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Asian stocks mostly lower after mixed day on Wall Street

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Stocks were mostly lower in Asia on Wednesday after a lackluster session on Wall Street, where weak jobs data and pandemic concerns weighed on sentiment.

Shares rose in Tokyo after economic growth for the April-June quarter was revised upward to an annualized 1.9% from an earlier estimate of 1.3%.

Japan's Nikkei 225 index rose 0.5% to 30,070.19, while the Hang Seng in Hong Kong shed early gains, falling 0.5% to 26,236.74. The Shanghai Composite index gave up 0.3% to 3,666.22. In Seoul, the Kospi lost 0.9% to 3,158.63. Australia's S&P/ASX 200 lost 0.4% to 7,504.30, and benchmarks declined in Taiwan and Singapore.

"Scratching my head to make sense of it all, it appears that U.S. markets are concerned about the hoped-for post-pandemic recovery being somewhat less exuberant than hoped," Halley said. Volatility is expected to pick up in the coming days and weeks, after stocks churned higher throughout the summer, helped by stronger-than-expected earnings from big companies and guidance from the Federal Reserve that the central bank plans to keep interest rates low.On Wednesday, the Labor Department will report job openings for July.

 

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