist at the Japanese internment camp at Manzanar has been canceled after groups protested it was offensive and immoral to profit off the misery of incarcerated people
9:13PM ( 2 hours ago )
Tanzania's new president changes policy on COVID-19, media
Tanzania’s new president appears to be taking a new, scientific approach to combat the COVID-19 pandemic
8:27PM ( 3 hours ago )
AP Business
EXPLAINER: Can Biden add energy jobs? Hope mixes with doubt
President Joe Biden is aiming for a massive transformation of the energy sector in the coming decades, and released a $2 trillion plan to invest in major infrastructure projects including renewable energy, electric vehicles and upgrades to the electric grid
1:27PM ( 10 hours ago )
The Latest: India could resume vaccine exports by June
The world’s largest vaccine maker, based in India, will restart exports of AstraZeneca doses by June if coronavirus infections subside in the country, its chief executive says
11:47AM ( 12 hours ago )
Watchdog: Lebanon's vaccination of refugees, migrants lags
A leading international rights group says Lebanon’s vaccination campaign has been slow and risks leaving behind some of the country’s most vulnerable people
11:19AM ( 12 hours ago )
AP Business - Economy
IMF upgrades forecast for 2021 global growth to a record 6%
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecasts
9:13AM ( 14 hours ago )
Global stocks mixed after Wall St rally on economic optimism
Global shares are mixed after a Wall Street rally that reflected some optimism about the economy recovering from the pandemic
6:10AM ( 18 hours ago )
Asian stocks mixed after Wall St rally on economic optimism
Asian shares are mixed after a Wall Street rally that reflected some optimism about the economy recovering from the pandemic
2:52AM ( 21 hours ago )
AP Business - Financial Markets
California's Pacific Gas & Electric charged in 2019 wildfire
A California prosecutor has filed 33 criminal counts against troubled Pacific Gas & Electric for a 2019 fire officials blamed on the utility
5:24PM ( 6 hours ago )
The Latest: California aims to reopen more widely in June
California plans to lift most coronavirus restrictions on businesses and workplaces June 15, with officials saying enough people should be vaccinated by then to allow for life to almost get back to a pre-pandemic normal
3:44PM ( 8 hours ago )
The Latest: Turkey's daily virus cases reach nearly 50,000
Turkey's daily coronavirus cases hit a record of nearly 50,000
3:17PM ( 8 hours ago )
AP Business - Industries
GameStop to sell 3.5M shares after stock frenzy boosts price
Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer says that it will sell up to 3.5 million of its shares
10:24AM ( 1 day ago )
Yellen says regulatory panel to look at 2020 market turmoil
Treasury Secretary Janet Yellen says last year’s coronavirus-triggered market turmoil exposed vulnerable areas in the U.S. economy that need to be addressed by the nation’s top-level financial supervisory group
6:33PM ( 6 days ago )
Deliveroo shares slump in UK IPO as investor appetite wanes
Shares of app-based meal delivery service Deliveroo tumbled by as much as a third in their U.K. stock market debut on Wednesday
7:09AM ( 6 days ago )
AP Business - Financial Services
Eating our lunch: Biden points to China in development push
Pushing for trillions of dollars in development spending, President Joe Biden and Democratic lawmakers are pointing to a booming, ambitious China they say is threatening to quickly overtake the United States in global clout and capacity
5:44PM ( 1 day ago )
N Ireland sees 3rd night of unrest amid post-Brexit tensions
Police and politicians in Northern Ireland have appealed for calm after a third night of violence that saw Protestant youths start fires and pelt officers with bricks and gasoline bombs
7:59AM ( 1 day ago )
SKorea's LG to exit loss-making mobile phone business
South Korean electronics maker LG says it is getting out of its loss-making mobile phone business to focus on electric vehicle components, robotics, artificial intelligence and other products and services
4:29AM ( 1 day ago )
AP Business - Utilities
Senate gives Biden a big tool to work around GOP filibuster
Senate Majority Leader Chuck Schumer has fresh options for advancing President Joe Biden’s priorities over Republican obstruction in the 50-50 split Senate
12:11AM ( 1 minute ago )
Survey: Even as schools reopen, many students learn remotely
A new survey from the Biden administration finds that large numbers of students are not returning to the classroom even as more schools reopen for full-time, in-person learning
12:04AM ( 7 minutes ago )
Arkansas lawmakers enact transgender youth treatment ban
Arkansas lawmakers have made the state the first to ban gender confirming treatments and surgery for transgender youth, enacting the prohibition over the governor’s objections
11:29PM ( 42 minutes ago )
Asia Today: North Korea tells WHO it's still virus-free
North Korea has continued to claim a perfect record in keeping out the coronavirus in its latest report to the World Health Organization
11:28PM ( 44 minutes ago )
LEADING OFF: Tatis on IL, Reds and Baddoo off to big starts
Now that Fernando Tatis Jr. has been placed on the injured list, the San Diego Padres hope their electrifying shortstop won’t be sidelined too long
10:36PM ( 1 hour ago )