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HONG KONG (Reuters) – Asian stocks ditched their initial gains only to fall again on Thursday, weighed by declines in China and Hong Kong, even after a strong advance from Wall Street that also pushed the dollar down its recent range.
The largest MSCI index of Asia-Pacific stocks outside of Japan last lost 0.45%, while Japan’s Nikkei fell 0.47%, after hitting its highest level in 31 years old Monday.
“It’s a little choppy and uncertain right now, we’ve had a few soft days on the back of worries about global growth, and then suddenly the markets, at least the US markets, conclude,” It’s not so bad after all, “” said Shane Oliver, chief economist at AMP Capital.
He added that concerns about inflation and supply chain issues could still weigh on stocks in the coming weeks, and “of course in Asia we have a slowdown in China.”
There were gains Thursday in Australia, up 0.65%, but the Hong Kong benchmark fell 0.42% as property names continued to lag – struggling developer China Evergrande Group fell another 8%
Chinese blue chips lost 0.66%, a day after economic data fell short of expectations.
US equity futures, the S&P 500 e-minis, remained stable.
Overnight, US stocks closed higher as rising crude oil prices boosted energy stocks and a spate of positive US data supported those who believe growth in the world’s largest economy should stay. strong.
The Dow Jones Industrial Average rose 0.68%, the S&P 500 rose 0.85% and the Nasdaq Composite rose 0.82%. [.N]
This risky mood pushed the dollar lower overnight against a basket of other major currencies, but little changed in Asian hours, with Westpac analysts saying the greenback appeared to be stuck in its recent fork.
They said the payroll and inflation data meant that the US Federal Reserve could take its time to cut back on its massive asset purchases – which would typically raise the dollar – while “the downside shouldn’t be. expand anytime soon either, with concerns about the impact of Delta (a variant of the coronavirus) on the outlook for a global rebound continuing to swirl, as weaker activity data from China in August underscored. “
US Treasury yields edged down during Asian hours, with the benchmark 10-year Treasury yield coming in at 1.299% from its US close of 1.304%. Westpac analysts said this too appeared to be largely beach related.
Oil prices retreated, relinquishing some of this week’s strong gains due to a larger-than-expected drop in crude oil inventories in the United States.
Brent crude, which hit its highest level since the end of July on Wednesday, fell 0.24% Thursday to $ 75.3 a barrel, while U.S. crude fell 0.22% to $ 72.45 a barrel. barrel.
Spot gold was flat at $ 1,794.41 an ounce, after falling below the key $ 1,800 level on Wednesday, hit by a technical sell episode[GOL/]
Editing by Kenneth Maxwell
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