Shares have tumbled in Asia following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Worries about war in the Middle East also have been dragging on markets. Benchmarks in Hong Kong, Tokyo and Seoul fell about 2%.
A currency trader watches monitors near the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Oct. 19, 2023. Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks.
Hong Kong’s Hang Seng index declined 2.2% to 17,349.79 and the Shanghai Composite index was down 1.6%, at 3,010.03. Australia’s S&P/ASX 200 sank 1.4% to 6,981.60.“Another surge in Treasury yields, lingering geopolitical tensions in the Middle East and higher oil prices seem to dampen appetite in risk-taking for now,” Yeap Jun Rong of IG said in a report.
On Wednesday, the S&P 500 sank 1.3% and the Dow Jones Industrial Average lost 1%. The Nasdaq sank 1.6%.share price fell 4.2% in afterhours trading after it reported its net income slumped in the third quarter, as price reductions helped drive strong sales growth but ate into the automaker’s profit margins.jumped 12.
The earnings reporting season for the summer is just starting and the broad expectation is for S&P 500 companies’ overall earnings per share to have climbed in the last quarter for the first time in a year.
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