Asian and Pacific stocks closed lower on Thursday (20), after Wall Street returned to the red on Wednesday amid a rise in Treasuries rates and the prospect of further monetary tightening in the US.
Japan’s Nikkei stock index tumbled 0.92% in Tokyo today to 27,006.96 points, while the Hang Seng dropped 1.40% in Hong Kong to 16,280.22 points, the South Korean Kospi dropped 0.86% in Seoul, at 2,218.09 points, and Taiex showed a modest drop of 0.24% in Taiwan, at 12,946.10 points.
In China, The Shanghai Composite was down 0.31% to 3,035.05 points, and the less comprehensive Shenzhen Composite was down 0.51% to 1,971.67 points.
Also weighing on local businesses was the fact that new Covid-19 infections in Beijing, the Chinese capital, jumped to the highest level in four months.
The risk-averse move in Asia came after New York stocks tumbled on Wednesday, interrupting two trading sessions of gains, as renewed concerns about further rate hikes in the US overlapped with positive earnings balances from large US companies.
Since Wednesday, the 10-year T-note yield has renewed highs since 2008, given the prospect that the Federal Reserve (Fed, the US central bank) will have to keep raising rates aggressively to fight inflationary pressures.
In Oceania, the Australian stock market was pressured by Wall Street and its Asian peers. The S&P/ASX 200 fell 1.02% in Sydney, with losses led by the technology sector.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
