Mixed trends in Asia despite the ‘rally’ on the Wall

Asia-Pacific stock markets were mixed on Wednesday, despite the upward climate that characterized yesterday’s meeting on Wall Street, with the Japanese index “turning” negative, despite its initial gains due to the fall of the yen, which favors them. Japanese exporters.

On the board, the Japanese Nikkei fell 0.40% to 29,688.33 points, with South Korea KOSPI to “lose” 1.16%. In Hong Kong, the Hang Seng records a drop of 0.62%, while in mainland China o Shanghai records an increase of 0.44% and o Shenzen 0.67%. In Taiwan, the Taiwan Wighted closed with gains of 0.40%, while in Australia the S&P/ASX 200 “lost” 0.68%.

Monday’s teleconference between the presidents of the United States and China, Joe Biden and Xi Jinping, respectively, appeared to investors as a step in the right direction, but failed to generate news that could boost markets.

“Any real progress that comes from the debate has not yet been made clear, but the relatively friendly approach of the two sides reduces the political risk of market turmoil,” said Yeap Jun Rong, market strategy officer at IG Singapore.

On Wall Street on Tuesday, investors, boosted by the positive results of large retail chains and strong household consumption data, boosted the indices.

According to the US Department of Commerce, consumer spending in October increased on an annual basis by 1.7%, their highest increase since March and increased by 0.8% compared to September.

“The data show the strong position of the American consumer, but we have to ask ourselves if, due to inflation, people are just accelerating their planned purchases over time,” said Mike Stritch, head of investment at BMO Wealth Management.