Asian shares were trading mixed Thursday, as investors grew cautious after Wall Street's biggest pullback of the year.
TOKYO — Asian shares were trading mixed Thursday, as investors grew cautious after Wall Street’s biggest pullback of the year.
Japan’s benchmark Nikkei 225 NIK slipped 1.5%. Australia’s S&P/ASX 200 XJO gained 0.5% and South Korea’s Kospi 180721 added 0.2%. Hong Kong’s Hang Seng HSI was nearly unchanged, while the Shanghai Composite SHCOMP rose 0.1%. Stocks rose in Indonesia JAKIDX but fell in Singapore STI . Taiwan markets were closed.
“On the macro front, there remains lingering uncertainties about the outlook for the global economy. A slew of disappointing U.S. data releases and hawkish Fed rhetoric are also adding to the risk-off mood across markets,” said Anderson Alves, trader at ActivTrades. The government reported Americans cut back on their spending at retailers more than anticipated last month, the second straight decline. Separately, the Federal Reserve said U.S. industrial production, which covers manufacturing, mining and utilities, fell in December much more than economists had expected.
While there’s growing evidence that high inflation is finally easing, further rate hikes are still needed, according to Loretta Mester, president of the Federal Reserve Bank of Cleveland.
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