Current:Home > InvestStock market today: Asian shares retreat, tracking Wall St decline as price data disappoints -ProfitPioneers Hub
Stock market today: Asian shares retreat, tracking Wall St decline as price data disappoints
View
Date:2025-04-18 13:15:09
HONG KONG (AP) — Asian shares fell on Friday, tracking Wall Street’s decline in response to potentially discouraging data on the economy.
U.S. futures and oil prices were little changed.
Chinese leaders wrapped up a two-day economic policy meetingin Beijing on Thursday. Investors were hoping for major moves to support the economy, but the readouts from the closed-door meetings of top leaders lacked details. State media reported that leaders agreed to increase government borrowing to finance more spending and to ease credit to encourage more investment and spending.
“Chinese authorities have been stuck in a more reactionary policy mode, as the uncertainty of U.S. tariff plans makes it difficult for policymakers to make any commitments just yet,” Yeap Jun Rong of IG said in a commentary.
The Hang Seng in Hong Kong dipped 1.7% to 20,057.69, and the Hang Seng Properties index lost 3%. The Shanghai Composite index lost 1.5% to 3,410.99.
Japan’s benchmark Nikkei 225 slipped 1.2% in morning trading to 39,360.43. A survey by the Bank of Japan showed that business sentiment among large Japanese manufacturers was stronger than expected in the fourth quarter of this year.
Elsewhere in Asia, Australia’s S&P/ASX 200 shed 0.5% to 8,292.40. South Korea’s Kospi added 0.6% to 2,497.61.
On Thursday, the S&P 500 slipped 0.5% to 6,051.25, marking its fourth loss in the last six days. The index had been rallying toward one of its best years of the millennium.
The Dow Jones Industrial Average lost 0.5% to 43,914.12, and the Nasdaq composite sank 0.7% to 19,902.84.
A report said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected.
Neither report rings warning bells, but they did dilute hopes that the Federal Reserve will keep cutting interest rates. That expectation has driven the S&P 500 to 57 all-time highs so far this year, driven by the fact that inflation has been slowing while the economy is solid enough to stay out of a recession.
Traders are widely expecting the Fed will ease its main interest rate at its meeting next week. That would be a third straight cut by the Fed after it began lowering rates in September from a two-decade high. It’s hoping to support a slowing job market after getting inflation nearly all the way down to its 2% target.
Lower rates would give a boost to the economy and to prices for investments, but they could also provide more fuel for inflation.
A cut next week would have the Fed following other central banks. The European Central Bank cut rates by a quarter of a percentage point on Thursday, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point.
Following its decision, Switzerland’s central bank pointed to uncertainty about how U.S. President-elect Donald Trump’s victory will affect economic policies, as well as about where politics in Europe is heading.
Trump has talked up tariffs and other policies that could upend global trade. He rang the bell marking the start of trading at the New York Stock Exchange on Thursday to chants of “USA.”
In other dealings early Friday, U.S. benchmark crude oil picked up 8 cents to $70.10 per barrel. Brent crude oil, the international standard, gained 6 cents to $73.47 per barrel.
The U.S. dollar rose to 153.06 Japanese yen from 152.55 yen. The euro fell to $1.0462 from $1.0472.
___
AP Business Writer Stan Choe contributed.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (96617)
Related
- 2024 Olympics: Gymnast Ana Barbosu Taking Social Media Break After Scoring Controversy
- New Research Shows Emissions From Cars and Power Plants Can Hinder Insects’ Search for the Plants They Pollinate
- New York man who fatally shot woman who was mistakenly driven up his driveway sentenced to 25 years to life in prison
- Kourtney Kardashian's Postpartum Fashion Hack Will Get You Ready in 5 Seconds
- 'Survivor' 47 finale, part one recap: 2 players were sent home. Who's left in the game?
- Ghana's parliament passes strict new anti-LGBTQ legislation to extend sentences and expand scope
- In a rural California region, a plan takes shape to provide shade from dangerous heat
- What is Super Tuesday? Why it matters and what to watch
- Oklahoma parole board recommends governor spare the life of man on death row
- Viral article used AI to create photo of Disney World's Cinderella Castle on fire
Ranking
- New Orleans mayor’s former bodyguard making first court appearance after July indictment
- As Caitlin Clark closes in on all-time scoring record, how to watch Iowa vs. Ohio State
- A ship earlier hit by Yemen’s Houthi rebels sinks in the Red Sea, the first vessel lost in conflict
- Olympian Katie Ledecky is focused on Paris, but could 2028 Games also be in the picture?
- Jury selection set for Monday for ex-politician accused of killing Las Vegas investigative reporter
- Jury convicts first rioter to enter Capitol building during Jan. 6 attack
- Colorado paramedic sentenced to 5 years in prison for Elijah McClain’s death
- Report from National Urban League finds continued economic disparities among Black Americans
Recommendation
Beware of giant spiders: Thousands of tarantulas to emerge in 3 states for mating season
Does Zac Efron Plan on Being a Dad? He Says…
Trove of ancient skulls and bones found stacked on top of each other during construction project in Mexico
Celebrated stylemaker and self-named 'geriatric starlet' Iris Apfel dies at age 102
Man can't find second winning lottery ticket, sues over $394 million jackpot, lawsuit says
Hailey Bieber's Sister Alaia Baldwin Aronow Arrested for Assault and Battery
Jax Taylor Breaks Silence on Separation From Brittany Cartwright
Confessions of a continuity cop