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Asian stocks tend to fall after Wall St ends with weekly loss

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Stocks slipped in most Asian markets on Monday after Wall Street benchmarks ended last week lower.

Shares fell in Tokyo, Hong Kong and Seoul but edged up in Sydney and Shanghai.

Japan said its wholesale prices were near a 13-year high in August, heightening concerns about inflation as the country braces for a leadership transition.

Prices have increased in the world’s three largest economies and elsewhere as supply chain problems, shipping bottlenecks and other disruptions resulting from the pandemic hamper a return to normal growth.

Tokyo’s Nikkei 225 lost 0.3% to 30,292.84 and Hong Kong’s Hang Seng lost 1.7% to 25,777.90. In Seoul, the Kospi edged down 0.2% to 3,122.35, while the S & P / ASX 200 rose 0.2% to 7,422.50. The Shanghai Composite Index gained 0.3% to 3,715.14.

Shares fell in Taiwan and Southeast Asia.

The cautious sentiments largely continued with the bearish movement in US markets last week, amid growing fears of growth and rising inflationary pressures, ”IG’s Jun Rong Yeap said in a comment.

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Price pressures add to the likelihood that the Federal Reserve and other central banks will act sooner to push interest rates higher from the ultra-low levels they have been held to help fend off the worst impacts of the pandemic.

On Friday, stocks fell and the S&P 500 lost 0.8% in its fifth consecutive decline, ending down 1.7% for the week.

Stocks have traded in a narrow range for several weeks as many investors sit on the sidelines waiting to gain a better understanding of where the economy is heading and how the pandemic is affecting businesses.

The S&P 500 lost 34.70 points to 4,458.58. The Dow Jones Industrial Average lost 0.8% to 34,607.72. The high tech Nasdaq composite fell 0.9% to 15,115.49.

The Russell 2000 Small Business Index was down 1% to 2,227.55.

The yield on the 10-year Treasury bill remained stable at 1.33%.

U.S. inflation at the wholesale level climbed 8.3% last month from August 2020, the largest annual gain since the Labor Department began calculating the 12-month number in 2010.

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Federal Reserve policymakers have said they believe inflation this year will be temporary and result from the economy recovering from the pandemic. However, continued high inflation could force the Fed to withdraw from its bond buying program and low interest rate policy earlier than expected.

The pandemic remains at the forefront of investors’ minds, as hospitals fill up in the South and other parts of the country. President Joe Biden announced Thursday that companies with more than 100 employees would be required to have their employees vaccinated or take weekly tests, an announcement that large companies were ready to adopt.

Apple fell 3.3% after a federal judge ordered the iPhone maker to dismantle part of the competitive barricade protecting its tightly-managed app store, which is one of its biggest power generators. money.

In other trading on Monday, benchmark US crude oil added 39 cents to $ 70.11 a barrel in electronic trading on the New York Mercantile Exchange. It jumped from $ 1.58 to $ 69.72 a barrel on Friday.

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Brent crude, the international pricing standard, climbed 37 cents to $ 73.29 a barrel.

The US dollar edged up to 109.95 Japanese yen from 109.90 yen. The euro slipped to $ 1.1804 from $ 1.1817.

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

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