BANGKOK (AP) \u2014 Asian shares were mixed Wednesday after a day of listless trading on Wall Street in the absence of market-moving data.<\/p>\n
China reported its exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs of a slowing of its economic recovery following the lifting in December of anti-virus controls that disrupted travel and commerce.<\/p>\n
\n
The decline in exports was the first year-on-year drop in in three months, with export volumes falling below their levels at the start of the year. \u201cAnd with the worst yet to come for many developed economies, we think exports will decline further before bottoming out later this year,\u201d Julian Evans-Pritchard of Capital Economics said in a commentary.<\/p>\n
The Shanghai Composite index
\n SHCOMP,
\n +0.08%<\/bg-quote>
\n was up 0.3% at 3,206.60 while the Hang Seng in Hong Kong
\n HSI,
\n +0.80%<\/bg-quote>
\n jumped 1.3% to 19,37.75.<\/p>\nTokyo\u2019s Nikkei 225 index
\n NIK,
\n -1.82%<\/bg-quote>
\n lost 1% to 32,145.33. In Seoul, the Kospi
\n 180721,
\n +0.01%<\/bg-quote>
\n added 0.1% to 2,619.79 while Australia\u2019s S&P\/ASX 200
\n XJO,
\n -0.16%<\/bg-quote>
\n edged 0.08% higher to 7,135.30. Shares fell in Taiwan and Southeast Asia.<\/p>\nOn Tuesday, the S&P 500
\n SPX,
\n +0.24%<\/bg-quote>
\n rose 0.2% to 4,283.85. It\u2019s just 0.2% away from finishing 20% above where it was in mid-October, as a long-predicted recession has yet to hit and excitement around artificial intelligence has helped a select group of stocks to soar.<\/p>\nThe Dow Jones Industrial Average
\n DJIA,
\n +0.03%<\/bg-quote>
\n edged up by less than 0.1% to 33,573.28, while the Nasdaq Composite
\n COMP,
\n +0.36%<\/bg-quote>
\n rose 0.4%, to 13,276.42.<\/p>\nGitlab
\n GTLB,
\n +31.19%<\/bg-quote>
\n soared 31.2% after the software development platform gave a revenue forecast for the fiscal year that topped analysts\u2019 expectations.<\/p>\nInvestors are watching to see which will happen first: a recession or inflation falling enough to get the Federal Reserve to start cutting interest rates, which have climbed so high they\u2019ve hurt various parts of the economy.<\/p>\n
Next week, the U.S. government will publish its latest monthly updates on inflation, and the Federal Reserve will meet on interest-rate policy. The bet on Wall Street is that the Fed may hold off on hiking rates, which would be the first time that\u2019s happened in more than a year, but could resume raising rates in July.<\/p>\n
Some of Tuesday\u2019s strongest action was in the cryptocurrency world after the Securities and Exchange Commission charged Coinbase with operating its trading platform as an unregistered national securities exchange, broker and clearing agency.<\/p>\n
Shares of its parent, Coinbase Global
\n COIN,
\n -12.09%<\/bg-quote>,<\/span>
\n tumbled 12.1% after the SEC also accused it of being liable for some of Coinbase\u2019s violations. Other charges focused on Coinbase\u2019s staking-as-a-service program, where users get payments for their crypto almost like earning interest from a traditional bank savings account.<\/p>\nCoinbase criticized the SEC\u2019s approach to crypto, saying \u201cthe solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation.\u201d<\/p>\n
Opinion:<\/strong>\u00a0Coinbase and Binance crackdown hurts the U.S. more than it does bitcoin and other crypto<\/p>\nA day earlier, the SEC filed 13 charges against another huge crypto trading platform, Binance, and its founder. Binance said it had been in discussions to reach a negotiated settlement to resolve the SEC\u2019s investigations.<\/p>\n
The frenzy around AI has helped a handful of stocks soar to immense gains this year, including Nvidia\u2019s
\n NVDA,
\n -1.32%<\/bg-quote>
\n 164.5% surge. That\u2019s helped drive much of the S&P 500\u2019s gains in 2023, but it\u2019s also caused critics to question whether a bubble is forming. They also say the furor around AI may be masking weakness underneath the S&P 500\u2019s surface.<\/p>\nEven though the S&P 500 is nearing a bull market, almost as many stocks within it are down this year as up as worries remain about falling corporate profits, still-high inflation and much higher interest rates than a year ago.<\/p>\n
In other trading Wednesday, a U.S. crude oil
\n CL.1,
\n -0.64%<\/bg-quote>
\n fell 50 cents to $71.25 a barrel in electronic trading on the New York Mercantile Exchange. On Tuesday, it lost 49 cents to $71.25 a barrel. A barrel of Brent crude
\n BRN00,
\n -0.67%<\/bg-quote>,<\/span>
\n the international standard, sank 51 cents to $75.78.<\/p>\nBoth were close to $120 a year ago but have fallen amid worries about a strapped global economy\u2019s need for fuel.<\/p>\n
The U.S. dollar
\n DXY,
\n +0.02%<\/bg-quote>
\n bought 139.24 Japanese yen
\n USDJPY,
\n -0.11%<\/bg-quote>,<\/span>
\n down from 139.66 yen. The euro
\n EURUSD,
\n -0.06%<\/bg-quote>
\n fell to $1.0690 from $1.0695.<\/p>\n<\/p><\/div>\nRead the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"BANGKOK (AP) \u2014 Asian shares were mixed Wednesday after a day of listless trading on Wall Street in the absence of market-moving data. China reported its exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs of a slowing of its economic recovery following the lifting in December […]<\/p>\n","protected":false},"author":1,"featured_media":19267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-19266","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n
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