Asia-Pacific markets largely fell on Monday, led by Hong Kong’s Hang Seng index.
The index tumbled more than 2%, dragged by basic materials and consumer cyclical stocks. However, the real estate sector also saw a sell-off, with real estate firm Country Garden Holdings leading losses on the HSI.
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Mainland Chinese stocks also were all in negative territory, losing 1.25% on Monday.
Japan’s Nikkei 225 fell 0.44% to start the week, and the Topix lost 0.28%. Japan will see its second-quarter gross domestic product figures out on Tuesday, while July’s inflation print will come in on Friday.
South Korea’s Kospi was down 0.63%, and the Kosdaq saw a larger loss of 1.22%, while Australia’s S&P/ASX 200 was 0.48% lower.
On Friday in the U.S., markets ended the week mixed, with the Nasdaq Composite ending Friday 0.6% lower and notched its second consecutive losing week in 2023, pulled down by a selloff in semiconductor stocks such as Advanced Micro Devices, Nvidia, and Micron.
The S&P 500 inched lower by 0.1%, and the Dow Jones Industrial Average added 0.3%, helped by advances of 2.1% and 1.8% in Chevron and Merck & Co., respectively.
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