Fri, December 02, 2022

Stocks in Asia-Pacific Suffered Losses on May 2

Stocks around the world

Stocks in Asia-Pacific declined on Monday, with data released over the weekend showing Chinese factory activity contracted in April.

In Japan, the Nikkei 225 dropped 0.11% as shares of robot maker Fanuc declined 2.26%. The Topix index dipped fractionally to end its trading day at 1,898.35.

In South Korea, Kospi fell 0.28% to finish its trading day at 2,687.45. Australia’s S&P/ASX 200 declined 1.18% to 7,347.

The world’s second-largest economy is under huge pressure due to the pandemic. Importantly, China’s factory activity contracted at a steeper pace in April as Covid lockdowns hit industrial production, according to data released over the weekend. 

The official manufacturing Purchasing Managers’ Index for April fell to 47.4, a second straight month of contraction following with March’s reading of 49.5. It is worth noting that the 50-point mark in PMI readings separates growth from contraction. Moreover, PMI readings are sequential and represent month-on-month expansion or contraction. 

A private survey also highlighted the severity of the problem. The Caixin/Markit manufacturing PMI came in at 46. 

Markets in mainland China, Hong Kong, Singapore as well as Taiwan are closed on Monday for a holiday. 

U.S. stocks and interesting facts 

U.S. stocks moved back and forth between gains and losses in volatile trading on Monday as Wall Street tried to shake off a brutal month that saw the Nasdaq Composite suffer its worst stretch since 2008.

The Dow Jones Industrial Average dropped 63 points, or 0.2% after being up more than 200 points earlier in the session. The S&P 500 fell about 0.2%. The Nasdaq Composite gained 0.3%.

The S&P and Dow Jones Industrial Average are coming off their worst month since March 2020. The Dow Jones Industrial Average finished April 4.9% lower, while the S&P dropped 8.8%. The Nasdaq Composite fell 13.26% in April, its worst result since 2008. 

Tech was a particularly weak point in April, and some of the biggest names were struggling once again on Monday. Shares of Amazon dropped 2.7%, while Apple also plunged into the red.

Netflix, nevertheless, advanced 3.5% and Disney rose more than 1%. Google’s parent company Alphabet and Microsoft gained about 1% each. 

YOU MAY ALSO LIKE

Opec

OPEC Oil Output Drops in November After the OPEC+ alliance promised drastic

Sterling remained strong despite the British economy's problems

Sterling at Fresh 16-Week High On Thursday, sterling rose to a near

Coinbase

Coinbase is not supporting some of the crypto currencies anymore? A DApp

COMMENTS

Leave a Comment

Your email address will not be published.

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce

BROKER NEWS

Broker News

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce illegal