Asian shares trend lower after Wall St ends with weekly loss

Monday, September 13, 2021 | Elaine Kurtenbach, AP Business Writer


A man walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, Sept. 13, 2021. Shares slipped Monday in most Asian markets after Wall Street benchmarks ended last week with a decline. (AP Photo/Vincent Yu)

Shares slipped Monday in most Asian markets after Wall Street benchmarks ended last week with a decline.

Stocks fell in Tokyo, Hong Kong, Shangha and Seoul but rose modestly in Sydney.

Japan reported its wholesale prices were near a 13-year high in August, adding to concerns over inflation as the country prepares for a leadership transition.

Prices have surged in the world's three largest economies, and elsewhere, as supply chain troubles, shipping bottlenecks and other disruptions arising from the pandemic hinder a return to normal growth.

Tokyo's Nikkei 225 declined 0.3% to 30,287.09 and the Hang Seng in Hong Kong lost 2.4% to 25,585.03. In Seoul, the Kospi shed 0.5% to 3,110.61, while the S&P/ASX 200 picked up 0.2% to 7,413.70. The Shanghai Composite index edged 0.1% lower to 3,697.94.

Shares fell in Taiwan and Southeast Asia.

“Cautious sentiments largely follow through with the downside move for U.S. markets last week, amid growth concerns along with rising inflationary pressures," Jun Rong Yeap of IG said in a commentary.

Price pressures add to the likelihood that the Federal Reserve and other central banks might move sooner to nudge interest rates up from the ultra-low levels they have been kept at to help fend off the worst impacts of the pandemic.

On Friday, stocks pulled back and the S&P 500 lost 0.8% in its fifth straight decline, ending 1.7% lower for the week.

Stocks have traded in a narrow range for several weeks as many investors stick to the sidelines waiting to get a fuller understanding of where the economy is headed and how the pandemic is impacting businesses.

The S&P 500 fell 34.70 points to 4,458.58. The Dow Jones Industrial Average lost 0.8% to 34,607.72. The tech-heavy Nasdaq composite sank 0.9%, to 15,115.49.

The Russell 2000 index of smaller companies gave up 1%, to 2,227.55.

The yield on the 10-year Treasury note was steady at 1.33%.

U.S. inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010.

Federal Reserve policymakers have said they believe inflation this year would be temporary and is a result of the economy recovering from the pandemic. However, persistently high inflation could force the Fed’s hand to start pulling back on its bond-buying program and low interest rate policy sooner than anticipated.

The pandemic remains in the forefront of investors’ minds, as hospitals fill up in the South and other parts of the country. President Joe Biden announced Thursday that companies with more than 100 employees would be required to have their employees vaccinated or do weekly testing, an announcement big companies have been willing to embrace.

Apple fell 3.3% after a federal judge ordered the iPhone maker to dismantle part of the competitive barricade guarding its closely run app store, which is one of its biggest moneymakers.

In other trading Monday, U.S. benchmark crude oil added 25 cents to $69.97 per barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.58 to $69.72 per barrel on Friday.

Brent crude, the international pricing standard, climbed 18 cents to $73.10 per barrel.

The U.S. dollar edged up to 110.01 Japanese yen from 109.90 yen. The euro slipped to $1.1790 from $1.1817.


7 Stocks That Can Help You Profit From Summer Shortages

One of the lingering impacts of the Covid-19 pandemic is the supply chain disruptions that continue to bedevil many sectors. By now, every investor is aware of the global chip shortage that is disrupting many sectors that were projected to have strong growth in 2021.

But there are many more sectors that are being affected by supply chain disruptions. And this affects everything from big-ticket items like cars to everyday items like pet food and even bacon.

The focus of this special presentation is seven companies that stand to benefit from the current disruption in the supply chain. All of these companies delivered strong gains in 2020. Some of them have weakened in 2021, but that was before the full extent of the supply chain weakness was discovered.

As the economy reopens, the shortage of items is likely to continue and become much more notable. When they do, many of these stocks may get overpriced. That’s why now is the time to get in on these stocks that can help you work the supply chain in your favor.

View the "7 Stocks That Can Help You Profit From Summer Shortages".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.