{"id":7810,"date":"2023-05-12T11:20:56","date_gmt":"2023-05-12T15:20:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-mostly-lower-on-looming-worries-over-u-s-banks-china-growth\/"},"modified":"2023-05-12T11:20:57","modified_gmt":"2023-05-12T15:20:57","slug":"asian-markets-mostly-lower-on-looming-worries-over-u-s-banks-china-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7810","title":{"rendered":"Asian markets mostly lower on looming worries over U.S. banks, China growth"},"content":{"rendered":"
\n

TOKYO \u2014 Asian shares were mostly lower Friday on looming worries over U.S. banks and lagging demand from China, the region\u2019s major driver of growth.<\/p>\n

\u201cAsian equities struggled for direction after weak inflation data in China pointed to weakening demand,\u201d said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n

\n

Recent data reflect very low inflation and weak credit extensions in China, which all indicate slowing growth as the initial jump from the nation dropping pandemic-related restrictions fades, he said.<\/p>\n

Japan\u2019s benchmark Nikkei 225
\n NIK,
\n +0.90%<\/bg-quote>
\n gained 0.9% in morning trading as companies like\u00a0Nissan Motor Co.
\n 7201,
\n +5.28%<\/bg-quote>
\n gained\u00a0after reporting relatively favorable earnings. But SoftBank Group Corp
\n 9984,
\n -3.68%<\/bg-quote>.<\/span>
\n slumped after\u00a0reporting its second year in a row of losses.<\/p>\n

Australia\u2019s S&P\/ASX 200
\n XJO,
\n +0.07%<\/bg-quote>
\n dipped 0.1% and South Korea\u2019s Kospi
\n 180721,
\n -0.63%<\/bg-quote>
\n dropped 0.4%. Hong Kong\u2019s Hang Seng
\n HSI,
\n -0.59%<\/bg-quote>
\n was virtually unchanged, while the Shanghai Composite
\n SHCOMP,
\n -1.12%<\/bg-quote>
\n lost 0.4%. Markets declined in Singapore
\n STI,
\n -0.65%<\/bg-quote>,<\/span>
\n Taiwan
\n Y9999,
\n -0.08%<\/bg-quote>
\n and Indonesia
\n JAKIDX,
\n -0.71%<\/bg-quote>.<\/span>\n <\/p>\n

A surprisingly sharp drop for The Walt Disney Co.
\n DIS,
\n -0.38%<\/bg-quote>
\n after reporting it\u00a0lost streaming subscribers last quarter\u00a0dragged on shares on Wall Street.<\/p>\n

The S&P 500
\n SPX,
\n -0.25%<\/bg-quote>
\n lost 7.02 points, or 0.2%, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average
\n DJIA,
\n -0.22%<\/bg-quote>
\n lost 221.82, or 0.7%, to 33,309.51, while the Nasdaq composite
\n COMP,
\n -0.36%<\/bg-quote>
\n rose 22.07, or 0.2%, to 12,328.51.<\/p>\n

Investors have been hunting for the next possible victim in the\u00a0U.S. banking industry\u00a0after high interest rates helped lead to three high-profile failures since March.<\/p>\n

Helping to limit the losses for the overall market was a report showing U.S. inflation at the wholesale level was a bit cooler last month than economists expected. It followed a report from the prior day that showed inflation at the consumer level was also behaving largely as forecast.<\/p>\n

The reports helped reaffirm expectations on Wall Street that the Federal Reserve will\u00a0hold off on hiking interest rates\u00a0again at its next meeting in June. That would be the first time that\u2019s happened in more than a year.<\/p>\n

A separate U.S. report said more workers\u00a0filed for unemployment benefits\u00a0last week than expected. That\u2019s bad news for workers and adds to concerns about a potential recession because the job market has been one of the main pillars propping up the economy.<\/p>\n

But a cooling labor market would also carry a benefit for the Fed, which fears that a too-hot job market could put upward pressure on inflation.<\/p>\n

Following the reports, Treasury yields fell on expectations for a less-aggressive Fed. Traders are betting on a high probability that the Fed will have to cut interest rates later this year. Rate cuts act like steroids for financial markets but would likely happen only if the economy slides into recession and needs such oomph.<\/p>\n

For banks, the broader concern is that the industry\u2019s troubles may cause a pullback in lending, which would hurt the economy. The U.S. government is\u00a0edging closer to a June 1 deadline\u00a0where it could\u00a0run out of cash\u00a0unless Congress allows it to borrow more. Economists say a resulting default on the U.S. government\u2019s debt could be catastrophic for the economy.<\/p>\n

The yield on the 10-year Treasury fell to 3.39% from 3.44% late Wednesday. It helps set rates for mortgages and other important loans. The two-year Treasury yield, which moves more on expectations for the Fed, slipped to 3.90% from 3.91%.<\/p>\n

In energy trading, benchmark U.S. crude
\n CLM23,
\n +0.30%<\/bg-quote>
\n gained 30 cents to $71.17 a barrel. Brent crude
\n BRNN23,
\n +0.20%<\/bg-quote>,<\/span>
\n the international standard, added 23 cents to $75.21 a barrel.<\/p>\n

In currency trading, the U.S. dollar
\n USDJPY,
\n +0.59%<\/bg-quote>
\n stood unchanged at 134.52 Japanese yen. <\/p>\n<\/p><\/div>\n<\/div>\n

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

TOKYO \u2014 Asian shares were mostly lower Friday on looming worries over U.S. banks and lagging demand from China, the region\u2019s major driver of growth. \u201cAsian equities struggled for direction after weak inflation data in China pointed to weakening demand,\u201d said Stephen Innes, managing partner at SPI Asset Management. Recent data reflect very low inflation […]<\/p>\n","protected":false},"author":1,"featured_media":7811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-7810","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 lower on looming worries over U.S. banks, China growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO \u2014 Asian shares were mostly lower Friday on looming worries over U.S. banks and lagging demand from China, the region\u2019s major driver of growth.\" \/>\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=7810\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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