Hong Kong shares lead Asia lower; Tokyo and Shanghai closed

Sep 19, 2021, 8:32 PM | Updated: 8:53 pm
A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock E...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange in Hong Kong Monday, Sept. 20, 2021. Shares fell more than 3% in Hong Kong on Monday in holiday-thinned trading in Asia, with both Tokyo and Shanghai closed. (AP Photo/Vincent Yu)

(AP Photo/Vincent Yu)

Shares fell more than 3% in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed.

Other regional benchmarks also fell after Wall Street wrapped up last week with another decline.

Investors are watching to see whether the Federal Reserve will take any action to address the impact of rising prices on businesses and consumers.

Hong Kong property companies and banks lost ground on persisting concerns over the potential for ripple effects from the financial troubles of Chinese developer Evergrande.

The company was expected to miss interest payments, as ratings companies forecast it may default on its debt.

The Hang Seng in Hong Kong dropped 3.5% to 24,035.30 and Australia’s S&P/ASX 200 shed 1.6% to 7,287.90. Markets were closed in mainland China, South Korea, Japan and Malaysia.

The Fed is due to deliver its latest economic and interest rate policy update on Wednesday. The central bank has said higher costs for raw materials and consumer goods are still likely to be temporary as the economy recovers, but analysts worry that higher prices could stick around and dent companies’ bottom lines while also crimping spending.

The yield on the 10-year Treasury note slipped to 1.37% from 1.38% on Friday.

Stocks closed lower on Wall Street Friday, marking a feeble ending to an up-and-down week of trading. The S&P 500 index lost 0.9% to 4,432.99, for its second straight weekly loss.

Roughly 80% of the stocks in the benchmark S&P 500 fell, and every sector except health care was in the red.

The Dow Jones Industrial Average fell 0.5% to 34,584.88, and the Nasdaq fell 0.9% to 15,043.97.

Technology and communications companies were the biggest drags on the market.

The Russell 2000 index of smaller companies recovered from an early slide, rising 0.2% to 2,236.87.

“Quadruple witching,” the simultaneous expiration of four kinds of options and futures contracts, contributed to market volatility. The phenomenon happens four times a year and forces traders to tie up loose ends in contracts they hold. More than 750 billion single stock options were due to mature Friday, said McKnight.

In other trading on Monday, U.S. benchmark crude oil lost 65 cents to $71.32 per barrel in electronic trading on the New York Mercantile Exchange. On Friday, it gave up 64 cents to $71.97 per barrel.

Brent crude, the standard for international pricing, lost 57 cents to $74.79 per barrel.

The U.S. dollar slipped to 109.90 Japanese yen from 109.95 yen. The euro fell to $1.1716 from $1.1731.

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

AP

FILE - Greg McMichael looks at the gallery during the testimony of his son, Travis McMichael, in th...
Associated Press

Father and son get life for hate crime in Ahmaud Arbery’s fatal shooting

The father and son convicted of murder in Ahmaud Arbery’s fatal shooting were sentenced to life in prison for committing a federal hate crime.
18 hours ago
Associated Press

Trump House pick overtakes Rep. who voted for impeachment

OLYMPIA, Wash. (AP) — Republican Joe Kent, who challenged incumbent Republican Rep. Jaime Herrera Beutler over her vote to impeach former President Donald Trump, has taken a narrow lead in the race for the second spot in Washington state’s top two primary. Under the state’s primary system, all candidates run on the same ballot, and […]
18 hours ago
Colombian President Gustavo Petro gives a joint press conference with Chile's President Gabriel Bor...
Associated Press

Colombia’s leftist president presents ambitious tax plan

BOGOTA, Colombia (AP) — Colombia’s first leftist president presented an ambitious tax plan on Monday that aims to raise up to $11 billion a year for anti-poverty programs. Gustavo Petro was sworn into office on Sunday, and has promised to fight economic inequality while investing in rural areas that have long been haunted by drug-related […]
18 hours ago
FILE - President Donald Trump's Mar-a-Lago estate is shown on July 10, 2019, in Palm Beach, Fla. Fo...
Associated Press

Trump says FBI conducting search of Mar-a-Lago estate

WASHINGTON (AP) — Former President Donald Trump said in a lengthy statement Monday that the FBI was conducting a search of his Mar-a-Lago estate and asserted that agents had broken open a safe. A person familiar with the matter said the action was related to a probe of whether Trump had taken classified records from […]
18 hours ago
Neighbor Mary Thompson prays as she brings a bouquet to the memorial site set after a crash involvi...
Associated Press

Driver in LA crash that killed 5 charged with murder

LOS ANGELES (AP) — The driver suspected of causing a fiery crash that killed five people and an 8 1/2-month-old fetus was charged Monday with murder. Nicole Lorraine Linton was charged with six counts of murder and five counts of vehicular manslaughter with gross negligence, according to the Los Angeles County district attorney’s office. She […]
18 hours ago
Associated Press

UN envoy: Only peace can end Israel-Palestinian violence

UNITED NATIONS (AP) — The top U.N. Mideast envoy warned Monday that the ceasefire between Israel and Palestinian militants is “fragile” and the “cycles of violence” will only stop when an independent Palestinian state lives side-by-side with Israel. Tor Wennesland called on Israeli and Palestinian leaders and the international community at an emergency meeting of […]
18 hours ago

Sponsored Articles

(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Vaccines are safe if you are pregnant or breastfeeding

Are you pregnant? Do you have a friend or loved one who’s expecting?
...
Day & Night Air Conditioning, Heating and Plumbing

Tips to lower your energy bill in the Arizona heat

Does your summer electric bill make you groan? Are you looking for effective ways to reduce your bill?
Hong Kong shares lead Asia lower; Tokyo and Shanghai closed