clearn.png
Friday May 20th, 2022 12:48AM

Asian stocks mixed after Wall St falls on rate hike worries

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Asian stock markets were mixed Monday after Wall Street fell on worries the Federal Reserve will raise interest rates as soon as March.

Shanghai and Hong Kong advanced. Seoul and Sydney declined. Japanese markets were closed for a holiday.

Investors were rattled last week after notes from the latest Fed meeting showed officials thought the U.S. job market is healthy enough that it might no longer need ultra-low interest rates and other stimulus.

That was reinforced by U.S. employment numbers Friday that showed stronger-than-expected wages, though with only about half as much hiring as forecast.

The prospect of earlier rate hikes “suggests that markets could continue to be roiled by volatility,” Tan Boon Heng of Mizuho Bank said in a report.

The Shanghai Composite Index gained 0.2% to 3,587.69 and the Hang Seng in Hong Kong advanced 0.9% to 23,702.90.

The Kospi in Seoul fell 1.2% to 2,919.46 and Sydney’s S&P ASX 200 lost 0.1% to 7,444.70.

Investors were cautious after Fed officials said in December that plans to roll back ultra-low rates and other economic stimulus that has boosted share prices might be accelerated to cool U.S. inflation now at a four-decade high.

On Friday, Wall Street’s benchmark S&P 500 index fell 0.4% to 4,677.03, or about 2.5% below Jan. 3′s record high.

The Dow Jones Industrial Average slipped less than 0.1% to 36,231.66. The Nasdaq composite fell 1% to 14,935.90.

Investors are pricing a better than 79% probability that the Fed will raise short-term rates in March. A month ago, they saw less than 39% of a chance of that, according to CME Group.

Record-low interest rates have helped to boost stock prices despite bouts of unease about the coronavirus pandemic.

The Fed already has slowed bond purchases that were pumping money into the financial system to push down commercial lending rates. Notes from its December meeting indicated Fed officials might to cut off such purchases more quickly than previously planned.

In energy markets, benchmark U.S. crude rose 17 cents to $79.07 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents on Friday to $78.90. Brent crude, used to price international oils, added 20 cents to $81.95 per barrel in London. It lost 24 cents the previous session to $81.75.

The dollar gained to 115.79 yen from Friday’s 115.56 yen. The euro declined to $1.1337 from $1.1362.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stocks mixed after Wall St falls on rate hike worries
Asian stock markets are mixed after Wall Street fell on worries the Federal Reserve will raise interest rates as soon as March
11:04PM ( 23 minutes ago )
Judge asks what more Djokovic could have done for a visa
An Australian judge who will decide whether top-ranked tennis star Novak Djokovic plays in the Australian Open has questioned what more the Serbian could have done to meet Australia’s coronavirus entry requirements
10:59PM ( 29 minutes ago )
Opposition candidate wins in Venezuela's cradle of Chavismo
Voters in the home state of Venezuela’s late President Hugo Chávez have picked an opposition candidate for governor in a closely watched special election called after the contender representing that faction in November’s regular contest was retroactively disqualified as he was ahead in the vote count
10:55PM ( 33 minutes ago )
Associated Press (AP)
Chicago fight with teachers union stretches into 2nd week
Chicago school leaders are canceling classes for a fourth day in the nation’s third-largest school district, taking the dispute with the teachers union over remote learning and COVID-19 protocols into another week
9:52PM ( 1 hour ago )
Chicago schools cancel classes for 4th consecutive day
Chicago school leaders are canceling classes for a fourth day in the nation’s third-largest school district, taking the dispute with the teachers union over remote learning and COVID-19 protocols into another week
8:47PM ( 2 hours ago )
Chicago's COVID-19 fight with teachers hangs over a 2nd week
Talks between Chicago school leaders and the teachers' union have resumed amid a standoff over remote learning and other COVID-19 safety measures
6:45PM ( 4 hours ago )
AP Business
Newly affirmed, tribe looks at casino plans with fresh eyes
The new head of a Massachusetts tribe says he intends to take a cautious approach to gambling while turning attention to social challenges and other economic opportunities for tribal members
10:06AM ( 13 hours ago )
China foreign minister in Sri Lanka to discuss Belt and Road
Chinese Foreign Minister Wang Yi is in Sri Lanka seeking to advance Beijing’s ambitious Belt and Road Initiative as the island nation tries to rescue itself from a foreign currency and debt crisis, partly due to infrastructure built with Chinese loans that don’t generate revenue
4:03AM ( 19 hours ago )
Australia's New South Wales sees deadliest day of pandemic
Australia’s New South Wales state has reported 16 deaths in its deadliest day of the pandemic, even as it relaxed rules to allow essential workers in isolation to return to work if they are asymptomatic
8:37PM ( 1 day ago )
AP Business - Economy
Stocks end lower after mixed jobs data as tech sinks again
Stocks ended lower on Wall Street Friday and Treasury yields rose as investors anticipated the Federal Reserve will stay on course to raise interest rates as soon as March
5:21PM ( 2 days ago )
Stocks wobble following mixed jobs data as tech sinks again
Stocks turned mixed Friday as Treasury yields rise, with much of Wall Street seeing the Federal Reserve on course to raise interest rates as soon as March despite a mixed report on the U.S. jobs market
2:05PM ( 2 days ago )
Stocks slip following mixed jobs data as tech sinks again
Stocks are slipping Friday as Treasury yields rise, with much of Wall Street seeing the Federal Reserve on course to raise interest rates as soon as March despite a mixed report on the U.S. jobs market
11:20AM ( 2 days ago )
AP Business - Financial Markets
Former anti-terror chief arrested over Kazakhstan protests
The former head of Kazakhstan's counterintelligence and anti-terror agency has been arrested on charges of attempting to overthrow the government
12:17PM ( 1 day ago )
Romania tightens pandemic measures amid COVID-19 surge
Tighter pandemic measures have come into force in Romania as authorities hope to quell sharply rising coronavirus cases amid concerns that the next virus wave could overstretch the country’s health care system
5:42AM ( 1 day ago )
Supreme Court skeptical of Biden's workplace vaccine rule
The Supreme Court’s conservative majority appears skeptical of the Biden administration’s authority to impose a vaccine-or-testing requirement on the nation’s large employers
9:17PM ( 2 days ago )
AP Business - Industries
Global stocks tumble after Fed signals faster rate hikes
Global stocks and Wall Street futures have tumbled after investors saw minutes from a Federal Reserve meeting as a sign the U.S. central bank might hike interest rates faster to cool inflation
4:05AM ( 3 days ago )
Asian stocks follow Wall St lower after Fed rates signal
Asian stock markets have followed Wall Street lower after investors saw minutes from a Federal Reserve meeting as a sign the U.S. central bank might hike interest rates faster to cool inflation
11:33PM ( 3 days ago )
Anticipation that Fed will raise rates sends stocks lower
Stocks closed lower on Wall Street Wednesday after minutes from the Federal Reserve’s last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation
4:55PM ( 4 days ago )
AP Business - Financial Services
Judge asks what more Djokovic could have done for a visa
An Australian judge who will decide whether top-ranked tennis star Novak Djokovic plays in the Australian Open has questioned what more the Serbian could have done to meet Australia’s coronavirus entry requirements
10:59PM ( 29 minutes ago )
Opposition candidate wins in Venezuela's cradle of Chavismo
Voters in the home state of Venezuela’s late President Hugo Chávez have picked an opposition candidate for governor in a closely watched special election called after the contender representing that faction in November’s regular contest was retroactively disqualified as he was ahead in the vote count
10:55PM ( 33 minutes ago )
Producer Dwayne Hickman, who played Dobie Gillis, has died
An actor and TV executive remembered by a generation of baby boomers for his role as Dobie Gillis some 60 years ago has died
10:40PM ( 47 minutes ago )
Golden Globe Awards carry on, without stars or a telecast
Even though NBC dropped the 2022 Golden Globe Awards, the embattled Hollywood Foreign Press Association proceeded with its 79th edition Sunday night without a telecast, nominees, a red carpet, a host, press or even a livestream
10:34PM ( 53 minutes ago )
China's Tianjin on partial lockdown after omicron found
A major Chinese city near Beijing has placed its 14 million residents on partial lockdown after 41 children and adults tested positive for COVID-19, including at least two with the omicron variant
10:32PM ( 55 minutes ago )