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Asian stocks down after Wall Street closes another winning week

Asian stocks down after Wall Street closes another winning week
Asian stocks down after Wall Street closes another winning week

 


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

U.S. futures were mixed and oil prices were little changed.

In Tokyo, the Nikkei 225 index rose 0.5% to 38,804.65, making it the only major benchmark in Asia to post gains on Monday.

The yen weakened to 159.72 per dollar. The dollar closed at 159.77 yen on Friday.

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.

At the same time, Masato Kanda, deputy minister of the Japanese Ministry of Finance, was reported to have said that the authorities were ready to intervene to support the currency at any time.

Elsewhere, Hong Kong's Hang Seng fell 0.8% to 17,893.33, while the Shanghai Composite lost 0.7% to 2,978.50.

Australia's S&P/ASX 200 index fell 0.8% to 7,733.70. South Korea's Kospi lost 0.7% to 2,766.13.

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. frantic request for its chips, which feed much of the world is moving to 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 strong for the continent in the run-up to French elections which could further shake up 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 reach high levels. inflation falls to 2%. The thing is, he wants lower interest rates at 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 fell 5 cents to $84.28 a barrel.

The euro rose from $1.0693 to $1.0710.

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