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HONG KONG (AP) – Asian stocks fell Wednesday following lackluster trading on Wall Street, but Tokyo slipped to second place after the government said it would double its disaster reserves by nearly $7 billion. It increased by more than %.
U.S. futures fell, but oil prices rose.
Tokyo’s Nikkei Stock Average rose 2.1% to 34,476.86 yen, buoyed by heavy buying in semiconductor makers and speculation that the Bank of Japan would not change its ultra-easy monetary policy soon after the wage decline.34 It is trading near its highest price in a year. November is the 20th consecutive month.
Semiconductor maker Kyocera soared 5.7%.
Elsewhere in Asia, Hong Kong’s Hang Seng Index fell 0.4% to 16,122.67, while the Shanghai Composite Index also fell 0.2% to 2,887.18.
The Kospi fell 0.7% to 2,542.53 as South Korea’s unemployment rate hit its highest level since January 2022, according to Statistics Korea.
Australia’s S&P/ASX 200 fell 0.7% to 7,469.20. Australia’s consumer price inflation (CPI) fell to a nearly two-year low of 4.3% in November, data showed on Wednesday, with a sharp slowdown in core inflation and signs of policy easing. My expectations were high.
On Tuesday, the S&P 500 hit its highest level in nearly two months, dropping 0.1% to 4,756.50. The Dow Jones Industrial Average fell 0.4% to $37,525.16, and the Nasdaq Composite Index rose 0.1% to $14,857.71.
Eversource Energy fell 7.7%, the worst loss in the S&P 500, after the company said it could face a hit of up to $1.6 billion to its 2023 year-end results.
Unity Software fell 8% after the company announced it would cut 1,800 jobs, or about a quarter of its workforce.
Boeing also fell again, but not as much as on Monday, the first trading day since one of its jets destined for Alaska Airlines crashed. punk in flight Over Oregon. The company’s stock fell 1.4% after falling 8% on Monday. Spirit AeroSystems, which makes planes and other parts for Boeing Co., fell 0.4%.
Elsewhere in the aviation industry, jet blue airlines The company fell 10.2% after CEO Robin Hayes announced she would step down for health reasons. He will be succeeded by Joanna Geraghty, JetBlue’s current president, who will become the first woman to lead a major U.S. airline.
Among Wall Street winners, Illumina rose 4.5% after the biotech company said it expects to report stronger earnings than analysts expected at the end of 2023.
On the other hand, Nvidia rose 1.7%, hitting a new record high for the second day in a row. And as one of Wall Street’s biggest stocks, its movements have more impact on the S&P 500 and other indexes than almost any other company.
The Fed has already raised its key interest rate to its highest level since 2001 and hopes to lower the economy and investment prices to rein in inflation. The Fed has signaled it could cut interest rates three times by 2024 as inflation has fallen significantly from its peak. That would push up investment prices and ease pressure on the economy and financial system.
U.S. Treasury yields have already fallen on expectations for interest rate cuts and remain flat. The yield on the 10-year U.S. Treasury was 4.02% early Wednesday, up from 4.01% late Monday.
On Thursday, the U.S. government is scheduled to release its latest monthly report on consumer-level inflation.
On Friday, the largest companies in the S&P 500 index will begin reporting their results for the final three months of 2023. Most expect companies included in the index to report modest increases in earnings per share year-over-year.
In the oil market, benchmark U.S. crude oil traded electronically on the New York Mercantile Exchange rose 26 cents to $72.50 per barrel. Brent crude oil, the international standard, rose 22 cents to $77.81.
The dollar rose to 144.82 yen from 144.48 yen. The euro rose to $1.0933 from $1.0931.
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