Asian shares drop, tracking Wall Street decline led by tech | National News
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
A currency trader walks near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, May 18, 2021. Asian shares rose Tuesday, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.
FILE – The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks are wobbling between small gains and losses in early trading on Wall Street Tuesday, May 18, 2021 as the market continues to be pulled between concerns about the potential for inflation and the hopeful signs that more parts of the economy are reopening.
In this photo provided by the New York Stock Exchange, specialist Peter Mazza works at his post on the floor of the New York Stock Exchange, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
In this photo provided by the New York Stock Exchange, traders work on the floor of the NYSE, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
In this photo provided by the New York Stock Exchange, traders work on the floor of the NYSE, Tuesday, May 18, 2021. Stocks were mixed, moving between small gains and losses on Tuesday morning, as investors remain focused on the possibility for more inflation later this year as well as the economic recovery as the coronavirus pandemic comes to a close.
People walk by an electronic stock board of a securities firm in Tokyo, Wednesday, May 19, 2021. Asian shares fell Wednesday, tracking a decline on Wall Street led by big technology stocks.
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, May 19, 2021. Asian shares fell Wednesday, tracking a decline on Wall Street led by big technology stocks.
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, May 19, 2021. Asian shares fell Wednesday, tracking a decline on Wall Street led by big technology stocks.
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, May 19, 2021. Asian shares fell Wednesday, tracking a decline on Wall Street led by big technology stocks.
A man walks by an electronic stock board of a securities firm in Tokyo, Wednesday, May 19, 2021. Asian shares fell Wednesday, tracking a decline on Wall Street led by big technology stocks.
TOKYO (AP) — Asian shares fell Wednesday, tracking a decline on Wall Street that was led by big technology stocks. Investors are awaiting the release of minutes from the latest Federal Reserve policy setting meeting.
Japan’s benchmark Nikkei 225 fell 1.4% in morning trading to 28,008.09. Australia’s S&P/ASX 200 slipped 1.9% to 6,936.00. The Shanghai Composite slipped 0.4% to 3,513.61. Markets were closed in Hong Kong and South Korea.
“Major U.S. markets ended the day lower, as investors took some risk off the markets ahead of the Fed minutes release later today,” said Yeap Jun Rong, market strategist at IG in Singapore. “Asia markets are set to track the U.S. indexes lower.”
A day after Japan reported its economy contracted at a 5.1% annual rate in the first quarter of this year, Fitch Solutions forecast the economy will grow 2.5% this year, highlighting the challenge as the country battles surging coronavirus infections.
“The slow vaccination roll-out in the country means that the country continues to face risks from sporadic movement restrictions and other tightening measures that will disrupt a healthy recovery in activity,” the report said.
The Tokyo Olympics, due to start in late July, will be held in such a reduced capacity, “the positive economic gains from the event will likely be negligible,” it said.
