Asian markets lower after Wall St record, China trade growth


PTI, Nov 8, 2021, 10:38 AM IST

Representative Image

Beijing: Asian stock markets were mostly lower Monday after Wall Street hit a new high and China reported a double-digit rise in exports.

Tokyo, Hong Kong, and Sydney declined while Shanghai advanced.

Wall Street’s benchmark S&P 500 index rose 0.4% on Friday to a record for a seventh day after U.S. employers hired more people in October than expected.

China’s October exports rose 27.1% over a year earlier, though that eased off the previous month’s 28.1% growth, customs data showed Sunday.

Despite that gain, Chinese anti-virus controls might dampen factory and consumer activity, “still bringing about an uncertain recovery picture,” Yeap Jun Rong of IG said in a report.

The Nikkei 225 in Tokyo fell 0.1% to 29,570.32 while the Shanghai Composite Index shed 0.2% to 3,497.17. The Hang Seng in Hong Kong lost 0.3% to 24,792.27.

The Kospi in Seoul retreated 0.9% to 2,942.42 and Sydney’s S&P-ASX 200 lost 0.2% to 7,440.90.

New Zealand and Bangkok retreated while Singapore and Jakarta gained.

On Wall Street, the S&P 500 rose to 4,697.53 after the government reported the U.S. economy added 531,000 jobs last month, better than the consensus forecast of 450,000.

The Dow Jones Industrial Average gained 0.6% to 36,327.95, also hitting a new high. The Nasdaq composite added 0.2% to 15,971.59.

The U.S. government is due to report inflation this week. Investors are watching price rises amid fears stronger inflationary pressures might prompt the Federal Reserve and other central banks to pull back stimulus that is boosting stock prices.

Also this week, China’s ruling Communist Party holds a plenary session, or full meeting of its leaders, military leaders and provincial party bosses. It is the sixth plenum during the latest five-year political cycle that runs through next year.

The sixth plenum usually focuses on ideology and party affairs instead of the economy. However, investors also hope for possible updates on policy toward technology and other industries after data security and anti-monopoly crackdowns on Chinese tech giants that began late last year wiped more than USD 1 trillion off their total stock market values.

In energy markets, benchmark U.S. crude oil rose USD 1.11 to USD 82.38 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained USD 2.46 to USD 81.27 on Friday. Brent crude, the price basis for international oils, gained $1.09 to $83.83 per barrel in London. The previous session, it added USD 2.20 to USD 82.74.

The dollar gained to 113.62 yen from Friday’s 113.40 yen. The euro advanced to USD 1.1559 from USD 1.1550.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Study warns China of ‘colossal outbreak’ of COVID-19 if it opens up

Mann ki Baat now available on all major audio, music platforms

Bengaluru police deny permission to stand-up comedian Munawar Faruqui’s show

Gautam Gambhir receives another death threat; third in 6 days

Salman Khan appeals to fans to not burst crackers inside cinema halls

Will join BJP after meeting Nalin Kumar Kateel: Varthur Prakash

Winter Session of Parliament to begin on stormy note on Monday


Related Articles More

Public hearing held for JSW project in Odisha

Colgate-Palmolive launches toothbrush made of recycled plastic

Investors lose over Rs 7.35 lakh cr as markets plummet

Auto-rickshaw services provided through e-commerce platforms to attract 5% GST

AMPATH launches its Pathology Laboratory in Mumbai

MUST WATCH

Bad Smell at Sunday Market Dandeli

Hydroponic Gardening – Grow Organic Plants Fast

Gopal Naik Alevoor | How to do Vermicomposting Business in India and its uses

ನಂಬಿ ಬಂದವರ ಸರ್ವ ಕಷ್ಟ ಪರಿಹರಿಸುವ ತಾಯಿ ಚಾಮುಂಡೇಶ್ವರಿ

NEWS BULLETIN 27-11-2021


Latest Additions

Obesity rising among children, adults in India; experts raise concern

uKnowva launches disability feature to help specially-abled improve operational efficiencies

Court in UP orders exhuming of dead body for post mortem

Study warns China of ‘colossal outbreak’ of COVID-19 if it opens up

Mann ki Baat now available on all major audio, music platforms

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.