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Asian stock markets advance after Wall St hits record | Company

 


BEIJING (AP) Asian stock markets were mostly higher on Tuesday as investors eagerly awaited a Federal Reserve report for an update on when US stimulus might start to slow.

Shanghai, Tokyo and Seoul advanced while Hong Kong retreated.

On Monday, Wall Street’s benchmark S&P 500 hit a new high, ignoring concerns about the spread of the most contagious Delta variant of the coronavirus.

Investors were awaiting the Fed’s report on Wednesday for signs of the central bank’s level of concern over inflation and when it might start rolling back easy credit and other economic stimulus. The minutes of the Fed’s June meeting showed that board members discussed how and when they could cut monthly bond purchases that pump money into the financial system. .

We expect Jay Powell to reiterate that the discussion of the reduction is ongoing, but that it is too early to reveal a specific date, Danielle DiMartino Booth of Quill Intelligence said in a report.

The Shanghai Composite Index gained 0.2% to 3,475.66 and the Nikkei 225 in Tokyo rose 0.4% to 27,932.08. The Hang Seng in Hong Kong fell 1% to 25,922.83.

Seoul’s Kospi rose 0.7% to 3,246.32 after economic growth moderated 0.7% from the previous quarter in the three months ending June, down from 1.7% of the previous quarter.

Sydney’s S & P-ASX 200 was up 0.6% to 7,437.70. New Zealand fell while Singapore and Jakarta advanced.

On Wall Street, the S&P 500 rose 0.2% to 4,422.30. The Dow Jones Industrial Average gained or 0.2% to 35,144.31. The Nasdaq composite added less than 0.1% at 14,840.71.

Cruise lines, hotels and retailers were among the winners. Carnival was up 5.5%, Caesars Entertainment added 3.3% and Gap was up 3%. Among stocks that lost ground: drugmaker Moderna fell 3.7% and chipmaker Nvidia fell 1.4%.

U.S.-traded shares in Chinese companies sank after Beijing announced additional enforcement actions on for-profit tech, real estate and education companies. Chinese authorities say they must protect public safety and financial stability, limit soaring housing costs and promote social welfare. But their abrupt orders shook investor confidence.

China’s Ministry of Industry has announced a 6-month campaign to clean up what it says are serious problems with internet applications violating consumer rights, cybersecurity and disruptive market order. Internet giant Tencent lost 10% following a weekend order from regulators to end exclusive contracts with music copyright holders they said were damaging the market. competetion.

“A sobering message may be: you can take the company off the China list, but you can’t remove China (the risks) from the company,” Mizuho Bank said in a report. is not resolved, this may ultimately affect the ability of Chinese enterprises to raise global capital, a serious obstacle to Beijing’s aspirations to become world champions.

US traders are looking for earnings reports from more large companies this week. Google’s parent Alphabet reported on Tuesday. Apple and Microsoft too. Pfizer and Boeing report Wednesday.

Electric vehicle company Lucid Motors, now dubbed Lucid Group, rose 10.6% when it debuted on the stock exchange after being bought out by blank check firm Churchill Capital Corp.

In energy markets, benchmark US crude gained 23 cents to $ 72.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to $ 71.91 on Monday. Brent crude, used to price international oils, rose 31 cents to $ 74.01 a barrel in London. It rose 40 cents the previous session to $ 74.50.

The dollar fell to 110.18 yen from 110.39 yen on Monday. The euro edged up to $ 1.1804 from $ 1.1800.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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