{"id":25279,"date":"2023-06-21T01:00:49","date_gmt":"2023-06-21T05:00:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-mostly-decline-tracking-wall-streets-retreat\/"},"modified":"2023-06-21T01:00:51","modified_gmt":"2023-06-21T05:00:51","slug":"asian-markets-mostly-decline-tracking-wall-streets-retreat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25279","title":{"rendered":"Asian markets mostly decline, tracking Wall Street\u2019s retreat"},"content":{"rendered":"
\n

BANGKOK \u2014 Shares were mostly lower Wednesday in Asia after Wall Street benchmarks retreated following the S&P 500\u2019s rise to its highest level since the spring of last year.<\/p>\n

U.S. futures
\n ES00,
\n +0.02%<\/bg-quote><\/p>\n

YM00,
\n +0.00%<\/bg-quote>
\n were little changed and oil prices rose.<\/p>\n

Tokyo\u2019s Nikkei 225
\n NIK,
\n +0.71%<\/bg-quote>
\n edged 0.3% higher, while the Hang Seng
\n HSI,
\n -1.91%<\/bg-quote>
\n in Hong Kong sank 1.9%. The Shanghai Composite index
\n SHCOMP,
\n -0.41%<\/bg-quote>
\n gave up 0.4% and the Kospi
\n 180721,
\n -0.64%<\/bg-quote>
\n in Seoul slipped 0.6%.<\/p>\n

\n

In Australia, the S&P\/ASX 200
\n XJO,
\n -0.27%<\/bg-quote>
\n shed 0.3%.<\/p>\n

This week has few potentially market-moving events.<\/p>\n

Federal Reserve Chair Jerome Powell will testify before Congress on Wednesday and Thursday. Last week, the Fed held its benchmark lending rate steady, the first time in more than a year that it didn\u2019t announce an increase. But it also warned it could raise rates twice more this year.<\/p>\n

The Bank of England will meet on interest-rate policy Thursday. Central banks around the world are heading in diverging directions as they battle inflation amid worries about a pressured global economy.<\/p>\n

\u201cInvestors are turning cautious ahead of another hefty dose of Fedspeak amidst a relatively light data docket,\u201d Stephen Innes of SPI Asset Management said in a commentary.<\/p>\n

He added that \u201cwith central banks in the mood to dish out inflation pain these days, investors may need to see some positive inflation data convergence to narrow the wide disparity between the Federal Reserve and the market\u2019s forward inflation expectations before breaking fresh higher ground on U.S. stocks.\u201d<\/p>\n

On Tuesday as U.S. markets reopened after being closed in observance of the Juneteenth holiday, the S&P 500
\n SPX,
\n -0.47%<\/bg-quote>
\n fell 0.5% to 4,388.71. The Dow Jones Industrial Average
\n DJIA,
\n -0.72%<\/bg-quote>
\n dropped 0.7% to 34,053.87, and the Nasdaq composite
\n COMP,
\n -0.16%<\/bg-quote>
\n lost 0.2%, to 13,667.29.<\/p>\n

The U.S. stock market took a step back following many steps forward on hopes the economy can avoid a recession and inflation is\u00a0easing enough for the Fed to stop raising interest rates\u00a0soon. A\u00a0frenzy around artificial intelligence\u00a0has also vaulted a select group of tech stocks to huge gains.<\/p>\n

Those hopes are battling against worries that the Fed will keep interest rates high for longer, which could grind down the economy. Some of the easiest improvements in year-over-year inflation will soon be passed, bringing tougher times for both the economy and financial markets.<\/p>\n

During the 1970s, inflation remained high for much longer than hoped, forcing the Fed to ultimately drive the economy into a painful recession.<\/p>\n

In China, meanwhile, the world\u2019s second-largest economy is stumbling in its recovery following the relaxation of anti-COVID restrictions<\/p>\n

In other trading Wednesday, U.S. benchmark crude oil
\n CLN23,
\n -1.17%<\/bg-quote>
\n rose 29 cents to $71.48 per barrel in electronic trading on the New York Mercantile Exchange.<\/p>\n

Brent crude
\n BRNQ23,
\n +0.54%<\/bg-quote>,<\/span>
\n the international standard, added 18 cents to $75.17 per barrel.<\/p>\n

The dollar
\n USDJPY,
\n +0.24%<\/bg-quote>
\n rose to 141.70 Japanese yen from 141.34 yen.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BANGKOK \u2014 Shares were mostly lower Wednesday in Asia after Wall Street benchmarks retreated following the S&P 500\u2019s rise to its highest level since the spring of last year. U.S. futures ES00, +0.02% YM00, +0.00% were little changed and oil prices rose. Tokyo\u2019s Nikkei 225 NIK, +0.71% edged 0.3% higher, while the Hang Seng HSI, […]<\/p>\n","protected":false},"author":1,"featured_media":25280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-25279","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets mostly decline, tracking Wall Street\u2019s retreat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BANGKOK \u2014 Shares were mostly lower Wednesday in Asia after Wall Street benchmarks retreated following the S&P 500\u2019s rise to its highest level since\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25279\" \/>\n<meta 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