Asian shares were mostly lower Tuesday amid concerns about regional stability as an expected visit by U.S. House Speaker Nancy Pelosi to Taiwan prompted...
TOKYO — Asian shares were mostly lower Tuesday amid concerns about regional stability as an expected visit by U.S. House Speaker Nancy Pelosi to Taiwan prompted threats from Beijing.
China sees Taiwan as its own territory and has repeatedly warned of “serious consequences” if the reported trip to the island democracy goes ahead. Pelosi has said she is visiting Singapore, Malaysia, South Korea and Japan for talks on a variety of topics, including trade, COVID-19, climate change and security.
Japan’s benchmark Nikkei 225 NIK declined 1.4% in morning trading. Australia’s S&P/ASX 200 XJO dipped 0.3% and South Korea’s Kospi 180721 slipped 0.8%. Hong Kong’s Hang Seng HSI dropped 2.7%, while the Shanghai Composite SHCOMP dove 2.9%. Stocks fell in Singapore STI , Taiwan Y9999 and Indonesia JAKIDX .
On Wall Street, stocks gave up early gains and closed slightly lower as investors began another busy week of company earnings and economic reports. August’s subdued opening follows a solid rally for stocks last month: July was the best month for the S&P 500 index since November 2020. But this week’s array of economic reports and company earnings has left traders “a little cautious,” said Lindsey Bell, chief markets and money strategist at Ally Invest.
A report last week showed that the U.S. economy contracted last quarter and could be in a recession. Stocks’ recent rally came as worrisome economic reports gave some investors confidence that the Fed can dial back its aggressive pace of rate hikes sooner than expected.
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