Stocks slipped Thursday in Asia following a retreat on Wall Street as crude oil prices rose sharply.
Tokyo’s Nikkei 250 JP:NIK lost 1.1% and the Hang Seng HK:HSI in Hong Kong slipped 0.1%. In Seoul, the Kospi KR:180721 declined 0.6%, while the Shanghai Composite index CN:SHCOMP gave up 0.6%.Tokyo’s Nikkei 250 NIK lost 1.1% and the Hang Seng HSI in Hong Kong slipped 0.1%. In Seoul, the Kospi 180721 declined 0.6%, while the Shanghai Composite index SHCOMP gave up 0.6%.
The U.S. Trade Representative’s office on Wednesday reinstated exemptions for some Chinese exports to tariff hikes imposed during a fight with Beijing over its trade tactics. The exemptions, which expired earlier, apply to goods including breast pumps, swimming pool vacuum cleaners, electric motors and industrial components.
Investors are watching to see the outcome of meetings of NATO and a European leaders summit Thursday, where President Joe Biden will huddle with key allies to discuss imposing punishing new sanctions on Russia; and dealing with the extraordinary humanitarian crisis due to its invasion of Ukraine and working on a consensus on how to respond if Russia were to launch a cyber, chemical or even nuclear attack.
Many of the higher costs incurred by businesses have been passed on to consumers and higher prices for food, clothing and other goods could lead them to cut spending, resulting in slower economic growth. Central banks have been reacting by raising interest rates to try and counter the impact from inflation.
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