Current:Home > NewsStock market today: Asian shares mixed after Wall Street hits 2023 high -DollarDynamic
Stock market today: Asian shares mixed after Wall Street hits 2023 high
View
Date:2025-04-12 15:49:09
Asian shares were mixed on Monday after Wall Street reached a 20-month high ahead of a week that includes essential U.S. inflation data and the Federal Reserve’s final rate decision of the year.
U.S. futures were lower and oil prices rose to recover some of their sharp losses in recent months.
Hong Kong’s Hang Seng sank 2% to 16,012.42 and the Shanghai Composite slipped 0.6% to 2,952.57.
In China, leaders agreed at an annual planning meeting last week to boost spending to accelerate the world’s second-largest economy, though details of policy changes were not provided.
Despite the Chinese economy expanding by around 5% this year, in line with government targets, the recovery following the lifting of strict COVID-19 restrictions was short-lived, and a slowdown is expected next year. Data released on Saturday showed China’s consumer prices in November experienced their steepest fall in three years, in another sigh of weakness.
Tokyo’s Nikkei 225 index gained 1.6% to 32,817.61 while the Kospi in Seoul lost 0.1% to 2,514.56. Australia’s S&P/ASX 200 was virtually unchanged.
India’s Sensex was 0.4% higher and Bangkok’s SET added 0.2%.
On Friday, the S&P 500 climbed to its best level in 20 months following a stronger-than-expected report on the U.S. job market. It rose 0.4% to 4,604.37, enough to clinch a sixth straight winning week for the index.
That’s its longest such streak in four years. Wall Street’s main measure of health is now just 4% below its record set at the start of last year.
The Dow Jones Industrial Average rose 0.4% to 36,247.87, and the Nasdaq composite gained 0.4% to 14,403.97.
Yields rose more sharply in the bond market following the report, which said U.S. employers added more jobs last month than economists expected. Workers’ wages also rose more than expected, and the unemployment rate unexpectedly improved.
The strong data have kept at bay worries about a possible recession, at least for a while longer, and stocks of some companies whose profits are closely tied to the strength of the economy rallied. Energy-related stocks had the biggest gain of the 11 sectors that make up the S&P 500, rising 1.1% as oil prices strengthened amid hopes for more demand for fuel.
Carrier Global climbed 4.5% for one of the market’s bigger gains after it said it agreed to sell its security business, Global Access Solutions, to Honeywell for $4.95 billion.
Google’s parent company, Alphabet, slipped 1.4% and was the heaviest weight on the S&P 500. A day earlier, it had leaped amid excitement about the launch of its latest artificial-intelligence offering. Other Big Tech stocks were stronger, with Nvidia, Apple and Microsoft all rising.
Also on the losing end was RH. The home furnishings company slumped 14% after reporting weaker results for the latest quarter than analysts expected.
The Fed will will announce its next move on interest rates on Wednesday. On Tuesday, the U.S. government will report on U.S. consumer inflation.
A separate preliminary report on Friday offered more encouragement. It said that U.S. consumers’ expectations for inflation in the coming year dropped to 3.1% from 4.5% a month earlier, the lowest since March 2021. The Fed has said it pays attention to such expectations, fearing a rise could lead to a vicious cycle that keeps inflation high.
In the oil market, a barrel of benchmark U.S. oil gained 40 cents to $71.63, though it’s still more than $20 below where it was in September. It’s been tumbling on worries that demand from the global economy won’t be strong enough to absorb all the world’s available supplies.
Brent crude, the international standard, rose 45 cents to $76.29 per barrel.
In currency dealings, the U.S. dollar rose to 145.40 Japanese yen from 144.93 yen. The euro gained to $1.0766 from $1.0761.
veryGood! (831)
Related
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- President Macron says France will end its military presence in Niger and pull ambassador after coup
- Biden administration announces $1.4 billion to improve rail safety and boost capacity in 35 states
- Archaeologists unearth the largest cemetery ever discovered in Gaza and find rare lead sarcophogi
- Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
- 'Hey Jude,' the sad song Paul McCartney wrote for Julian Lennon is also 'stark, dark reminder'
- WEOWNCOIN︱Exploring the Rise of Digital Gold in Cryptocurrency Assets
- Wait, who dies in 'Expendables 4'? That explosive ending explained. (Spoilers!)
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- 6 dead after train barrels into SUV at Florida railroad crossing
Ranking
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- Biden administration announces $1.4 billion to improve rail safety and boost capacity in 35 states
- Rep. Andy Kim announces bid for Robert Menendez's Senate seat after New Jersey senator's indictment
- WEOWNCOIN: The Fusion of Cryptocurrency and Sustainable Development
- Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
- Miami Dolphins stop short of NFL scoring record with 70-point outburst – and fans boo
- Kosovo mourns a slain police officer, some Serb gunmen remain at large after a siege at a monastery
- New Jersey Gov. Phil Murphy calls on Sen. Robert Menendez to resign in wake of indictment
Recommendation
Google unveils a quantum chip. Could it help unlock the universe's deepest secrets?
EU commissioner calls for more balanced trade with China and warns that Ukraine could divide them
A Black student was suspended for his hairstyle. Now, his family is suing Texas officials.
A trial opens in France over the killing of a police couple in the name of the Islamic State group
What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
Bagels and lox. Kugel. Babka. To break the Yom Kippur fast, think made-ahead food, and lots of it
Find your food paradise: Best grocery stores and butcher shops in the US
Retiring Megan Rapinoe didn't just change the game with the USWNT. She changed the world.