Asian Shares Mixed; China Gains As Wall St Declines
Tech stocks drove Chinese shares higher; Hong Kong, Shanghai, South Korea, Taiwan, Thailand advanced; Tokyo and Australia declined. On Tue, S&P 500, Nasdaq went higher, and Dow Jones fell
Asian Shares Mixed; China Gains As Wall St Declines
The US economy still appears to be in solid shape, and growth is continuing at the moment. But for the first time since June, a measure of consumers’ expectations for the economy in the short term fell below a threshold that usually signals a recession ahead
Bangkok: Asian shares were mixed on Wednesday, with Chinese markets gaining after Wall Street extended its losses on worries over inflation and tariffs.The rally in Chinese shares was led by gains for technology companies.
Hong Kong’s Hang Seng jumped 2.5 per cent to 23,619.24, while the Shanghai Composite index added 0.5 per cent to 3,362.63. Hong Kong-traded shares in food delivery company Meituan surged 6.1 per cent, while e-commerce giant Alibaba gained 4.8 per cent. Gaming and technology company Tencent Holdings advanced 3.6 per cent and search engine and AI company Baidu was up 2.8 per cent. Such companies have regaining some strength as Beijing has indicated stronger support for the private sector after years of crackdowns on tech companies.
Elsewhere in the region, Tokyo’s Nikkei 225 index shed 0.8 per cent to 37,928.96, while the Kospi in Seoul edged 0.2 per cent higher to 2,635.45. Australia’s S&P/ASX 200 gave up 0.2 per cent to 8,232.70. In Taiwan, the Taiex gained 0.3 per cent. Thailand’s SET was up 0.8 per cent.
On Tuesday, some of Wall Street’s brightest stars lost more of their shine after a report said US households are getting more pessimistic about the economy. The S&P 500 fell 0.5 per cent to 5,955.25, falling as much as 1.2 per cent during the day. The Nasdaq composite sank 1.4 per cent to 19,026.39 as several influential Big Tech companies lost momentum and screeched lower.
