Asian stocks fall for 2nd day after new Wall St record

Jun 27, 2021, 11:11 PM | Updated: Jun 29, 2021, 12:19 am
People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in ...

People wearing face masks walk past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, June 29, 2021. Asian stock markets declined for a second day Tuesday after Wall Street hit a new high on tech stock gains and the World Bank raised its forecast of Chinese economic growth.(AP Photo/Kin Cheung)

(AP Photo/Kin Cheung)

BEIJING (AP) — Asian stock markets declined for a second day Tuesday after Wall Street hit a new high on tech stock gains and the World Bank raised its forecast of Chinese economic growth.

Market benchmarks in Shanghai, Tokyo and Hong Kong retreated.

Overnight, Wall Street’s benchmark S&P 500 index rose 0.2% as gains for Facebook, Nvidia and other tech stocks offset losses for other industries.

Investors are swinging between optimism about a global economic recovery underpinned by coronavirus vaccinations and worry that central banks might feel pressure to withdraw stimulus to cool rising inflation pressures.

Traders are watching U.S. jobs data due out Friday for signs of whether the labor market “will start to show initial signs of heating” after the Federal Reserve said it might move up the target date for raising interest rates, Anderson Alves of ActivTrades said in a report.

Also Tuesday, the World Bank raised its forecast of China’s economic growth this year to 8.5% from its April prediction of 8.1%. The Washington-based lender said a full recovery requires progress in vaccinations against the coronavirus.

The Shanghai Composite Index fell 0.7% to 3,580.22 and the Nikkei 225 in Tokyo shed 0.9% to 28,791.20. The Hang Seng in Hong Kong lost 0.6% to 29,099.96.

The Kospi in Seoul retreated 0.4% to 3,289.17 and Sydney’s S&P-ASX 200 lost 0.6% to 7,260.30.

On Wall Street, the S&P 500 rose to 4,290.61 while the Dow Jones Industrial Average dropped 0.4% to 34,283.27.

The Nasdaq composite added 1% to a record 14,500.51.

Nvidia jumped 5% after The Sunday Times in Britain reported several big customers of U.K. semiconductor company Arm came out in support of its proposed takeover by Nvidia.

Facebook climbed 4.2% after a federal judge dismissed antitrust lawsuits brought against it by the Federal Trade Commission and a group of state attorneys general. Apple rose 1.3%, Microsoft gained 1.4% and Intel climbed 2.8%.

Stock prices look expensive to some investors after rising faster than corporate profits. Inflation remains a worry, even if more investors have come around to the Federal Reserve’s view that it will be only a temporary problem.

Economists expect Friday’s U.S. jobs numbers to show employers added 700,000 more than they cut in June. That would be an acceleration following a couple months of disappointingly slow hiring. They also expect the report to show that average hourly earnings jumped 3.7% in June from a year earlier.

A sharp rise in wages would be an even bigger worry about inflation for markets than the recent jump in commodity prices. Prices of oil, lumber and other commodities can rise and fall quickly, while wage gains tend to be more durable.

In energy markets, benchmark U.S. crude declined 39 cents to $72.52 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.14 to $72.91 on Monday. Brent crude, used to price international oils, shed 46 cents to $73.68 per barrel in London.

The dollar declined to 110.51 yen from Monday’s 110.55 yen. The euro retreated to $1.1913 from $1.1923.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Vice Chair Liz Cheney, R-Wyo., arrives after a break as the House select committee investiga...
Associated Press

What to watch: Cheney in trouble while Palin eyes comeback

WASHINGTON (AP) — Elections in Wyoming and Alaska on Tuesday could relaunch the political career of a former Republican star and effectively end the career of another — at least for now. Wyoming Rep. Liz Cheney is the vice chair of a U.S. House committee seeking to expose the truth behind former President Donald Trump’s […]
22 hours ago
FILE - Musician R. Kelly leaves the Leighton Criminal Court building in Chicago on June 6, 2019. Ke...
Associated Press

R Kelly trial on whether he fixed 2008 trial set to start

CHICAGO (AP) — Jury selection begins Monday at R. Kelly’s federal trial in his hometown of Chicago, where the R&B singer faces charges that he rigged his 2008 state child pornography trial by threatening and paying off a girl who he allegedly filmed himself having sex with when he was around 30 and she was […]
22 hours ago
Alaska U.S. Sen. Lisa Murkowski, center, is shown at the grand opening of her reelection campaign o...
Associated Press

Cheney and Murkowski: Trump critics facing divergent futures

JUNEAU, Alaska (AP) — They hail from their states’ most prominent Republican families. They have been among the GOP’s sharpest critics of former President Donald Trump. And after the Jan. 6 insurrection, they supported his impeachment. But for all their similarities, the political fortunes of U.S. Sen. Lisa Murkowski of Alaska and U.S. Rep. Liz […]
22 hours ago
The Whanganui River winds through the town of Whanganui, New Zealand, on June 15, 2022. In 2017, Ne...
Associated Press

New Zealand river’s personhood status offers hope to Māori

WHANGANUI, New Zealand (AP) — The Whanganui River is surging into the ocean, fattened from days of winter rain and yellowed from the earth and clay that has collapsed into its sides. Logs and debris hurtle past as dusk looms. Sixty-one-year-old Tahi Nepia is calmly paddling his outrigger canoe, called a waka ama in his […]
22 hours ago
The Whanganui River winds through the town of Whanganui, New Zealand, on June 15, 2022. In 2017, Ne...
Associated Press

New Zealand river’s personhood status offers hope to Māori

WHANGANUI, New Zealand (AP) — The Whanganui River is surging into the ocean, fattened from days of winter rain and yellowed from the earth and clay that has collapsed into its sides. Logs and debris hurtle past as dusk looms. Sixty-one-year-old Tahi Nepia is calmly paddling his outrigger canoe, called a waka ama in his […]
22 hours ago
FILE - Venezuelan Kimberly Gutierrez helps her son Johan Mejia with his homework as they wait for h...
Associated Press

Pay pushes Venezuelan teachers to protest, consider quitting

CARACAS, Venezuela (AP) — Public school teachers across Venezuela had planned to use their annual vacation bonus to buy uniforms for their children, waterproof leaky roofs, get new prescription glasses or fix the pair barely held together by adhesive tape. Some expected to get $100, while others calculated a little more or less depending on […]
22 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
...
Dr. Richard Carmona

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.
...
CANVAS ANNUITY

Best retirement savings rates hit 4.30%

Maximize your retirement savings with guaranteed fixed rates up to 4.30%. Did you know there is a financial product that can give you great interest rates as you build your retirement savings and provide you with a paycheck for life once you retire? It might sound too good to be true but it is not; this product is called an annuity.
Asian stocks fall for 2nd day after new Wall St record