Stock market today: Asian shares follow Wall Street lower, and Japan reports September exports rose
Shares have tumbled in Asia following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks
BANGKOK — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks.
Worries about war in the Middle East also are dragging on markets.
Benchmarks in Hong Kong, Tokyo and Seoul fell about 2%.
Japan reported its exports swung into positive territory in September as vehicle shipments surged.
Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). Exports to the U.S. were up 13% while those to the rest of Asia declined 4.3%.
Imports fell as the price of oil moderated for a short time before surging once again with the start of fighting following the Oct. 7 surprise attack by the militant group Hamas on Israel.
Tokyo's Nikkei 225 index lost 1.9% to 31,430.62. The Kospi in Seoul lost 1.9% to 2,415.80 as the Bank of Korea left its key interest rate unchanged.
Hong Kong's Hang Seng index declined 2.2% to 17,349.79 and the Shanghai Composite index was down 1.6%, at 3,010.03. Australia's S&P/ASX 200 sank 1.4% to 6,981.60.
India's Sensex was 0.2% lower and Bangkok's SET fell 0.9%.
“Another surge in Treasury yields, lingering geopolitical tensions in the Middle East and higher oil prices seem to dampen appetite in risk-taking for now,” Yeap Jun Rong of IG said in a report.
A big threat for the global economy is what oil prices will do to inflation. Crude prices jumped sharply on Wednesday following a deadly explosion at a hospital in the Gaza Strip, which sparked protests
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