Asian-Pacific Markets Follow Wall Street Declines
Asian-Pacific markets followed the declines on Wall Street, with the Japanese Nikkei 225 index marking its seventh consecutive day of losses, dropping by 3.28%, as reported by CNBC.
The index closed at 37,869.51 points, its lowest since April. The broader Topix measure fell by 2.98% to 2,709.86 points, recording its largest one-day drop since February 2021.
Shares of SoftBank Group fell by 9.39%, while those of Renesas Elec also experienced a decline.
The Yen reaches 11-week low
The yen has reached an 11-week low of 152.28 yen to the dollar, according to reports. The Japanese central bank is expected to discuss raising interest rates at its meeting next week, as well as present a detailed plan to halve bond purchases.
In addition, a Japanese government commission has agreed to increase the country’s average minimum hourly wage to 1054 yen (6.90 dollars), a 5% increase. Higher wages give the central bank more room to consider raising interest rates?
Investors React to South Korea’s Economic Data
Investors are closely watching South Korea’s economic data, as it relies on a “favorable cycle” of increasing prices and rewards.
The country’s economy grew by 2.3% on an annual basis in the second quarter, slightly lower than the expected 2.5% forecasted by economists surveyed by Reuters. On a quarterly basis, the economy contracted by 0.2% compared to the expected increase of 0.1% as per the Reuters survey.
South Korea’s Kospi index fell by 1.74% to close at 2710.65 points, while the Kosdaq index, which measures small-cap companies, dropped by 2.08% to 797.29 points. This decline was driven by SK Hynix’s shares, which fell by 8.87%.
Hong Kong’s Hang Seng index declined by 1.8%, while the CSI 300 index in mainland China fell by 0.55% to 3399.27 points, its lowest level since February.
Australia’s S&P/ASX 200 index dropped by 1.29% to 7861.2 points.
The Taiwan stock exchange remained closed for a second day due to the ongoing situation.
Preparing for the Approaching Typhoon “Hami”
As the typhoon “Hami” approaches, Taiwan is making necessary preparations to ensure the safety of its citizens and minimize the potential damage.
Stock Market Plummets in the US
On Wednesday, the broad market indicator S&P 500 and the technology gauge Nasdaq Composite marked their worst days since 2022 in the US. The S&P 500 lost 2.31%, closing at 5427.13 points, while the Nasdaq dropped by 3.64% and finished at 17,342.41 points.
The Dow Jones blue-chip index lost 504.22 points, or 1.25%, closing at 39,853.87 points.
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