Asian shares mostly track Wall St drop on inflation worries | National
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Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), center, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, July 13, 2021. Asian stocks followed Wall Street higher on Tuesday ahead of U.S. earnings reports that are expected to show strong profits for major banks.
Trader Jonathan Mueller works in his booth on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
Traders Robert Charmak, left, and Edward Curran share a laugh as they work on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
Trader Robert Gasparino works on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
Trader Neil Catania, left, and specialist Thomas McArdle work on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
Trader Richard Brophy works on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
Trader John Santiago, left, works on the floor of the New York Stock Exchange, Tuesday, July 13, 2021. Stocks wobbled between small gains and losses in early trading Tuesday as investors weigh the latest quarterly earnings reports from big U.S. companies and concerns about inflation.
A woman cycles past an electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2021. Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
People walk by an electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2021. Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
A man speaks on phone beside an electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2021. Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
A woman walks by an electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2021. Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation
People walk by an electronic stock board of a securities firm in Tokyo, Wednesday, July 14, 2021. Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
TOKYO (AP) — Asian shares were mostly lower on Wednesday, tracking a decline on Wall Street as investors weighed the latest quarterly earnings reports from big U.S. companies and data pointing to rising inflation.
Japan’s benchmark Nikkei 225 edged down 0.2% in early trading to 28,661.50. Australia’s S&P/ASX 200 added 0.2% to 7,349.60. South Korea’s Kospi slipped 0.3% to 3,261.48. Hong Kong’s Hang Seng dropped 0.6% to 27,784.74, while the Shanghai Composite dipped nearly 0.9% to 3,535.83.
“This backdrop of higher for longer U.S. inflation and a faster hiking Fed and strengthening USD is not a good recipe for emerging Asia,” said Robert Carnell, regional head of research Asia-Pacific at ING, referring to the U.S. currency.
Surging coronavirus cases in Indonesia, Malaysia and Thailand are another concern, he said. South Korea also is seeing cases jump. It released data showing an improvement in the jobless rate, but the numbers were collected before pandemic restrictions were tightened.
Some parts of Japan are also seeing an uptick in COVID-19 infections, fanning fears about the tens of thousands of athletes, dignitaries and other people from some 200 nations entering the country for the Tokyo Olympics. Tokyo is reporting hundreds of new cases daily. Some experts say that could jump to thousands in coming weeks, as the “bubble” conditions for the Olympians have been compromised, with staff and athletes testing positive for the virus. The Games open on July 23.
