Asian Shares End Mostly Lower, AP Reports
Asian shares were mostly lower on Wednesday, Oct. 12, 2022, following another volatile day on Wall Street, as traders braced for updates on inflation and corporate earnings. Benchmarks fell in Tokyo, Shanghai, and Hong Kong but rose in Sydney, Yuri Kageyama reported for the Associated Press (AP).
Photo Insert: Australia’s S&P/ASX 200 gained nearly 0.2% to 6,656.00.
In currency trading, the Japanese yen declined to a 24-year low against the US dollar at 146 yen-levels, raising expectations of another intervention by Tokyo to prop up the yen. By midday, the dollar was at 146.17 yen, up from 145.80 late Tuesday.
South Korea’s Kospi lost 0.1% to 2,189.86 after the Bank of Korea raised its key rate by 0.5 percentage points, amid the backdrop of the U.S. Fed rate hikes and growing inflation risks from the weak won and rebounding global oil prices.
The Japanese yen declined to a 24-year low against the US dollar at 146 yen-levels, raising expectations of another Japanese intervention to prop up the yen. The dollar was trading at 146.15 Japanese yen, up from 145.80 yen.
The euro cost 96.96 cents, inching down from 97.07 yen.
The weaker yen raises costs for both consumers and businesses who rely on imports of food, fuel, and other needs, but the bigger purchasing power for foreign currencies is expected to boost tourism.
Japan reopened fully to individual tourist travel this week after being closed for more than two years because of the pandemic.
Japan’s benchmark Nikkei 225 lost 0.2% to 26,348.73 in morning trading. Australia’s S&P/ASX 200 gained nearly 0.2% to 6,656.00. Hong Kong’s Hang Seng slipped 2% to 16,491.39, while the Shanghai Composite shed 1.2% to 2,943.24. On Tuesday, the S&P 500 fell 0.7%, marking its fifth straight loss, closing at 3,588.84. The Nasdaq dropped 1.1% to 10,426.19.
The Dow Jones Industrial Average added 0.1% to 29,239.19, while the Russell 2000 index rose 1 point, or about 0.1%, to 1,692.92, Damian J. Troise and Alex Veiga also reported for AP.