Asian shares mostly slipped Thursday as optimism over earnings was tempered by persistent concerns about inflation and the Chinese economy, despite an overnight rally on Wall Street.
Eyes are on the Bank of Japan, set to wrap up a two-day policy meeting, although analysts expect no major changes.
Tokyo's benchmark Nikkei 225 lost 0.1% to 27,657.53 in morning trading. Australia’s S&P/ASX 200 edged down 0.1% to 6,751.00. South Korea’s Kospi gained 0.4% to 2,397.33. Hong Kong’s Hang Seng slipped 1.3% to 20,612.10, while the Shanghai Composite fell 0.5% to 3,286.83. “Inflation concerns, ongoing geopolitical uncertainty and lingering caution over the pandemic are adding fuel to recession fears and weighing on the outlook for companies," he said in a report.
“It’s not exactly the most robust day, but it’s nice to follow up on a day like yesterday,” said Ross Mayfield, investment strategist at Baird. “It feels like over the past couple of months good days have given it all back the very next day.” Netflix climbed 7.4% higher after it said it lost fewer subscribers during the spring than expected. It's the worst performing stock in the S&P 500 for the year, though, down by nearly two thirds.On the losing end was Baker Hughes, which tumbled 8.3% after it reported weaker results for the spring than analysts expected. Northern Trust fell 4% after its profit fell short of forecasts.
Some parts of the economy are already slowing because of the rate hikes, particularly the housing industry. A report on Wednesday morning showed that sales of previously occupied homes weakened last month by more than economists expected. Higher mortgage rates are dragging on the industry, along with high prices for homes.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China threatens 'strong measures' if Pelosi visits TaiwanChina will take 'resolute and strong measures' should the Speaker of the U.S. House of Representatives Nancy Pelosi proceed with reported plans to visit Taiwan, the Chinese Foreign Ministry said Tuesday.
Read more »
Authorities in south China apologize over COVID-19 break-insAuthorities in southern China have apologized for breaking into the homes of people who had been taken to a quarantine hotel in the latest example of heavy-handed virus-prevention measures that have sparked a rare public backlash.
Read more »
Authorities in south China apologize over COVID-19 break-insAuthorities in southern China apologized for breaking into the homes of people quarantined for being suspected of contracting COVID-19 in the latest example of heavy-handed measures that have sparked a rare public backlash.
Read more »
How China became ground zero for the auto chip shortageAutomotive chip order times remain long around the world, but brokers are focusing on China, which has become ground zero for a crunch that the rest of the industry is gradually moving beyond.
Read more »
China to fine Didi more than $1-billion for data breaches, sources sayThe fine on ride-hailing firm Didi Global would be the largest regulatory penalty imposed on a Chinese tech company
Read more »
100 million-year-old dinosaur footprints found at restaurant in ChinaDinosaur footprints dating back 100 million years have been discovered in southwestern China after a sharp-eyed diner spotted them in a restaurant's outdoor courtyard.
Read more »