Asian Stocks Mixed After Wall St Slides, China Slows On Travel | Your money


BEIJING (AP) – Asian stock markets were mixed on Monday following the fall of Wall Street and China’s tightening of travel controls in some areas in response to coronavirus infections.

Shanghai, Hong Kong and Sydney advanced while Tokyo retreated.

Wall Street’s S&P 500 Index fell 0.1% on Friday, weighed down by losses from tech companies after a seven-day streak of gains.

In China, northwestern Gansu province closed tourist sites on Monday after coronavirus cases were discovered and the capital, Beijing, has banned visitors from infected areas in the past 14 days. China has only reported a few dozen cases, but Beijing’s response to travel restrictions has raised concerns that they may weigh on already weakening economic activity.

“Aggressive measures can be expected to control the spread of viruses, which could limit growth,” IG’s Yeap Jun Rong said in a report.

The Shanghai Composite Index rose 0.3% to 3,594.32 while the Nikkei 225 in Tokyo lost 1% to 28,520.35. The Hang Seng in Hong Kong added 0.1% to 26,157.11.

Seoul’s Kospi rose 0.2% to 3,013.13 and Sydney’s S & P-ASX 200 gained 0.4% to 7,444.00.

New Zealand, Singapore and Jakarta fell.

On Wall Street, the S&P 500 closed at 4,544.90 on Friday after losses for large tech companies after a choppy trading day.

The Dow Jones Industrial Average gained 0.2% to 35,677.02, breaking its August 15 high. The Nasdaq composite slipped 0.8% to 15,090.20.

Some 65% of S&P 500 stocks closed higher, mostly led by financials and healthcare companies, but losses in communications and technology companies kept the S&P 500 down. Chipmaker Intel fell 11.7% after reporting disappointing earnings.

Snapchat’s parent company Snap plunged 26.6% after reporting low revenues and revealing its ad sales hit by a privacy crackdown that rolled out on Apple iPhones earlier this year . Facebook fell 5.1% and Twitter fell 4.8%. Google’s parent company Alphabet fell 3%.

All three major indices post their third weekly gain after investors were encouraged by mostly strong corporate results.

Also on Friday, Federal Reserve Chairman Jerome Powell said problems in the industrial supply chain have worsened and will likely keep inflation high next year.

Investors are looking for clues as to how companies are dealing with supply chain issues and rising costs for materials, transportation, and other goods and services. Many companies have warned that higher costs will hurt operations.

Powell also said the Fed was not prepared to hike its benchmark interest rate near zero. But he suggested the economy might be ready for a ra rate hike next year.

In energy markets, benchmark US crude rose 95 cents to $ 84.71 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose from $ 1.26 to $ 83.76 on Friday. Brent crude, used as the price base for international oils, fell 4 cents to $ 85.49 a barrel in London. It rose 92 cents from the previous session to $ 85.53.

The dollar gained 113.75 yen against 113.44 yen on Friday. The euro fell from $ 1.1637 to $ 1.1661.

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