Asian stocks ended broadly lower on Wednesday, as earnings from Google parent Alphabet and chipmaker AMD proved to be a mixed bag and the European Union announced the imposition of additional tariffs on electric vehicles imported from China, prompting an angry response from Beijing.
Caution ahead of key U.S. economic data due this week and next week’s presidential election also kept investors on the sidelines.
The dollar was little changed in Asian trading and gold hit a fresh record, while oil recovered some ground after two days of declines.
China’s Shanghai Composite Index dipped 0.6 percent to 3,266.24 as investors priced in higher odds of a Trump election win.
Investors also awaited the details of a fiscal package that could address issues in local government debt and the property market.
A meeting by China’s top legislative body to be held on November 4-8 may contain the details of the spending plans.
Hong Kong’s Hang Seng Index tumbled 1.6 percent to 20,380.64 amid concerns over the contentious U.S.-China trade relationship.
Japanese markets posted strong gains as investors braced for Thursday’s BoJ rate decision. The Nikkei 225 Index jumped 1.0 percent to 39,277.39, while the broader Topix Index closed 0.8 percent higher at 2,703.72.
Tech stocks surged, with SoftBank Group and Advantest rising around 3 percent each.
Seoul stocks fell, dragged down by auto and technology stocks. The Kospi closed down 0.9 percent at 2,593.79.
Australian markets ended lower after the inflation rate in the third quarter came in at 2.8 percent, the lowest level in more than three years. Core inflation remained more stubborn, dashing hopes of an early rate cut.
The benchmark S&P/ASX 200 Index slid 0.8 percent to 8,180.40, while the broader All Ordinaries Index settled 0.8 percent lower at 8,439.50.
Woolworths slumped 6.1 percent after the nation’s largest retailer surprised the market with a profit warning. Shares of Coles gave up 2.4 percent.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 Index declined 0.7 percent to close at 12,694.84.
U.S. stocks ended mixed overnight ahead of earnings from big technology companies.
Economic reports painted a mixed picture, with job openings dropping to more than a 3-1/2-year low in September, while a measure of consumer confidence rose to a nine-month high.
The S&P 500 gained 0.2 percent, and the tech-heavy Nasdaq Composite climbed 0.8 percent to reach a new record closing high, while the Dow dipped 0.4 percent to close lower for the sixth time in the past seven sessions.
Business News
Asian Shares Decline On Mixed Tech Earnings, Tariff Worries
2024-10-30 08:42:57
