Asian markets mixed after Wall St gains on jobs data

Aug 17, 2022, 11:26 PM | Updated: Aug 18, 2022, 10:55 pm

FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug....

FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18. (AP Photo/Seth Wenig, File)

(AP Photo/Seth Wenig, File)

BEIJING (AP) — Asian stock markets were mixed Friday after Wall Street rose as investors analyzed conflicting economic signals ahead of a Federal Reserve conference next week.

Shanghai and Seoul declined while Tokyo and Hong Kong advanced. Oil prices edged lower but stayed above $90 per barrel.

Wall Street rose, rebounding from Wednesday’s tumble, after corporate results and fewer unemployment claims than expected suggested the U.S. economy has pockets of resiliency despite repeated interest rate hikes.

Investors worry the Fed and central banks in Europe and Asia might derail global economic growth as they hike rates to cool inflation that is running at multi-decade highs.

The latest U.S. data “might keep the door open for aggressive Fed tightening,” said Edward Moya of Oanda in a report.

The Shanghai Composite Index lost 0.2% to 3,270.86 while the Nikkei 225 in Tokyo gained 0.1% to 28,967.94. The Hang Seng in Hong Kong added 0.4% to 19,842.99.

The Kospi in Seoul shed 0.1% to 2,504.86 while Sydney’s S&P-ASX 200 advanced less than 0.1% to 7,116.00.

New Zealand and Singapore retreated while Jakarta gained.

Investors looked ahead to the Fed’s annual Jackson Hole conference in Wyoming next week for indications of when and how much the U.S. central bank might raise rates.

Minutes on the Fed’s July meeting released this week said inflation still is too high and made clear the central bank will keep raising interest rates.

The Fed has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Forecasters expect a hike at the board’s September meeting, but say pressure for a similarly large increase has declined as economic growth cooled.

On Wall Street, the S&P 500 rose 0.2% to 4,283.74 after the Labor Department reported fewer Americans filed for unemployment benefits last week.

“Initial jobless claims dipped, easing concerns a little bit that the labor market was starting to head in the wrong direction,” said Moya.

That followed data Wednesday that showed July retail sales held steady with the previous month despite concern inflation might depress consumers’ willingness to spend.

The Dow Jones Industrial Average gained 0.1% gain to 33,999.04. The Nasdaq added 0.2% to 12,965.34.

Technology companies gained. Cisco Systems rose 5.8% after reporting solid results.

Energy stocks also climbed as U.S. crude oil prices rose. Devon Energy rose 5.9%.

Department store Kohl’s fell 7.7% after issuing a disappointing financial forecast.

In energy markets, benchmark U.S. crude lost 24 cents to $90.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract surged $2.39 to $90.50 on Thursday. Brent crude, the price basis for international trading, shed 30 cents to $96.29 per barrel in London. It jumped $2.94 the previous day to $96.59.

The dollar rose to 136.14 yen from Thursday’s 135.91 yen. The euro fell to $1.0081 from $1.0091.

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


              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Stocks are off to a weak start on Wall Street, drifting between small gains and losses in the first few minutes of trading Thursday, Aug. 18.    (AP Photo/Seth Wenig, File)
            
              Currency traders work near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between the U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 18, 2022. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. (AP Photo/Lee Jin-man)
            
              A currency trader watches monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between the U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 18, 2022. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. (AP Photo/Lee Jin-man)
            
              A currency trader watches monitors near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between the U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 18, 2022. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. (AP Photo/Lee Jin-man)
            A currency trader watches monitors near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between the U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Aug. 18, 2022. Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes. (AP Photo/Lee Jin-man)

AP

(AP Photo/Charlie Neibergall)...

Associated Press

Donald Trump stored, showed off and refused to return classified documents, indictment says

An indictment charging former President Donald Trump with mishandling classified documents has been unsealed.

1 day ago

FILE - A bottle of Jack Daniel's Tennessee Whiskey is displayed next to a Bad Spaniels dog toy in A...

Associated Press

Ruff day in court: Supreme Court sides with Jack Daniel’s in dispute with makers of dog toy

The Supreme Court on Thursday gave whiskey maker Jack Daniel's reason to raise a glass, handing the company a new chance to win a trademark dispute with the makers of the Bad Spaniels dog toy.

2 days ago

(Pixabay Photo)...

Associated Press

6 arrested in alleged scheme to fraudulently collect millions in COVID aid meant for renters

Six people from Washington, Arizona and Texas have been arrested and accused of fraudulently obtaining millions of dollars of COVID-19 aid from an assistance program meant for renters, federal prosecutors said.

2 days ago

FILE - Protesters stand outside of the Senate chamber at the Indiana Statehouse on Feb. 22, 2023, i...

Associated Press

LGBTQ+ Americans are under attack, Human Rights Campaign declares in state of emergency warning

The Human Rights Campaign declared a state of emergency for LGBTQ+ people in the U.S. on Tuesday.

4 days ago

FILE - People wait in line outside the Supreme Court in Washington to listen to oral arguments in a...

Associated Press

Supreme Court opened the door to states’ voting restrictions. Now a new ruling could widen them.

Within hours of a U.S. Supreme Court decision dismantling a key provision of the Voting Rights Act, Texas lawmakers announced plans to implement a strict voter ID law that had been blocked by a federal court. Lawmakers in Alabama said they would press forward with a similar law that had been on hold.

4 days ago

Gavel (Pexels Photo)...

Associated Press

Ex-teacher sentenced to prison for making death threat against Arizona legislator

A former Tucson middle school teacher was sentenced Tuesday to 2 ½ years in prison after pleading guilty to making a death threat against Arizona state Sen. Wendy Rogers.

4 days ago

Sponsored Articles

...

DAY & NIGHT AIR CONDITIONING, HEATING AND PLUMBING

Here are the biggest tips to keep your AC bill low this summer

PHOENIX — In Arizona during the summer, having a working air conditioning unit is not just a pleasure, but a necessity. No one wants to walk from their sweltering car just to continue to be hot in their home. As the triple digits hit around the Valley and are here to stay, your AC bill […]

...

SANDERSON FORD

Thank you to Al McCoy for 51 years as voice of the Phoenix Suns

Sanderson Ford wants to share its thanks to Al McCoy for the impact he made in the Valley for more than a half-decade.

(Desert Institute for Spine Care in Arizona Photo)...

Desert Institute for Spine Care in Arizona

5 common causes for chronic neck pain

Neck pain can debilitate one’s daily routine, yet 80% of people experience it in their lives and 20%-50% deal with it annually.

Asian markets mixed after Wall St gains on jobs data