Stock market today: Asian shares fall as China reports weaker global demand hit its trade in August

A currency trader passes by the screens showing the Korea Composite Stock Price Index , center, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 7, 2023. Shares fell in Asia on Thursday after a decline on Wall Street, where strong economic data revived worries that the Federal Reserve might keep interest rates high for longer than hoped.

Hong Kong's Hang Seng, which has yoyoed this week on news about Chinese policy changes for the property sector, declined on selling of tech shares. It fell 1.2% to 18,235.40.In Seoul, the Kospi sank 0.7% to 2,544.40. Australia's S&P/ASX 200 was off 1.2% at 7,174.00.On Wednesday, the S&P 500 dropped 0.7%, closing at 4,465.48. The Dow Jones Industrial Average shed 0.6% to 34,443.19, and the Nasdaq gave back 1.1% to 13,872.47.

The dominant economic theme remains inflation and interest rates, which the Fed has boosted in an effort to bring down prices.going forward as inflation has been easing for months. "Paradoxically, however, what’s good news for the economy is bad news for markets," Stephen Innes of SPI Asset Management said in a commentary. “Currently, we are seeing the downside risk associated with positive growth news, especially when paired with investors fretting about the possible persistent inflationary impacts of higher oil prices.”

Inflation has been easing for months under the weight of the Fed’s aggressive rate hikes that started in 2022 and brought its main interest rate to the highest level since 2001. The policy raised concerns that the central bank might be too aggressive and hit the brakes on economic growth with enough force that the economy would be thrown into a recession.

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