Asian stocks are mixed after the fall of Wall Street
Asian stocks are mixed after the fall of Wall Street
Asian stock prices mixed on Monday after Wall Street extended its decline, fueling concern about the outlook for the global market.
MAINTENANCE POINTS: The Shanghai Composite Index lost 1.1 percent to 2,570.17, while the Nikkei 225 in Tokyo gained 0.5 percent to 21,293.11. The Hang Seng of Hong Kong gained 0.25 percent to 24,780.02 and the S & P-ASX 200 of Sydney advanced 1 percent to 5,724.30. Seoul's Kospi changed slightly by 2,027.52. The points of reference in New Zealand, Taiwan and Southeast Asia advanced.
WALL STREET: Stocks are back in red during the year after another wave of sales that culminated an unusually turbulent week. Long-time market favorites like Amazon led the way down after reporting weak results. Technology and consumer-focused businesses accounted for a large part of sales. Media and communications actions, banks and healthcare companies also suffered heavy losses. The Standard & Poor's 500 Index fell 1.7 percent to 2,658.69. It is on its way to its worst month since February 2009, just before the stock Exchange hit bottom after the 2008 financial crisis. The Dow Jones industrial average lost 1.2 percent to 24,688.31. The high-tech Nasdaq compound dropped 2.1 percent to 7,167.21.
US ECONOMY US: The US economy UU It grew at a better-than-expected annual rate of 3.5 percent in the July-September quarter, as the consumer's biggest spending streak in almost four years helped offset a sharp drop in trade. That was lower than the 4.2 percent of the previous quarter. Those were the strongest consecutive quarters of growth since 2014. Even so, some economists are concerned that stock market declines may be a warning signal of a slowdown. The data showed that business investment slowed dramatically in the third quarter, growing at an annual rate of only 0.8 percent, the weakest in almost two years, after a much stronger gain of 8.7 percent in the second quarter.
ANALYST'S QUOTE: Global mass selling raises the question of whether "this is a 'healthy' correction for a long time '' or 'an alarming decline towards potentially ungovernable bear markets,' said Vishnu Varathan, of Mizuho Bank, in a report. "The jury is still deliberating." The reduction of monthly purchases of assets by the Federal Reserve of the United States is "forced to drag the shares," said Varathan, while emerging markets "are subject to a sharper reclassification of risk."
JAPANESE CONSUMERS: Retail sales weakened in September, suggesting that consumer spending may have decreased in the third quarter. Retail sales fell 0.2 percent compared to the previous month. Sales in all categories except appliances and fuel decreased. "Given the weakness of July and August, it seems likely that private consumption has fallen again in the third quarter," Marcel Thieliant of Capital Economics said in a report.
ELECTIONS IN BRAZIL: Jair Bolsonaro, a far-right congressman who has felt nostalgia for the former military dictatorship of Brazil, was elected president of the largest nation in Latin America. Voters ignored warnings that it would erode democracy and embraced the possibility of radical change after years of turmoil. The former army captain, who considered himself a political outsider despite a 27-year career in Congress, became the last world leader to rise to power by mixing hard, often violent, conversations with extreme right-wing positions. His victory reflected widespread anger against the political class after years of corruption, an economy that has struggled to recover after a punitive recession and an increase in violence.
ITALY BUDGET: Standard & Poor's revised its outlook for Italy from negative to stable, and said it considers government policies weigh on growth prospects. S & P maintained Italy's debt rating at BBB, still in investment grade, but two levels above the scrap status. The decline in a country's outlook may precede a downgrade. Italy's populist government is preparing to boost spending, raising its budget deficit to 2.4 percent of total economic output. That has put him at odds with the European Union. S & P said it expects Italy's deficit to be closer to 2.7 percent of gross domestic product. He says that will stifle the incipient recovery of the private sector in the fourth largest economy in Europe.
ENERGY: US benchmark crude gained 6 cents to $ 67.65 per barrel in electronic transactions on the New York Mercantile Exchange. The contract rose 26 cents on Friday to close at $ 67.59. Brent crude, used to quote international oils, lost 2 cents to $ 77.60 per barrel in London. He earned 73 cents the previous session at $ 77.62.
CURRENCY: The dollar fell to 111.87 yen from 111.89 yen on Friday. The euro declined to $ 1,137 from $ 1.1403.
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