Asian markets dip after Wall Street had its worst week in nearly 18 months
Asian stocks fell Monday after another rout hit Wall Street on Friday, as a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy
HONG KONG — Asian stocks fell Monday after another rout hit Wall Street on Friday, as a highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.
The Nikkei 225 index was hovering around its lowest level in almost a month, as it slipped 2.1% in morning trading to 35,613.32. Japan's gross domestic product grew by an annualized 2.9% in the second quarter, according to revised data from the Cabinet Office released on Monday. This was below expectations.
“Any broader risk aversion may have an amplified effect on Japanese equities, with safe-haven flows potentially supporting the yen, which is looked upon as negative for the country’s exporters,” Yeap Jun Rong, market strategist at IG, said in a commentary.
The U.S. dollar was trading at less than 143 Japanese yen in early Monday trading.
Stocks in Chinese markets also racked up losses after worse-than-expected inflation data disappointed investors. Data from the National Bureau of Statistics on Monday showed deflationary pressure continues to loom large, as the consumer price index grew by 0.6% year-on-year in August, while the consumer inflation gauge was down 1.8% compared to August last year.
Hong Kong’s Hang Seng index declined 1.8% to 17,123.90 and the Shanghai Composite index was down 0.9%, at 2,740.71.
Australia’s S&P/ASX 200 dipped 0.6% to 7,967.10. South Korea’s Kospi lost 0.8% to 2,523.86.
U.S. futures and oil prices were higher.
On Friday, the S&P 500 dropped 1.7% and ended at 5,408.42 to close out its worst week since March 2023.
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