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Asian stocks mostly lower as China reports slowing industrial production – KXAN Austin

Asian stocks mostly lower as China reports slowing industrial production – KXAN Austin
Asian stocks mostly lower as China reports slowing industrial production – KXAN Austin

 


BANGKOK (AP) Stocks were mixed in Asia on Monday after China reported a slowdown in industrial production in May, with the property market still in the doldrums.

US futures fell slightly and oil prices fell.

Shares fell 1.9% in Tokyo to 38,070.40 and in Seoul the Kospi fell 0.5% to 2,744.63. The Australian S&P/ASX 200 fell 0.2% to 7,712.90.

Hong Kong's Hang Seng rose 0.1% to 17,960.09, while the Shanghai Composite Index lost 0.6% to 3,015.95.

Industrial production fell 5.6% in China in May, the government reported, below analysts' forecasts and slowing from 6.7% the previous month. Retail sales rose just 4.1% in the first five months of the year.

Overshadowing these poor figures, real estate investment fell 10% in May from a year earlier, while property prices in major cities fell 3.2%.

Real estate sales plunged 30.5% year-on-year, further proof that a series of measures aimed at trying to remedy the crisis in the real estate sector have not yet taken effect.

Most Southeast Asian markets were closed for holidays, while Thailand's SET lost 1.2%.

U.S. stocks held around record highs on Friday, with the S&P 500 down less than 0.1% at 5,431.60, the first time in the past week that it has failed to hit a high historical.

The Dow Jones Industrial Average fell 0.1%, to 38,589.16, and the Nasdaq composite added 0.1% to its record set the day before thanks to gains in technology stocks, closing at 17,688.88.

In Europe, stocks fell following elections that increased uncertainty about the region's future.

The victories of far-right parties have particularly increased pressure on the French president, and investors fear it could weaken the European Union, block budget plans and ultimately harm France's ability to pay its bills. debt. Recent elections have also shaken markets in Mexico, India and elsewhere.

France's CAC 40 index fell 2.7% to take its weekly loss to 6.2%, its worst in more than two years. The German DAX lost 1.4%.

U.S. stocks set records as hopes grew that inflation would slow enough to convince the Federal Reserve to cut interest rates later this year. Meanwhile, big tech stocks continue to advance almost independently of developments in the economy and interest rates.

Adobe jumped 14.5% after announcing a profit for the last quarter that was higher than expected by analysts.

Broadcom rose 3.3% for a second straight day of gains after reporting better-than-expected earnings and a 10-up stock split to make its price more affordable. Nvidia gained 1.8% as the poster child of the artificial intelligence technology rush sees its total market value climb even further above $3 trillion.

A preliminary report from the University of Michigan suggests that U.S. consumer confidence did not improve this month, contrary to economists' expectations.

High mortgage rates have hurt the housing market as the Federal Reserve kept its main interest rate at the highest level in more than two decades. The central bank intentionally slows the economy by charging high interest rates in hopes of starving inflation of its fuel.

In other trading Monday morning, U.S. benchmark crude oil lost 30 cents to $77.75 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, fell 30 cents to $82.32 a barrel.

The US dollar fell from 157.39 Japanese yen to 157.52 Japanese yen. The euro rose from $1.0705 to $1.0704.

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