Stock market today: Asian shares weaken while Japan reports economy grew less than expected
Shares have slipped in Asia after Japan reported its economy grew less than earlier estimated in the last quarter
Shares fell Friday in Asia after Japan reported its economy grew less than earlier estimated in the last quarter.
Oil prices declined, while U.S. futures edged higher.
Japan, the world’s third largest economy, grew at a 4.8% annual pace in the April-June quarter, below the earlier estimate of 6% growth, according to data released Friday.
Much of that growth was driven by exports, which rose nearly 13%, while private consumption fell 2.2% on weak investment spending. A separate report showed that wages declined in July for the 16th straight month, falling 2.5% from a year earlier.
Tokyo's Nikkei 225 index dropped 1.2% to 32,606.84, while the Kospi in Seoul lost less than 1 point, to 2,547.68.
Hong Kong's markets were closed due to a tropical storm.
The Shanghai Composite index shed 0.2% to 3,1016.87, while the S&P/ASX 200 fell 0.2% to 7,156.70.
On Thursday, Wall Street slipped in mixed trading Thursday as the threat of high interest rates continued to dog Big Tech stocks.
The S&P 500 fell 0.3% to 4,451.14, for its third straight loss. The Nasdaq composite was hit particularly hard by the drop for tech stocks, sinking 0.9% to 13,748.83.
The Dow Jones Industrial Average held up better than the rest of the market because it has less of an emphasis on tech. It rose 0.2% to 34,500.73.
Stocks felt pressure from the bond market, where yields rose earlier in the week after a report showed stronger growth for U.S. services industries last month than economists expected. Yields remained high after a report on Thursday said fewer U.S. workers applied for unemployment benefits last week than expected.
While such
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