clearn.png
Monday July 4th, 2022 1:11AM

Asian shares mostly fall as tech stocks slump on Wall Street

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian benchmarks mostly slipped Wednesday as technology shares in the region echoed a similar drop in the sector on Wall Street.

Japan's benchmark Nikkei 225 inched up 0.1% to finish at 29,332.16. Australia’s S&P/ASX 200 dipped 0.3% to 7,565.80. South Korea’s Kospi dropped 1.3% to 2,950.71. Hong Kong’s Hang Seng shed 1.3% to 22,985.05, while the Shanghai Composite lost 1.0% to 3,596.03.

Worries continue about COVID-19, as reports of the more contagious omicron keep growing in the region.

In Japan, many people are not heeding warnings to take precautions and crowds have been out at levels close to pre-pandemic levels in Tokyo, where booster shots have barely gotten started. Prime Minister Fumio Kishida has promised to speed them up, starting with medical professionals.

“The region may continue to see increasing omicron virus spreads ahead, but recent manufacturing PMIs seem to be holding up for now. The risk may lie in any further restriction measures, which could cloud the services sector outlook, along with disruption to supply chains,” said Yeap Jun Rong, market strategist at IG in Singapore, referring to purchasing manager indexes, an economic indicator on the manufacturing and service sectors.

Analysts expect trading in Asia to stay choppy for some time. Reported daily COVID-19 cases are still small, compared to Europe and the U.S. But the surges are coming quickly, topping 1,000 in Japan recently.

Expert opinion is divided among those who think omicron may set off fewer serious illness and those who advise more caution. Any restrictions on business activity will be sure to weigh on the recovery that all nations are counting on to happen soon.

“Global markets seem to be writing off Omicron as an existential threat, with some suggesting that the Omicron variant represents the ‘last hurrah’ for Covid. Let’s hope they are right. But there may still be a final hit to activity in Asia before we can return to a semblance of normality,” said Robert Carnell, regional head of research Asia-Pacific at ING.

The slide in technology stocks left the S&P 500 slightly lower on Wall Street on Tuesday, even as the Dow Jones Industrial Average marked another all-time high.

The S&P 500 slipped 0.1% to 4,793.54, while the tech-heavy Nasdaq composite fell 1.3% to 15,622.72 after a day of choppy trading. The Dow rose 0.6% to 36,799.65, thanks partly to solid gains by Caterpillar and JPMorgan Chase, which rose 5.4% and 3.8%, respectively.

The Russell 2000 index fell 0.2%, to 2,268.87.

Banks were among the biggest gainers as bond yields rose, pushing the yield on the 10-year Treasury to 1.65% from 1.63% late Monday. The yield was at 1.51% on Friday. When investors sell bonds their prices fall and their yields rise.

Stocks got 2022 off to a good start Monday, with the S&P 500 and Dow setting new highs. A mix of economic data and corporate quarterly earnings reports should give investors some insight into the impact that the coronavirus pandemic and persistently rising inflation are having on companies and consumers.

The job market will be a major focus for investors, starting with the Labor Department’s jobs report for December, which will be released Friday.

Some sectors of the economy are still struggling, especially with supply chain problems. Growth in manufacturing slowed in December to an 11-month low, according to The Institute for Supply Management, a trade group of purchasing managers. The organization will release its December report for the service sector on Thursday.

Investors are also anticipating the minutes from the Federal Reserve’s latest policy meeting in December, set for release on Wednesday.

Walgreens, Constellation Brands and Conagra report their latest quarterly earnings on Thursday.

In energy trading, U.S. benchmark crude fell 8 cents to $76.91 a barrel in electronic trading on the New York Mercantile Exchange. It gained 91 cents to $76.99 a barrel on Tuesday. Brent crude, the international standard, fell 6 cents to $79.94 a barrel.

In currency trading, the U.S. dollar edged down to 116.00 Japanese yen from 116.16 yen. The recent dollar's range against the yen is at a five-year high, and a cheaper yen can work as a plus for Japan's giant exporters. The euro cost $1.1299, up from $1.1286.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian shares mostly fall as tech stocks slump on Wall Street
Asian benchmarks have slipped after technology shares in the region echoed a similar drop in the sector on Wall Street
11:41PM ( 12 minutes ago )
No. 2 Duke returns from COVID-19 outbreak, tops Georgia Tech
Freshman Paolo Banchero had 17 points and 11 rebounds to help No. 2 Duke beat Georgia Tech 69-57 in its return from a COVID-19 outbreak that had led to a pair of postponements
11:29PM ( 24 minutes ago )
Australia, Japan to sign 'historic' defense, security pact
Australia and Japan will sign a treaty on Thursday to increase defense and security cooperation in a move that has been hailed as “historic” but which might anger China
11:25PM ( 29 minutes ago )
Associated Press (AP)
Tech founder out after antisemitic, anti-vaccine screed
A Utah tech entrepreneur and onetime prominent figure in state Republican politics resigned from the board of the company he founded Tuesday after sending an email screed outlining an antisemitic vaccination conspiracy theory
9:48PM ( 2 hours ago )
Man free after 37 years due to 'sex for lies' false witness
A Philadelphia man has been freed from prison after 37 years in a case tarnished by detectives who allegedly offered a witness sex and drugs at police headquarters in exchange for false testimony
8:23PM ( 3 hours ago )
California bill would make it easier to sue gun-makers
Some Democratic California lawmakers want to make it easier for people to sue gun-makers and dealers for liability in shootings that cause injuries or deaths
8:17PM ( 3 hours ago )
AP Business
Biden says deal with telecoms avoids flight disruptions
Telecom giants AT&T and Verizon have agreed to postpone the launch of a new slice of 5G wireless service after airlines and aviation groups complained that the networks can interfere with systems on board planes
6:14PM ( 5 hours ago )
Elizabeth Holmes saga still has some loose ends to resolve
A jury has ended the suspense surrounding the fraud trial of former Theranos CEO Elizabeth Holmes by finding her guilty on four of the 11 charges facing her, but some issues in the legal drama remain unresolved
5:19PM ( 6 hours ago )
Slumping tech stocks weigh on S&P 500 even as Dow gains
Slumping technology stocks left the S&P 500 slightly lower on Wall Street Tuesday, even as the Dow Jones Industrial Average of 30 blue-chip companies marked another record high
4:13PM ( 7 hours ago )
AP Business - Corporate News
Manchin still a no, Biden's $2T bill on Dems' back burner
Democratic Sen. Joe Manchin says he remains opposed to President Joe Biden’s roughly $2 trillion package of social and environmental initiatives
4:48PM ( 7 hours ago )
US manufacturing activity slows to 11-month low in December
Growth in U.S. manufacturing slowed in December to an 11-month low as companies continued to combat supply chain problems
10:52AM ( 13 hours ago )
OPEC, allies keep gradually pumping more oil amid omicron
OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19
10:50AM ( 13 hours ago )
AP Business - Economy
More record highs for S&P 500, Dow on first day of 2022
Wall Street got 2022 off to a solid start with more record highs for the S&P 500 and the Dow Jones Industrial Average
5:05PM ( 1 day ago )
After a big 2021, Wall Street starts new year edging higher
Stocks are moving higher on the first trading day of the year, a day after closing out 2021 with big gains for the third year in a row
3:32PM ( 1 day ago )
Turkey's inflation hits a 19-year high of 36%
Official figures show that Turkey's yearly inflation has climbed by the fastest pace in 19 years, jumping to 36.08% in December
1:15PM ( 1 day ago )
AP Business - Financial Markets
Live updates: Mexico has rise in cases, not hospitalizations
COVID-19 infections are rising across Mexico, especially in two states home to major tourism destinations on the Caribbean Sea and Pacific Ocean that were busy during the holiday season
5:58PM ( 5 hours ago )
Live updates: Detroit schools go remote amid latest surge
The tens of thousands of students in the Detroit school district will resume classes at home with laptops, at least through Jan. 14
5:05PM ( 6 hours ago )
Live updates: France reports record-high 271,686 virus cases
France reported a record-smashing 271,686 daily virus cases Tuesday as omicron infections race across the country, burdening hospital staff and threatening to disrupt transport, schools and other services
2:53PM ( 9 hours ago )
AP Business - Industries
Germany calls nuclear power 'dangerous,' rejects EU plan
The German government said Monday that it considers nuclear energy dangerous and objects to European Union proposals that would let the technology remain part of the bloc’s plans for a climate-friendly future
7:47AM ( 1 day ago )
EU draft on financing nuclear and gas plants raises ire
Draft European Union plans that would allow nuclear and gas energy to remain part of the bloc’s path to a climate-friendly future came under immediate criticism over the weekend
7:59AM ( 2 days ago )
AP Business - Utilities
No. 2 Duke returns from COVID-19 outbreak, tops Georgia Tech
Freshman Paolo Banchero had 17 points and 11 rebounds to help No. 2 Duke beat Georgia Tech 69-57 in its return from a COVID-19 outbreak that had led to a pair of postponements
11:29PM ( 24 minutes ago )
Australia, Japan to sign 'historic' defense, security pact
Australia and Japan will sign a treaty on Thursday to increase defense and security cooperation in a move that has been hailed as “historic” but which might anger China
11:25PM ( 29 minutes ago )
Australia PM meets with National Cabinet amid virus surge
Australia is experiencing rising COVID-19 case numbers and hospitalizations and long queues at testing centers as it continues to battle the rapid spread of the virus in most states
11:16PM ( 37 minutes ago )
After COVID-19, No. 5 UCLA waits to play 1st game in weeks
The UCLA men's basketball team is back after a nearly two-week shutdown because of COVID-19
11:13PM ( 40 minutes ago )
Activists urge Tesla to close new Xinjiang showroom
American activists are appealing to Tesla Inc. to close a new showroom in China’s northwestern region of Xinjiang, where officials are accused of abuses against mostly Muslim ethnic minorities
10:17PM ( 1 hour ago )