TOKYO – The Asian stock market saw a decline following a slip on Wall Street that ended an eight-day winning streak, marking the longest of the year.
Japan’s benchmark Nikkei 225 lost 0.8% in morning trading to 37,741.53. Australia’s S&P/ASX 200 dropped 0.5% to 7,958.40. South Korea’s Kospi shed 0.1% to 2,692.81. Hong Kong’s Hang Seng slipped 0.9% to 17,348.77, while the Shanghai Composite shed 0.3% to 2,858.98.
Japan’s Finance Ministry reported a 621 billion yen ($4.3 billion) trade deficit for July due to surging global prices that pushed imports higher, growing nearly 17% from the previous year.
Market watchers are focused on Jerome Powell’s speech at an economic symposium in Jackson Hole, Wyoming later this week for clues on interest rate cuts by the Federal Reserve. Expectations are high for a rate cut next month, with interest in the size and scope of the cut.
On Wall Street, the S&P 500 slipped 0.2% Tuesday, with technology and aviation companies like Nvidia and Boeing weighing on the market.
Despite the recent market fluctuations, companies in the S&P 500 are expected to report strong earnings per share, signaling positive growth.
The situation in Japan, where rate raises by the central bank led to market losses, has stabilized after reassurances from the Bank of Japan about gradual future moves.
For more business news and updates, visit Yuri Kageyama at: https://x.com/yurikageyama
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