Stock market today: Asian shares slip following a weak close on Wall Street

Nov 20, 2023, 11:25 PM | Updated: Nov 21, 2023, 9:32 pm

BANGKOK (AP) — Shares slipped in Asia on Wednesday, tracking a decline on Wall Street a day after stocks there hit their highest level since the start of August.

Tokyo and Mumbai advanced while most other major markets declined. U.S. futures were little changed and oil prices edged lower.

Trading is tapering off ahead of holidays in the U.S. and Japan on Thursday, with few data releases to drive activity.

U.S. home sales fell more than 4% in October, while minutes from the latest policy setting meeting of the Federal Reserve showed the central bank in a holding pattern as it assesses the impact of its aggressive interest rate hikes on inflation and the economy overall.

Wednesday will bring an update on durable goods orders and a consumer sentiment survey by the University of Michigan.

Asia is also relatively quiet on the data front.

Tokyo’s Nikkei 225 edged 0.3% higher to 33,450.18 and the Kospi in Seoul slipped 0.1% to 2,508.55.

In Hong Kong, the Hang Seng shed 0.1% to 17,720.18, while the Shanghai Composite index was down 0.3%, at 3,059.16.

Troubled property developer Sunac China Holding’s shares rose 3.8% as state media reported it had completed a restructuring of its $90 billion in debts. That followed reports that the government was urging lenders to ease provide financing on easier terms for developers on a so-called “white list.”

Australia’s S&P/ASX 200 slipped 0.1% to 7,069.50. Shares also fell in Taiwan and Thailand, while the Sensex in Mumbai was up 0.1%.

On Tuesday, the S&P 500 slipped 0.2%, to 4,538.19 for just its third loss in the last 17 days. The Dow Jones Industrial Average dropped 0.2% to 35,088.29, and the Nasdaq composite dipped 0.6% to 14,199.98.

Retailers were mixed after several reported their earnings for the latest quarter and, more importantly, their forecasts for the upcoming holiday shopping season. Lowe’s sank 3.1% despite reporting better profit for the latest quarter.

Best Buy dipped 0.7% after likewise beating analysts’ expectations for profit in the latest quarter but falling short on revenue and cutting its forecast for the full year. Its CEO, Corie Barry, said demand from customers has been “more uneven and difficult to predict.”

However, Dick’s Sporting Goods rose 2.2% after delivering stronger profit and revenue for the third quarter than analysts expected, as customers both bought more at each transaction and made more total purchases. It raised its forecasts for full-year results.

Stocks have gained recently on rising hopes that inflation has cooled enough to make the Federal Reserve’s next move on interest rates a cut rather than a hike. The Fed’s main interest rate is at its highest level since 2001 as it tries to slow the economy and hurt investment prices just enough to smother inflation without causing a painful recession.

Deutsche Bank expects the U.S. economy to fall into a mild recession early in 2024 and the Fed to begin cutting rates in June. The rest of Wall Street is split on whether a recession could occur as the job market and inflation slow under the weight of high rates and yields.

The yield on the 10-year Treasury was steady at 4.42%, where it was late Monday. Just a few weeks ago, it was above 5%, at its highest level since 2007 and undercutting prices for stocks and other investments.

In other trading, U.S. benchmark crude oil shed 7 cents to $77.70 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 6 cents to $77.77 on Tuesday.

Brent crude, the international standard, lost 9 cents to $82.36 a barrel.

The U.S. dollar weakened to 148.30 Japanese yen from 148.39 yen late Tuesday. The euro rose to $1.0914 from $1.0912.


AP Business Writer Stan Choe contributed.


Associated Press

Spanish judge opens an investigation into intelligence agents who allegedly passed secrets to the US

MADRID (AP) — A Madrid judge has opened an investigation into several agents of Spain’s National Intelligence Center for an alleged leak of secret information to the United States, the country’s defense minister said Monday. Confirming a report in Spanish digital newspaper El Confidencial, Spanish Defense Minister Margarita Robles said the intelligence center itself had […]

9 hours ago

File - The OpenAI logo appears on a mobile phone in front of a screen showing part of the company w...

Associated Press

Europe’s world-leading artificial intelligence rules are facing a do-or-die moment

LONDON (AP) — Hailed as a world first, European Union artificial intelligence rules are facing a make-or-break moment as negotiators try to hammer out the final details this week — talks complicated by the sudden rise of generative AI that produces human-like work. First suggested in 2019, the EU’s AI Act was expected to be […]

21 hours ago

Ngwiza Khumbulani Moyo, a vintage collector holds an old radio set outside his home in Bulawayo, We...

Associated Press

AP PHOTOS: 2023 was marked by coups and a Moroccan earthquake on the African continent

DAKAR, Senegal (AP) — Reports of gunfire in the capital, followed by a television announcement that the president has been deposed by mutinous soldiers. The increasingly familiar storyline unfolded again this year in Africa — first in Niger and then in Gabon. The resurgence of military coups renewed concerns about democracy backsliding on the continent […]

21 hours ago

Associated Press

Stock market today: US futures follow global markets lower ahead of raft of jobs data this week

Wall Street followed global stocks lower Monday ahead of a slew of economic data on the labor market this week. Futures slipped, with the Dow Jones Industrial Average falling 0.3% before the bell while the S&P 500 gave up 0.4%. Wall Street ended Friday with its fifth straight weekly gain as a growing number of […]

22 hours ago

Sweden Prime Minister Ulf Kristersson speaks at an event in support of tripling global nuclear capa...

Associated Press

Earth is running a fever. And UN climate talks are focusing on the contagious effect on human health

DUBAI, United Arab Emirates (AP) — With Planet Earth running a fever, U.N. climate talks focused Sunday on the contagious effects on human health. Under a brown haze over Dubai, the COP28 summit moved past two days of lofty rhetoric and calls for unity from top leaders to concerns on health issues like the deaths […]

2 days ago

FILE - U.S. Secretary of State Henry Kissinger greets Argentina's Foreign Minister, Alberto J. Vign...

Associated Press

Kissinger’s unwavering support for brutal regimes still haunts Latin America

SANTIAGO, Chile (AP) — In Chile, leftists were tortured, tossed from helicopters and forced to watch relatives be raped. In Argentina, many were “disappeared” by members of the brutal military dictatorship that held detainees in concentration camps. It all happened with the endorsement of Henry Kissinger, the former U.S. secretary of state who died Wednesday […]

2 days ago

Stock market today: Asian shares slip following a weak close on Wall Street