[ad_1]
BANGKOK, Dec. 8 (AP) Asian stocks were mostly lower after Wall Street fell on weakness in technology stocks.
U.S. futures edged lower, while oil prices rebounded.
Japan revised its GDP data upwards to show a smaller economic contraction in July-September than previously reported, suggesting the country weathered the latest wave of COVID with less damage than thought.
The Cabinet Office reported on Thursday that the economy shrank at an annual rate of 0.8% between July and September. That was better than the previously reported negative 1.2% annual growth rate.
On a quarterly basis, the world’s third-largest economy contracted 0.2%, not 0.3%.
Stocks in Hong Kong rose as investors studied the potential impact of lifting many of the pandemic restrictions on mainland China.
On Wednesday, rules for isolating COVID-19 patients were eased and virus testing requirements were lowered in some public places, a major change from a strategy that confines millions of people to their homes and sparked protests and calls for the resignation of President Xi Jinping.
However, experts warn that “zero COVID” restrictions will not be fully lifted until at least mid-2023, as millions of older adults must still be vaccinated and the healthcare system strengthened.
“Specifically, there are three reasons, if not prudence, to limit cheering for China. First, the simple point is that undoing entrenched zero-COVID policies will take time and may be a bumpy process rather than a road to instant gratification linear path,” Mizuho Bank said in comments.
Hong Kong’s Hang Seng rose 2.4 percent to 19,267.52, while the Shanghai Composite lost 0.2 percent to 3,193.14.
Australia’s S&P/ASX 200 index fell 0.6% to 7,183.00, while South Korea’s Kospi fell 1% to 2,360.24. Shares in Bangkok, Mumbai and Taiwan also fell.
Wall Street ended a volatile session with more losses on Wednesday, with the S&P 500 down 0.2% for a fifth straight day. It closed at 3,933.92.
Technology and communication services stocks have the largest weightings in the benchmark index. Apple fell 1.4 percent and Google parent Alphabet fell 2.1 percent.
The tech-heavy Nasdaq Composite fell 0.5% to 10,958.55, while the Dow Jones Industrial Average was up 1.58 points, little changed, at 33,597.92.
The Russell 2000 fell 0.3 percent to 1,806.90.
Treasury yields fell sharply. The yield on the 10-year U.S. Treasury note, which affects mortgage rates, slipped to 3.42% from 3.53% late Tuesday. The yield on the two-year note, which tends to track market expectations for future Fed action, fell to 4.27% from 4.36%.
Investors have been grappling with a relative lack of news ahead of releases on inflation and consumer sentiment later this week and next week’s Federal Reserve meeting. Inflation, aggressive rate hikes by the Federal Reserve and recession fears remain the main worries on Wall Street. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
[ad_2]
Source link