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BEIJING (AP) Asian stock markets were mixed Thursday after leaders of major central banks said they must keep interest rates high to fight continued inflation despite fears the global economy could slide into recession.
Shanghai, Hong Kong and Seoul retreated, while Tokyo and Sydney advanced. Oil prices fell.
US, European and Japanese central bankers meeting in Portugal said on Wednesday that, with hiring still strong in major economies, they have yet to quench upward pressure on prices. The policy has not been restrictive enough for long, said Federal Reserve Chairman Jerome Powell.
The end of rate hikes is not yet in sight, says Carl B. Weinberg of High-Frequency Economics in a report.
The Shanghai Composite Index lost 0.1% to 3,185.56 while Tokyo’s Nikkei 225 gained 0.4% to 33,340.66. The Hang Seng in Hong Kong fell 0.9% to 18,995.31 points.
The Kospi in Seoul fell 0.1% to 2,560.67 while the S&P ASX 200 in Sydney rose less than 0.1% to 7,203.30. New Zealand advanced while Bangkok regressed.
On Wall Street, the benchmark S&P 500 fell less than 0.1% to 4,376.86.
The Dow Jones Industrial Average fell 0.2% to 33,852.66. The Nasdaq index rose 0.3 percent to 13,591.75 points.
General Mills fell 5.2% after the maker of Cheerios and Haagen-Dazs reported weaker earnings for the last quarter than analysts had expected.
Other food companies fell as well, including a 4% drop for Hershey, 3.7% for JM Smucker and 3.5% for Conagra Brands.
AeroVironment, maker of unmanned aerial vehicles, tactical missile systems and other equipment used by the US military and in Ukraine, rose 4.9% after stronger-than-expected earnings and revenue.
Investors expect at least a brief recession this year after the Fed and central banks in Europe and Asia raised interest rates. But recruiting and consumer spending have remained unexpectedly strong, prompting suggestions that a recession could be avoided.
The Fed has said it expects another rate hike or two this year, while the European Central Bank and others have sounded even more aggressive.
Strong reports on US consumer confidence, new home sales and other parts of the economy on Tuesday helped drive a 1.1% rally for the S&P 500. This month, the S&P 500 hit its highest level since April 2022.
In the energy markets, benchmark US crude lost 18 cents to $69.38 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.86 to $69.56 on Wednesday. Brent crude, the price base for international oil trade, fell 26 cents to $73.98 a barrel in London. It gained $1.77 to $74.03 the previous session.
The dollar rose to 144.35 yen from 144.32 yen on Wednesday. The euro fell from $1.0922 to $1.0896.
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Sources 2/ https://www.timesunion.com/news/world/article/stock-market-today-asian-shares-mixed-despite-18174429.php The mention sources can contact us to remove/changing this article |
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