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Asian stocks down after Wall Street closes another winning week – KXAN Austin

Asian stocks down after Wall Street closes another winning week – KXAN Austin
Asian stocks down after Wall Street closes another winning week – KXAN Austin


HONG KONG (AP) Asian stocks were mostly lower on Monday after U.S. stocks closed their latest winning week on Friday, even as Nvidia's stock cooled further after its surprising supernova run .

U.S. oil and futures prices fell.

In Tokyo, the Nikkei 225 index rose 0.7% to 38,869.94, making it the only major benchmark in Asia to post gains on Monday.

The yen weakened to 159.93 per dollar in the morning.

The minutes of the latest policy meeting of Japanese central banks released on Monday put the yen under renewed pressure by indicating that any change in the key interest rate should only be considered after economic indicators confirm that, by example, the CPI inflation rate has clearly started to rebound. and medium- and long-term inflation expectations have increased.

Meanwhile, it was reported that Finance Minister Masato Kanda said officials were ready to intervene to support the currency at any time.

Elsewhere, Hong Kong's Hang Seng fell 1.2% to 17,815.42, while the Shanghai Composite lost 1% to 2,969.59.

Australia's S&P/ASX 200 fell 0.7% to 7,740.80. South Korea's Kospi was down 0.7% at 2,763.95.

The S&P 500 index slipped 0.2% to 5,464.62 on Friday, but remained near its all-time high set Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up less than 0.1% to 39,150.33, while the Nasdaq composite fell 0.2% to 17,689.36.

Nvidia still struggled on the market after a fall of 3.2%. The company's shares have soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world's move toward artificial intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.

But nothing goes up forever, and Nvidias fell in the last two days and sent its stock to its first losing week in the last nine.

Much of the rest of Wall Street was relatively quiet, except for a few outliers.

In the bond market, U.S. Treasury yields initially fell after a report suggested that trading activity among countries using the euro was weaker than economists expected. Concerns are already high for the continent in the run-up to French elections which could further shake the financial markets.

The weak economic activity report pushed yields lower in Europe, which initially put pressure on Treasury yields. But U.S. yields recovered much of those losses after another report indicated later in the morning that U.S. business activity could be stronger than expected.

Overall output growth rose to its highest level in 26 months, according to preliminary figures from S&P Global on activity at U.S. manufacturing and service companies. Perhaps more importantly for Wall Street, this strength could occur without a concomitant increase in inflation pressures.

Historical comparisons indicate the latest decline aligns the survey's price gauge with the federal government's 2% inflation target, according to Chris Williamson, chief economist at S&P Global Market Intelligence.

The Federal Reserve finds itself in a precarious situation, where it is trying to slow the economy by raising interest rates just enough to bring high inflation down to 2%. The thing is, he wants to cut interest rates at exactly the right time. If we wait too long, the economic slowdown could turn into a recession. If it is too early, inflation could reaccelerate.

The 10-year Treasury yield fell slightly to 4.25% from 4.26% Thursday evening. The yield on the two-year Treasury note, which more closely tracks expectations for Fed action, fell to 4.73% from 4.74%.

In other trading Monday, U.S. benchmark crude oil fell 8 cents to $80.65 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude lost 1 cent to $84.32 a barrel.

The euro rose from $1.0691 to $1.0695.




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