Asian stock markets mixed after Wall St melted further Associated Press
BEIJING (AP) – Asian stock markets were mixed on Wednesday after Wall Street fell due to weak home sales in the US and warnings about profits from well-known social media brand.
Shanghai and Seoul advanced, while Tokyo and Hong Kong refused. Oil prices rose more than $ 1 a barrel and remained above $ 110.
The base index of the S&P 500 on Wall Street lost 0.8% after a warning on Tuesday from the parent company Snapchat scared investors to throw shares of social networks. Construction stocks fell after U.S. home sales fell in April.
“General sentiment in stock markets remains largely depressed,” June Rong Yip of IG said in a report.
The Shanghai Composite Index rose 0.1% to 3,074.51, while the Nikkei 225 in Tokyo fell 0.1% to 2,6713.08. Hong Kong’s Hang Seng lost less than 0.1% to 20,093.33.
Cospi in Seoul rose 0.7% to 2,623.41, and Sydney’s S&P-ASX 200 rose 0.6% to 7,173.30. New Zealand and Jakarta refused, and Singapore advanced.
Investors fear for the impact of rising interest rates in the United States and other Western economies to cool inflation, as well as Russia’s war with Ukraine and China’s economic slowdown.
On Wednesday, the Federal Reserve is due to review its decision-making by publishing the minutes of its last policy meeting.
On the Wall Street, the S&P 500 fell to 3,941.48. The Dow Jones Industrial Average rose 0.2% to 31,928.62.
S&P fell 18% from a January 3 high, putting it on the brink of a bear market, or 20% from the previous peak.
The Nasdaq, which is dominated by technology stocks, fell 2.3% to 11,264.45 after a sell-off on social media. Snap fell 43.1%, the biggest drop in one day. The father of Facebook Meta fell by 7.6%. Google’s parent company fell 5.1%.
Retailers and companies that rely on direct consumer spending have declined. Amazon was down 3.2% and Target was down 2.6%.
The rollback blew up the broad rally of the previous day.
Home builders fell after a government report showing that April sales of newly built homes fell 26.9% year-on-year. KB Home fell by 2.7%.
Cruise companies and other travel-related companies have suffered heavy losses. Carnival was down 10.3% and Norwegian Cruise Line was down 12%.
In the energy markets of electronic trading on the New York Mercantile Exchange, US benchmark oil rose 1.28 to 111.05 dollars per barrel. On Tuesday, the contract fell 52 cents to $ 109.77. Brent crude, which is the basis of the price for international oil trade, rose in London by $ 1.19 to $ 111.88 per barrel. In the previous session, it rose 14 cents to $ 113.56.
The dollar rose to 127.05 yen from 126.82 yen on Tuesday. The euro rose to $ 1.0725 from $ 1.0693.
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