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Friday, July 19, 2024

Asian stocks followed Wall Street lowers as effect of Economic Data

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Asian stocks followed Wall Street lowers as effect of Economic Data

On Friday, Asian stocks traded below to the Wall Street lowers. On account of, the US Treasury Secretary made an announcement regarding the US jobs and economic data.

Besides, Shanghai, Tokyo, Hong Kong, and Australia stocks all dropped during that period. According to the reports, the Wall Street benchmark S&P 500 index declined nearly 0.40% for its third straight daily.

As per the reports, in the last week, the US government has reported that nearly 8,61,000 people applied for unemployment benefits. In the latest meeting, the Federal reserve’s determined central bank officials consider the coronavirus pandemic still pretends essential risks to the economy.

Furthermore, the US Treasury Secretary urged congress to avoid cutting president Joe Biden’s offered $1.09 trillion funding package. The economy is in a deep hole notwithstanding predictions of growth.

However, still, the market is in the reflection tracking. On account of the way will get rougher from here. Moreover, they also said that further improvement requires continued economic growth recovery. However, the government and central bank received support in the asset prices area.

US Stocks:

According to the reports, the Shanghai Composite Index lost 0.90% to 3,641.63. The Nikkei 225 in Tokyo sank 1% to 29,947.42. On the other hand, the Hand Seng in Hong Kong lost around 1.01% to 30,265.15.

Moreover, the Kospi in South Korea pulls back 1.20% to 3,048.03. However, Sydney’s S&P-ASX 200 tumbled 1.60% to 6,774.20. Furthermore, the New Zealand and Southeast Asian markets also pulled back during the same period. 

In the US, the S&P 500 dropped to 3,913.97. The Dow Jones Industrial Average reduced 0.40% over 31,493.34. Moreover, the Nasdaq Composite tumbled 0.70%.

On Thursday, the GameStop Corp share price dropped to 11.40%. Congress is leading a hearing on the current volatility of companies caught in a tug-of-war among institutional investors considering against the organizations and the online retail investors that sold shares higher. 

In energy markets, the US crude oil benchmark dropped $1.49 per barrel to 59.04% in electronic trading on the NYMEX. 

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