Asian Stocks Dip As Wall Street Slows After “Trump Trade” Rally

Asian stocks declined on Wednesday, mirroring Wall Street's recent dip, as the momentum behind the “Trump trade” rally that surged following Donald Trump’s presidential win started to cool, reported Zimo Zhong for the Associated Press (AP).

Australia’s S&P/ASX 200 fell 0.8% to 8,193.40. I Photo: ASX

Japan’s benchmark Nikkei 225 index dropped 1.7% to 38,719.60, influenced by wholesale inflation reaching its highest level since July of last year.

The corporate goods price index, which tracks the price changes of goods traded within the corporate sector, rose by 3.4% year-over-year in October, according to data from the Bank of Japan.

This increase was partially due to the depreciation of the Japanese yen against the U.S. dollar.

In South Korea, the Kospi index fell 2.6% to 2,417.16, with Samsung Electronics shares plummeting 4.5%, marking their lowest level in more than four years. Hong Kong’s Hang Seng index declined for a fourth consecutive day, slipping 0.6% to 19,721.10.

Meanwhile, China’s Shanghai Composite edged up 0.3% to 3,431.82, and Australia’s S&P/ASX 200 fell 0.8% to 8,193.40.

In the U.S., the S&P 500 declined 0.3% to 5,983.99 on Tuesday after reaching a record high on Monday. The Dow Jones Industrial Average dropped 0.9% to 43,910.98, while the Nasdaq composite slid 0.1% to 19,281.40.