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Stock market today: Asian shares fall over China worries, Seoul trading closed for a holiday

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TOKYO (AP) — Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes. Trading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong. That followed media reports that the chairman of Evergrande, Hui Ka Yan, had been taken away earlier this month and placed under police watch. Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that

TOKYO — Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes.

“The relatively quiet economic calendar today may lead sentiments on a more subdued tone, while reservations on risk taking may continue to revolve around developments on China’s property sector,” said Yeap Jun Rong, market analyst at IG.Trading was closed in South Korea for a holiday. Japan's benchmark Nikkei 225 dropped 1.6% to 31,872.52. Sydney's S&P/ASX 200 slipped nearly 0.1% to 7,024.80.

September is on track to be the S&P 500's worst month of the year as the stock market tries to absorb a leap by Treasury yields to heights unseen in more than a decade. High yields mean bonds are paying more in interest, which makes investors less willing to pay high prices for stocks and other riskier investments.

Even so, the “Fed won’t be overly reactive” to drops in stock prices because the overall economy remains solid, strategists led by Mark Cabana wrote in a BofA Global Research report. Costco Wholesale was another winner, rising 1.9% after it reported stronger profit for the latest quarter than analysts expected.

 

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Stock market today: Asian shares mostly lower after Wall Street retreat deepensTOKYO (AP) — Shares in Asia were mostly higher on Wednesday, shrugging off a sharp decline on Wall Street that took benchmarks back to where they were in June. Tokyo's Nikkei 225 recovered earlier losses, gaining 0.3% to 32,371.90. In Hong Kong, the Hang Seng advanced 0.6% to 17,577.03. The Shanghai Composite index added 0.3% to 3,111.36. In China, concerns continued over heavily indebted real estate developer Evergrande. The property market crisis there is dragging on China’s economic growth an
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