Share

Stocks head lower, threatening to break a winning streak

Share

TOKYO (AP) — Asian shares were mostly lower Friday after a slide on Wall Street as investors nervously watched the U.S.-China trade talks in Washington.

Japan’s benchmark Nikkei 225 slipped 0.5 percent to 21,368.54 in morning trading. Australia’s S&P/ASX 200 gained 0.5 percent to 6,170.30. South Korea’s Kospi fell 0.4 percent to 2,220.12. Hong Kong’s Hang Seng lost 0.6 percent to 28,446.32, while the Shanghai Composite shed 0.4 percent to 2,742.10.

Health care and energy companies led U.S. stocks lower. The S&P 500, which has risen for the past three weeks, fell 9.82 points, or 0.4 percent, to 2,774.88. The Dow Jones Industrial Average lost 103.81 points, or 0.4 percent, to 25,850.63. The Nasdaq composite declined 29.36 points, or 0.4 percent, to 7,459.71. The Russell 2000 index of smaller companies gave up 6.11 points, or 0.4 percent, to 1,575.55.

A mix of recent economic data is fueling concern about a possible global slowdown. The U.S. Labor Department said fewer workers applied for unemployment benefits last week than economists expected, an encouraging sign that layoffs are low. Investors are cautious about business conditions going forward as signs of weakness in the global economy emerge. The long-running, costly trade dispute between the U.S. and China has also clouded the outlook.

The world’s two biggest economies are locked in a trade war after President Donald Trump alleged that China deploys predatory tactics to try to overtake U.S. technological dominance. Beijing’s unfair tactics, trade analysts agree, include pressuring American companies to hand over trade secrets and in some cases stealing them outright.

The Trump administration has warned it will increase its import taxes on $200 billion in Chinese goods from 10 percent to 25 percent if the two sides haven’t reached a resolution by March 2. But Trump in recent days has signaled a willingness to extend the deadline if negotiators are making progress.

“The trade talks do appear to have made some progress, however, but a run of weak data from Japan, Europe and the U.S. yesterday took the wind out of the equity market sails,” said Jeffrey Halley, senior market analyst at OANDA.

ENERGY: Benchmark U.S. crude fell 10 cents to $56.86 a barrel. It slid 0.3 percent to settle at $56.96 a barrel in New York. Brent crude, used to price international oils, slid 14 cents to $66.93 a barrel.

CURRENCIES: The dollar inched down to 110.72 yen from 110.82 yen on Thursday. The euro weakened to $1.1335 from $1.1341.

___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.

Conversation