Asian markets mixed cautiously about the costs of tariff increases
Asian markets mixed cautiously about the costs of tariff increases
Asian markets became mixed on Wednesday as traders reflected on the impact of tariffs on US companies, after large industrial companies admitted they were facing rising costs.
KEEPING THE MARKER: JapanThe Nikkei 225 index rose 0.4 percent to 22,091.18, as a private survey pointed to a recovery in manufacturing in October. The Shanghai Composite Index, which closed down more than 2 percent on Tuesday, rose 0.5 percent to 2,608.14. The Hang Seng index of Hong Kong fell 0.3 percent to 25,265.15 and the Kospi in South Korea It yielded 0.4 percent to 2,097.58. AustraliaThe S & P-ASX 200 lost 0.2 percent to 5,829.00. Shares were lower throughout the region, except in Singapore.
WALL STREET: the US indices UU They fell on Tuesday after a massive sell off of lower growth in China and fears that rate hikes are beginning to affect corporate profits. The S & P 500 index suffered its fifth consecutive loss, falling 0.6 percent to 2,740.69. The Dow Jones Industrial Average was down 0.5 percent at 25,191.43 and the Nasdaq compound fell 0.4 percent to 7,437.54. The Russell 2000 index of shares of smaller companies was 0.8 percent lower at 1,526.59.
UNITED STATES GAINS: Confidence declined as large US companies started a week of earnings with warnings about rising costs related to tariffs. Heavy equipment maker Caterpillar posted higher earnings and revenue than expected in the third quarter. But the company said Trump's taxes on imported steel were raising production costs, causing shares to fall 7.6 percent to $ 118.98. 3M, the maker of Post-it notes and ceramic tile, reported disappointing revenues and said it anticipates about $ 100 million in additional costs next year. That caused their shares to fall 4.4 percent. I know. UU And China is caught up in a commercial dispute over technology and tariffs have increased over billions of dollars of each other's assets.
ANALYST'S TAKE: "It was noted that Caterpillar Inc. and 3M Co. undermined market confidence with weaker earnings forecasts ahead and reminders of rising costs amid rising trade tensions," said Jingyi Pan of IG in a comment From the market.
JAPAN FACTORY PERSPECTIVE: an increase in the preliminary or "instantaneous" purchasing manager's index to 53.1 in October from 52.5 the previous month raised hopes that the recent slowdown in manufacturing demand may have been transitory. A recovery in new export orders, to 51.7, a maximum of seven months, was seen as especially good news due to concerns about China-US. UU Commercial tensions. Readings greater than 50 in the survey indicate expansion. Joe Hayes, an economist at IHS Markit, who compiles the survey, said it "indicates a stronger expansion in all key barometers of macroeconomic health."
ENERGY: US benchmark crude added 11 cents to 66.54 dollars per barrel in electronic transactions on the New York Mercantile Exchange. The contract rose 7 cents to reach 66.43 dollars per barrel in New York. Brent crude, used to quote international oils, gained 29 cents to $ 76.73 per barrel. In the previous session, it fell $ 3.39 to $ 76.44 per barrel.
COINS: The dollar strengthened to 112.48 yen from 112.42 yen on Tuesday. The euro fell to $ 1.1463 from $ 1.1473.
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Business writer AP Alex Veiga contributed to this report.
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