{"id":43376,"date":"2023-08-02T04:17:39","date_gmt":"2023-08-02T08:17:39","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-slip-as-wall-street-pulls-back-after-rally\/"},"modified":"2023-08-02T04:17:41","modified_gmt":"2023-08-02T08:17:41","slug":"asian-markets-slip-as-wall-street-pulls-back-after-rally","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43376","title":{"rendered":"Asian markets slip as Wall Street pulls back after rally"},"content":{"rendered":"
\n

TOKYO \u2014 Asian shares dipped Wednesday after Wall Street took a step back from its big rally as markets tried to digest a slew of earnings.<\/p>\n

Japan\u2019s benchmark Nikkei 225
\n JP:NIK
\n dove 1.8% in morning trading. Australia\u2019s S&P\/ASX 200
\n <\/span>
\n fell 0.8% while South Korea\u2019s Kospi
\n KR:180721
\n slid 1.4%. Hong Kong\u2019s Hang Seng
\n <\/span>
\n dipped 1.9%, while the Shanghai Composite
\n CN:SHCOMP
\n lost 0.8%. Benchmark indexes in Singapore
\n SG:STI,<\/span>
\n Taiwan
\n TW:Y9999
\n and Indonesia
\n ID:JAKIDX
\n fell.<\/p>\n

\n

On Wall Street, the S&P 500
\n SPX
\n lost 12.23, or 0.3%, to 4,576.73, coming off its fifth straight winning month. The Nasdaq composite
\n COMP
\n sank 62.11, or 0.4%, to 14,283.91. The Dow Jones Industrial Average
\n DJIA
\n squeezed out a gain of 71.15 points, or 0.2%, to 35,630.68 even though most of the stocks within it weakened.<\/p>\n

Worries have been broadly rising that expectations have built too high for the entire U.S. stock market after the S&P 500 surged more than 19% so far this year. Stocks had leaped to a 16-month high on hopes inflation is cooling enough to get the Federal Reserve to stop hiking interest rates. That in turn could allow the economy to avoid a long-expected recession.<\/p>\n

While inflation has indeed come down since the summer and the economy has remained remarkably resilient, critics say it\u2019s no guarantee inflation will continue to cool at the same rate. They say stock prices have risen too far, too quickly.<\/p>\n

Reports on the economy Tuesday came in mixed. The\u00a0number of job openings advertised across the country dipped slightly\u00a0in June, when economists were expecting a rise. But the job market broadly remains solid, propping up the rest of the economy and keeping it out of a recession so far.<\/p>\n

One report on the manufacturing industry from the Institute for Supply Management said it contracted at a slightly worse pace in July than economists expected, but not as badly as it did in June. A separate report from S&P Global also said U.S. manufacturing is continuing to decline.<\/p>\n

\u201cHowever, producers are clearly shrugging off recession fears and planning for better times ahead,\u201d said Chris Williamson, chief business economist at S&P Global Market Intelligence.<\/p>\n

In the bond market, the yield on the 10-year Treasury rose to 4.03% from 3.97% late Monday. It helps set rates for mortgages and other important loans.<\/p>\n

In energy trading, benchmark U.S. crude
\n CLU23,
\n +0.36%<\/bg-quote>
\n rose 93 cents to $82.30 a barrel. Brent crude
\n BRNV23,
\n +0.33%<\/bg-quote>,<\/span>
\n the international standard, gained 92 cents to $85.83 a barrel.<\/p>\n

In currency trading, the U.S. dollar
\n USDJPY,
\n -0.62%<\/bg-quote>
\n edged up to 143.21 Japanese yen from 142.83 yen. <\/p>\n<\/p><\/div>\n<\/div>\n

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

TOKYO \u2014 Asian shares dipped Wednesday after Wall Street took a step back from its big rally as markets tried to digest a slew of earnings. Japan\u2019s benchmark Nikkei 225 JP:NIK dove 1.8% in morning trading. Australia\u2019s S&P\/ASX 200 fell 0.8% while South Korea\u2019s Kospi KR:180721 slid 1.4%. Hong Kong\u2019s Hang Seng dipped 1.9%, while […]<\/p>\n","protected":false},"author":1,"featured_media":43377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-43376","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets slip as Wall Street pulls back after rally | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO \u2014 Asian shares dipped Wednesday after Wall Street took a step back from its big rally as markets tried to digest a slew of earnings. 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