Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year.
“Japan's economy is likely to continue recovering moderately for the time being, supported by factors such as the materialization of pent-up demand” after the pandemic, the Bank of Japan said in a policy statement. The Dow Jones Industrial Average dropped 1.1% to 34,070.42, and the Nasdaq composite lost 1.8% to 13,223.98.High-growth stocks are typically among the hardest hit by high rates, and Big Tech stocks took the brunt of the pain for a second straight day. Amazon fell 4.4%, Nvidia dropped 2.9% and Telsa lost 2.6%.after it said it would buy Splunk, a cybersecurity company, for roughly $28 billion in cash. Cisco fell 3.9%, while Splunk jumped 20.8%.
A 10-year Treasury is offering a yield of 4.48%, up from 4.40% late Wednesday and from only 0.50% three years ago. It’s near its highest level since 2007. However, a separate report showed manufacturing in the mid-Atlantic region is contracting by much more than expected. A third report showedManufacturing and the housing industry have felt the sting of higher interest rates in particular and have struggled more than the broad job market.
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Stock market today: Asian shares decline ahead of Fed decision on ratesTOKYO (AP) — Asian shares declined Wednesday as markets awaited a decision on interest rates by the Federal Reserve. Japan's Nikkei 225 fell 0.6% to 33,055.98. Australia's S&P/ASX 200 slipped 0.6% to 7,155.10. South Korea's Kospi edged down 0.3% to 2,551.95. Hong Kong's Hang Seng dipped 0.3% to 17,935.72, while the Shanghai Composite shed 0.3% to 3,117.25. Trade data for Japan showed exports fell 0.8% last month from a year ago, marking the second straight month of declines, as exports to China
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