Stock market today: Asian stocks mixed, with Hong Kong up while Korean benchmark falls
BANGKOK– Stocks were mixed Monday in Asia, with South Korea with the benchmark index down almost 3% and Hong Kong’s up almost 3%, after US stocks closed last week with new record highs.
Oil prices rose after the weekend’s overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels ended the conflict. The Assad family 50 years of iron rule, adding to uncertainty in a conflict-ridden region. Benchmark U.S. crude oil jumped $1.01 to $68.20 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, jumped $1.35 to $72.08 a barrel.
The political situation remained tense in South Korea, with local media reporting that police were considering imposing an overseas travel ban on people. President Yoon Suk Yeol. Yoon’s status remained unclear after he declared martial law last week amid a budget dispute, then rescinded it hours later.
The Kospi in Seoul fell 2.8% to 2,360.58.
Chinese stocks were mixed, with Hong Kong’s Hang Seng rebounding from early losses to gain 2.8% to 20,414.09. The Shanghai Composite index fell less than 0.1% to 3,402.53. Investors were encouraged by state media reports of a meeting of the ruling Communist Party’s Politburo, which pledged more support for the flagging economy.
A middle finger economic planning meeting later this week, it is expected to set the political agenda for the coming months, possibly bringing further stimulus to the world’s second-largest economy.
Tokyo’s Nikkei 225 index edged up 0.2 percent to 39,160.50 after the government said the economy grew at an annual rate of 1.2 percent between July and September, higher than the initial estimate of 0.9%.
In Australia, the S&The P/ASX 200 was almost unchanged at 8,423.00. India’s Sensex edged down 0.1%, while Taiwan’s Taiex gained 0.3%. In Bangkok, the SET was down 0.3%.
US stocks hit record highs on Friday after data suggested the labor market remains sufficiently solid to keep the economy going, but not strong enough to cause immediate concern about inflation.
THE&The P 500 climbed 0.2% to 6,090.27, just enough to record another all-time high, capping a third straight winning week in what appears to be one of his best years since the collapse of the dotcom bubble in 2000. The Dow Jones Industrial Average fell 0.3% to 44,642.52, while the Nasdaq composite rose 0.8% to set its own record at 19,859, 77.
The jobs report reinforced traders’ expectations that the Federal Reserve lower interest rates further at its next meeting in two weeks. It shows that U.S. employers hired more workers than expected last month, but also says the unemployment rate rose unexpectedly, from 4.1% to 4.2%.
The Fed was relax its main interest rate from a two-decade high since September to offer more aid to the slowing labor market, after bringing inflation almost back to its 2% target. Lower interest rates can ease the drag on the economy, but they can also further fuel inflation.
THE&The P 500 is set a historic record 57 times so far this year.
For now, the hope is that the job market can help American shoppers continue spending and maintain their income. The American economy emerges from recession which previously seemed inevitable after the Fed began rapidly raising interest rates to crush inflation.
A report released Friday suggests that U.S. consumer confidence may improve more than economists expected. Preliminary results from the University of Michigan survey reached their highest level in seven months. The survey revealed an increase in purchases of certain products, as consumers try to anticipate possible price increases due to higher rates that President-elect Donald Trump threatened.
In technology, Hewlett Packard Enterprise jumped 10.6% for one of the S&The P 500’s gains are greater after reporting higher-than-expected profits and revenues. Tech stocks were among the market’s strongest this week as Salesforce and other big companies talked about how they were getting a boost. artificial intelligence boom.
In other trading Friday morning, Bitcoin stood near $99,500 after glowing above $103,000 for a record from the day before.
The euro rose from $1.0561 to $1.0565. The dollar was trading at 150.47 yen early Monday, up from 150.07 yen.
