Asian stocks mixed after Wall Street extends losses as technology and energy stocks fall
Asian markets are mixed following Wednesday’s global sell-off, as Wall Street declined in the technology, energy and other sectors
HONG KONG — Asian markets were mixed Thursday following a global sell-off a day earlier, as Wall Street declined in the technology, energy and other sectors.
Japan’s benchmark Nikkei 225 slipped 0.9% in morning trading to 36,700.19.
Data released Thursday showed Japan's wage growth remains strong, as average cash earnings in July grew 3.6% year-on-year, beating market expectations, while real earnings unexpectedly increased by 0.4% in July, increasing the likelihood of another rate hike.
The U.S. dollar was trading at 143.81 Japanese yen, fueled by the robust data.
“If global markets remain in risk-off mode — especially with commodities like oil tanking — the Fed could be pressured to pull the trigger on a larger 50-basis-points cut. This would be driven by easing inflation risks, which could send USD/JPY further south,” Stephen Innes of SPI Asset Management said in a commentary.
In South Korea, the Kospi was less than 0.1% lower to 2,579.93, as the country’s economy contracted by 0.2% in the second quarter, in line with estimates.
Hong Kong’s Hang Seng index declined 0.4% to 17,379.83 and the Shanghai Composite index was up 0.1% at 2,785.38.
Australia’s S&P/ASX 200 rose 0.1% to 7,957.40.
U.S. futures fell, while oil prices were higher.
On Wednesday, the S&P 500 fell 0.2% to 5,520.07. The Nasdaq composite shed 0.3% to 17,084.30. The Dow Jones Industrial Average, however, managed a gain of 0.1% to close at 40,974.97.
The market's latest pullback came as a government report showed job openings in the U.S. fell unexpectedly in July, a sign that hiring could cool in the coming months.
The
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