Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed...
BANGKOK — Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.
Tokyo’s Nikkei 225 index NIK added 0.6%. The Kospi 180721 in Seoul was up 0.2% while Australia’s S&P/ASX 200 XJO dropped 0.8%. Benchmark indexes in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX advanced.Official data showed the Chinese economy shrank by 2.6% compared with the January-March period’s already weak quarter-on-quarter rate of 1.4%. Compared with a year earlier, which can hide recent fluctuations, growth slid to a weak 0.4% from the earlier quarter’s 4.8%.
On Thursday on Wall Street, the S&P 500 SPX fell 0.3% to 3,790.38. Nearly three out of every four stocks in the benchmark index finished in the red. The Dow Jones Industrial Average DJIA fell 0.5% to 30,630.17. The Nasdaq COMP rose less than 0.1%, to 11,251.19. Wall Street has been assessing the latest government reports showing that inflation remains hot and shows no signs of cooling, even as central banks try to loosen its grip on businesses and consumers by hiking interest rates.
The yield on the 10-year Treasury, which affects mortgage rates, was at 2.94% early Friday. It remains lower than the two-year Treasury, which is at 3.12%. That’s a relatively rare occurrence, and some investors believe it augurs a potential recession. Investors are will get a clearer picture in the coming weeks about how badly inflation is hurting companies. Several more banks are on deck to report earnings Friday, including Citigroup and Wells Fargo, along with insurer UnitedHealth Group.
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