Asian Stocks Fall Back After Wall Street Advances To Record

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August 31, 2020

BEIJING: Asian stock markets gave up early gains Monday after Wall Street turned in its fifth straight weekly gain and Chinas manufacturing growth held steady.

The Shanghai Composite Index rose 0.8% to 3,428.07 after a survey showed growth in manufacturing held steady in August at the previous month’s rate. But it later fell back, shedding 0.2% to 3,395.68.

The Nikkei 225 in Tokyo advanced 1.1% to 23,139.76, rebounding from heavy selling Friday after Prime Minister Shinzo Abes announcement that he was resigning.

The index also was lifted by gains of between 4% and 9.5% in major trading companies after investor Warren Buffett’s Berkshire Hathaway announced it had invested in long-term stakes of just over 5% in the five companies.

The Hang Seng in Hong Kong slipped to 25,292.81 while the Kospi in Seoul retreated 1.2% to 2,326.17. Sydney’s S&P-ASX 200 was little-changed at 6,074.30.

India’s Sensex opened up 0.5% but then retreated, losing 0.6% to 39,220.21. New Zealand, Jakarta and Singapore retreated while Bangkok gained.

U.S. stocks benefited Friday from Federal Reserve chairman Jerome Powells announcement of a strategy change that could keep interest rates low. The change, dubbed average inflation targeting, could hold down rates even if inflation hits the Feds 2% target.

Global stock markets have recovered most of this years losses despite rising coronavirus infection numbers in the United States, Brazil and some other countries.

Wall Streets benchmark S&P 500 index is at a record high, propelled by big gains for technology stocks investors expect to do well despite the pandemic. But most stocks in the index still are down.

On Friday, the S&P 500 gained 0.7% to 3,508.01. The index gained 3.3% for the week, capping its longest weekly winning streak since December.

The Dow Jones Industrial Average rallied 0.6% to 28,653.87. It returned to positive territory for the year.

The Nasdaq composite climbed 0.6% to a record 11,695.63.

Benchmark U.S. crude oil gained 12 cents to $43.09 per barrel in electronic trading on the New York Mercantile Exchange. The contract slipped 7 cents on Friday to settle at $42.97. Brent crude, the international standard, rose 22 cents to $46.03 per barrel in London.

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The dollar edged up to 105.57 yen from Friday’s 105.55. The euro edged down to $1.1903 from $1.1918.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Asian Stocks Fall Back After Wall Street Advances To Record

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