Current:Home > ScamsStock market today: Asian shares fall back amid selling of China property shares-VaTradeCoin
Stock market today: Asian shares fall back amid selling of China property shares
lotradecoin fees View Date:2024-12-25 23:10:46
Shares fell back Tuesday in Asia after U.S. markets were closed for the Labor Day holiday.
U.S. futures also were lower and oil prices were mixed.
Hong Kong fell more than 1% as Chinese property stocks declined as investors sold to lock in gains fueled by recent efforts to support the ailing industry.
China Vanke lost 1.2%, while Country Garden Holdings gave up 2%. Hong Kong-based Sun Hung Kai Properties shed 2.4%.
Chinese services data came in weaker than expected, dulling hopes for a rebound in China’s lackluster growth. A survey showed business activity in China’s services sector increased at the slowest pace in eight months.
Hong Kong’s Hang Seng index declined 1.4% to 18,575.00 while the Shanghai Composite index fell 0.6% to 3,157.86.
Tokyo’s Nikkei 225 slipped 0.2% to 32,870.00 as the government reported weak household spending figure for August.
In Seoul, the Kospi lost 0.3% to 2,577.71. Australia’s S&P/ASX 200 was down 0.5% to 7,279.30. Shares also fell in Southeast Asia and Taiwan.
Investors are watching for comments by European Central Bank chief Christine Lagarde and others later Tuesday.
On Friday, the S&P 500 rose 0.2%, coming off its first monthly loss since February, as U.S. employment figures suggested the jobs market may be cooling. That fueled hopes that the Federal Reserve might moderate interest rate increases to tamp down inflation.
The Labor Department reported Friday that employers added a solid 187,000 jobs in August, an increase from July’s revised gain of 157,000. Hiring moderated: From June through August, the economy added 449,000 jobs, the lowest three-month total in three years.
The report also showed the unemployment rate rose to 3.8% from 3.5%. That’s the highest level since February 2022, though still low by historical standards.
Strong hiring and consumer spending have helped stave off a recession that analysts expected at some point in 2023. But they also make the central bank’s task of taming inflation more difficult by fueling wage and price increases.
Market fears that the Fed might have to keep interest rates higher for longer — following reports showing the U.S. economy remains remarkably resilient — led the market to pull back in August.
But recent economic snapshots have bolstered the view on Wall Street that the Fed may hold rates steady at its next policy meeting in September after raising them aggressively since 2022. They are at the highest level since 2001 to try to bring inflation back to the Fed’s target of 2%. The Fed has maintained that it is ready to keep raising interest rates if it has to, but will base its next moves on the latest economic data.
In other trading Tuesday, U.S. benchmark crude gained 23 cents to $85.78 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.92 to $85.55 a barrel on Monday.
Brent crude, the pricing basis for international trading, fell 16 cents to $88.84 a barrel.
In currency trading, the U.S dollar rose to 146.74 Japanese yen from 146.48 yen late Monday. The euro slipped to $1.0787 from $1.0796.
veryGood! (5364)
Related
- Kylie Kelce's podcast 'Not Gonna Lie' tops Apple, Spotify less than a week after release
- Ulta 24-Hour Flash Sale: Take 50% Off Tarte Cosmetics, MAC, Zitsticka, Peach & Lily, and More
- The MixtapE! Presents Tim McGraw, Becky G, Maluma and More New Music Musts
- 'Shark Tank' investor Daymond John obtains restraining order against former contestants
- Trump will be honored as Time’s Person of the Year and ring the New York Stock Exchange bell
- Chocolate Easter bunnies made with ecstasy seized at Brussels airport: It's pure MDMA
- An Economist's Advice On Digital Dependency
- Russians Tied To The SolarWinds Cyberattack Hacked Federal Prosecutors, DOJ Says
- Syrian rebel leader says he will dissolve toppled regime forces, close prisons
- Antisemitic Posts Are Rarely Removed By Social Media Companies, A Study Finds
Ranking
- Taxpayers could get $500 'inflation refund' checks under New York proposal: What to know
- See 2023 Oscar Nominees in Their Earliest Roles: Then and Now
- Apple iPad 24-Hour Flash Deal: Save 40% on a Product Bundle With Accessories
- Elizabeth Holmes Promised Miracles By A Finger Prick. Her Fraud Trial Starts Tuesday
- I loved to hate pop music, until Chappell Roan dragged me back
- The White House Blamed China For Hacking Microsoft. China Is Pointing Fingers Back
- Your Facebook Account Was Hacked. Getting Help May Take Weeks — Or $299
- Facebook's Most Viewed Article In Early 2021 Raised Doubt About COVID Vaccine
Recommendation
-
North Carolina announces 5
-
Cancer survivor Linda Caicedo scores in Colombia's 2-0 win over South Korea at World Cup
-
The White House Blamed China For Hacking Microsoft. China Is Pointing Fingers Back
-
Chocolate Easter bunnies made with ecstasy seized at Brussels airport: It's pure MDMA
-
Mystery drones are swarming New Jersey skies, but can you shoot them down?
-
Oof, Y'all, Dictionary.com Just Added Over 300 New Words And Definitions
-
Lifeboat and door found in search for Japanese army Black Hawk helicopter feared down in sea
-
Man charged after taking platypus on train ride and shopping trip; fate of the animal remains a mystery