(RTTNews) – Asian shares closed mixed on Friday as fears persisted that the Fed would remain aggressive and the Bank of Japan would maintain its ultra-loose monetary policy.
While a strengthening dollar and rising government bond yields fueled risk aversion, Chinese and Hong Kong markets advanced on reports of measures by China to promote private economy development.
China’s Shanghai Composite index rose 1.55 percent to 3,132.43, while Hong Kong’s Hang Seng index rose 2.28 percent to 18,057.45.
Japanese shares closed lower and the yen weakened as the Bank of Japan gave no hint at possible changes to its easing policy and a private survey showed Japanese manufacturing activity contracted again in June and services sector growth for the first time in June slowed down. seven months.
The Nikkei average fell 0.52 percent to 32,402.41, extending losses for a fourth straight session, while the broader Topix index closed 0.30 percent lower at 2,376.27.
While tech stocks followed their U.S. peers lower, Nippon Television Network rose 13.5 percent after saying Studio Ghibli, Hayao Miyazaki’s famed Japanese animation studio, will become its subsidiary.
Stocks in Seoul closed slightly lower, with the Kospi average down 0.27 percent to 2,508.13, amid growing prospects for longer U.S. yields.
Australian markets recovered from an early decline to finish marginally higher after four days of losses. Energy stocks and utilities rose as oil prices rose on concerns that a Russian ban on fuel exports could tighten global supply.
Across the Tasman index, New Zealand’s S&P NZX-50 index rose 0.48 percent to 11,372.62 after a late rise.
U.S. stocks suffered their biggest decline in six months overnight and 10-year U.S. Treasury yields hit a 16-year high on uncertainty about the direction of the Fed’s monetary policy.
Data shows initial weekly claims for U.S. unemployment benefits unexpectedly fell to the lowest level in seven months, adding to interest rate concerns.
The tech-heavy Nasdaq Composite fell 1.8 percent to its lowest closing level in more than three months, while the S&P 500 lost 1.6 percent and the Dow Jones fell 1.1 percent.
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