Asian stocks follow Wall St lower amid growth concerns | National News
BEIJING (AP) — Asian stock markets followed Wall Street down on Wednesday after U.S. inflation was lower than expected amid unease about the impact of the spread of the coronavirus’s delta variant.
Shanghai, Tokyo, Hong Kong and Sydney all retreated, giving up the previous day’s gains.
Wall Street’s benchmark S&P 500 index fell despite data showing consumer prices rose at their slowest rate in seven months in August.
Investor optimism about the rollout of coronavirus vaccines and central bank support for global economies is competing with anxiety about the impact of the delta variant and anti-disease measures on consumers and businesses.
“Initial optimism from a lower-than-expected print on the U.S. CPI was quickly overridden by global growth concerns,” Yeap Jun Rong of IG said in a report.
The Shanghai Composite Index lost less than 0.1% to 3,660.60 and the Nikkei 225 in Tokyo sank 0.5% to 30,510.05. The Hang Seng in Hong Kong fell 0.7% to 25,326.33.
The Kospi in Seoul gained 0.3% to 3,159.27 while Sydney’s S&P-ASX 200 retreated 0.6% to 7,394.80. New Zealand and Southeast Asian markets declined.
On Wall Street, the S&P 500 lost 0.6% to 4,443.05, giving up the previous day’s gain, after the government reported consumer prices in August rose 0.3% over the previous month.