स्टॉक मार्केट टुडे: वॉल सेंट के एक और विजयी सप्ताह के बाद एशियाई शेयरों में गिरावट आई

स्टॉक मार्केट टुडे: वॉल सेंट के एक और विजयी सप्ताह के बाद एशियाई शेयरों में गिरावट आई

Stock Market Today: Asian Stocks Drift Lower After Wall St Closes Another Winning Week

Asian stocks are mostly lower following the weekend release of weak China lending data

  • Global News
  • 129
  • 13, May, 2024
Jivika Chawla
Jivika Chawla
  • @JivikaChawla

Stock Market Today: Asian Stocks Drift Lower After Wall St Closes Another Winning Week

Asian stocks experienced mixed performance on Monday, following Wall Street's positive close last week. U.S. futures showed a varied pattern while oil prices declined. Weak Chinese lending data and plans by the U.S. government to increase tariffs on various Chinese exports contributed to cautious sentiment.

Japan's Nikkei 225 dropped 0.1% to 38,179.46, awaiting the release of first-quarter economic growth figures on Thursday. In contrast, Hong Kong's Hang Seng rose 0.6% to 19,073.38, buoyed by technology share purchases. However, the Shanghai Composite index dipped 0.1% to 3,142.61, as China reported rising inflation for a third consecutive month in April alongside a continued decline in the producer price index, reflecting factory goods' costs. April's new loans decreased to 730 billion yuan ($100 billion) from March's 3.09 trillion yuan, with total credit declining partly due to reduced government bond issuance, indicating persistently weak demand, particularly in the ailing real estate sector.

The Biden administration is anticipated to announce higher tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China. This announcement, expected later this week, prompted some automakers' stocks to decline, notably Chinese EV maker BYD by 0.6% and NIO by 2%.

South Korea's Kospi declined 0.3% to 2,719.99, while Australia's S&P/ASX 200 slipped 0.1% to 7,743.20.

Overall, the market reflected a cautious stance amid concerns over trade tensions between the U.S. and China and the impact of these developments on various sectors, particularly automotive and technology.

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Jivika Chawla

Jivika Chawla

  • @JivikaChawla