Asian stocks follow Wall Street’s decline triggered by strong US spending data. China: GDP in the first quarter of 2024 marks +5.3%, thus beating expectations
2′ reading
Asian stocks fall. Today, Tuesday, April 16, Asian stocks followed the decline in shares of Wall Street after rising yields in the US bond market increased pressure on stocks.
Asian stocks
The Shanghai Composite index lost 1.4% to 3,013.84, even as the Chinese government said the economy grew at a faster-than-expected 5.3% annual rate in the first quarter of this year. ‘year. In quarterly terms the expansion was 1.6%. Hong Kong’s Hang Seng lost 1.9% to 16,279.66. Tokyo’s Nikkei 225 fell 2.1% to 38,402.59.
Taiwan’s Taiex led the regional decline, falling 2.6%. Markets in Bangkok were closed for the Songkran holiday. In South Korea, the Kospi fell 2.3% to 2,609.13, while the Australian S&P/ASX 200 fell 2% to 7,595.30.
Currencies
The dollar continued to gain against the Japanese yen, hitting new 34-year highs. On the day, the dollar traded at 154.33 yen, from 154.27 yen. The euro slipped to $1.0613 from $1.0626.
American lists
Monday the S&P 500 fell 1.2% to 5,061.82, following last week’s 1.6% loss, the worst since October. The Dow Jones Industrial Average fell 0.7% to 37,735.11, while the Nasdaq composite fell 1.8% to 15,885.02. Stocks had rallied solidly earlier in the day, thanks to falling oil prices and hopes that international efforts to calm escalating tensions in the Middle East might help. But Treasury yields also shot higher after the latest report on the US economy beat expectations.
The difficulty of the markets
The economy and financial markets are in a difficult phase, in which such strength increases hopes for corporate profit growth, but also damages the prospects of lower interest rates from the Federal Reserve. Traders want lower interest rates, which can boost the overall economy, and much of the U.S. stock market’s run to recent records has been built on expectations of cuts.
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