• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

Asia-Pacific stocks mixed as tech shares drop after Biden renominates Powell as Fed chair

by
November 23, 2021
in Stock News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Related Posts

Powerball jackpot just hit $1.2 billion. Here’s what you’d pocket after taxes.

Keystone Pipeline Restarts at Half Capacity of 300,000 Barrels a Day

Analyst Report: Exelon Corp.

Lawler: The Second Half “Bear Steepener”: Higher for Longer, a Higher R*, and A Rising Term Premium

SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday trade as investors watched for market reaction to U.S. President Joe Biden picking Jerome Powell for a second term as Federal Reserve chair.

Hong Kong’s Hang Seng index declined 1.01% while mainland Chinese stocks were mixed, with the Shanghai composite up 0.43% while the Shenzhen component slipped fractionally.

South Korea’s Kospi dipped 0.52%, with shares of biopharmaceutical firm Celltrion plunging around 5%.

The S&P/ASX 200 in Australia rose 0.83% as shares of major miner BHP rose more than 4%.

MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.46%.

Markets in Japan are closed on Tuesday for a holiday.

Tech stocks fall

Technology stocks in Asia fell on Tuesday, tracking losses seen by their peers overnight stateside.

Hong Kong-listed shares of Chinese tech giant Tencent fell 2.71% while Alibaba slipped 3.06% and Meituan plunged 2.99%. The Hang Seng Tech index declined by about 1.3%.

South Korea’s LG Electronics shed 4.48% and Kakao dropped 2.33%.

Overnight stateside, the Nasdaq Composite dropped 1.26% to 15,854.76. The Dow Jones Industrial Average edged 17.27 points higher to 35,619.25 while the S&P 500 slipped 0.32% to 4,682.94.

Those moves came as investors on Wall Street reacted to Biden picking Powell for another term as Fed chair. Biden had been under pressure to name a more progressive Democrat, rather than keep Republican Powell in the role.

Powell has guided the U.S. central bank and the country’s economy through the pandemic recession, unleashing unprecedented monetary stimulus to keep financial markets afloat. His renomination now heads to the Senate for confirmation.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.551, higher than the levels below 95.4 seen last week.

The Japanese yen traded at 115.11 per dollar, following a recent sharp weakening from below 114.5 against the greenback. The Australian dollar was at $0.7222, still off levels above $0.735 seen last week.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.45% to $79.34 per barrel. U.S. crude futures slipped 0.7% to $76.21 per barrel.

— CNBC’s Jeff Cox and Thomas Franck contributed to this report.

Next Post

Strong Insider Buying Puts These 3 Stocks in Focus

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Stock News

Powerball jackpot just hit $1.2 billion. Here’s what you’d pocket after taxes.

by
October 4, 2023
0

Read more

Powerball jackpot just hit $1.2 billion. Here’s what you’d pocket after taxes.

Keystone Pipeline Restarts at Half Capacity of 300,000 Barrels a Day

Analyst Report: Exelon Corp.

Lawler: The Second Half “Bear Steepener”: Higher for Longer, a Higher R*, and A Rising Term Premium

In his first job, Sam Bankman-Fried designed a system that called Trump’s 2016 win before major news outlets — but the firm still lost $300 million on election night

Strikes and the Impact on the Employment Report

Load More

All rights reserved by www.dividendstocksreport.net

  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.