Japanese Stocks Declined and Markets in China are Closed
Stocks in Asia-Pacific declined on Friday, with Japanese markets among the region’s biggest losers.
In Japan, the Nikkei 225 dropped 2.31% to end its trading day at 28,771.07. The Topix index fell 2.16% to close at 1,986.31.
The sentiment at the country’s large manufacturers improved in the three months according to the Bank of Japan’s quarterly tankan business sentiment survey. Importantly, the headline index for large manufacturers’ sentiment came in at plus 18. In the previous quarter, the result was plus 14.
The data released by the Bank of Japan showed that the country’s large manufacturers are “very competitive globally”.
Australian stocks also suffered serious losses on Friday. The S&P/ASX 200 dropped 2% to end its trading day at 7,185.50. In Taiwan, Taiex fell 2.15% on the day to 16,570.89.
The Kospi in South Korea declined 1.62% to close at 3,019.18. In Singapore, the Straits Times index dropped about 1%, as of 3:08 p.m. local time.
Markets in Hong Kong as well as in mainland China were closed on Friday. Markets in mainland China are closed for the Golden Week holiday from Friday till October 7.
U.S. stocks on Thursday
U.S. stocks declined on Thursday as Wall Street wrapped up its worst month of a year on a sour note.
September was a really hard month for equities, as rising rates, inflation fears, as well as concerns about the Chinese property market, affected stocks. For instance, the S&P 500 finished September down 4.8% for its worst month since March 2020. It also closed 5% below its record high for the first time in 2021.
The Nasdaq Composite dropped 5.3% for its worst month since March 2020. The Dow Jones Industrial Average fell 4.3% for its worst month this year.
On Thursday, the Dow Jones Industrial Average declined 546.80 points or 1.59% to 33,843.92. The broader S&P 500 fell 1.19% to close at 4,307.54. The Nasdaq Composite dropped 0.4% to 14,448.58.
Furthermore, concerns about inflation as well as supply chain issues continued to hamper the markets on Thursday. Shares of Bed Bath & Beyond dropped 22.1%. The company’s shares fell after the company said those issues hurt its second-quarter results, and the news appeared to affect fellow retail stocks. Home Depot and Walgreens Boots Alliance declined 2.6% and 3.4%, respectively, making them two of the worst performers in the Dow.
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