Al Seeb Developers’ Royal Regency Suites to be ready by March 2027
business1 hour ago
Trade was lackluster in most markets, with Tokyo closed for a holiday, as the region closed out one of its strongest weeks this year with a whimper.
Sentiment took a hit after Wall Street’s rally petered out Thursday. In the U.S., investor euphoria over the central bank’s aggressive $1.2 trillion plan to buy government bonds and debt securities gave way to fears the new spending would stoke inflation long term.
Those concerns have pummeled the dollar, which stabilized in Asia but was still headed for a 4 percent loss against the yen this week. That hurts Japan’s big exporters by eroding their foreign income.
While the market may see more upside, continuing woes in the financial system would likely lead to more selling in the weeks ahead, analysts said.
“I don’t think anyone reasonably expects this to be a long-term rally or that we’ve hit bottom,” said Andrew Orchard, Asian strategist for Royal Bank of Scotland in Hong Kong. “The problems with the financial system are still unknown.”
Hong Kong’s Hang Seng Index fell 207.85 points, or 1.6 percent, to 12,923.07, and Australia’s benchmark S&P/ASX 200 stock index declined 0.4 percent to 3,465.8.
Stocks in mainland China rose for a fifth day, with the Shanghai Composite advancing 0.5 percent to 2,277.89. South Korea’s Kospi climbed 0.8 percent to 1,171.04. Trading will reopen in Tokyo on Monday.
Markets in the Philippines and Thailand also rose.
Overnight in the New York, banking and other financial shares dragged on the broader market, and the major indexes finished down. The Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.
The broader Standard & Poor’s 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.
U.S. futures pointed to more losses on Wall Street. Dow futures were down 63 points, or 0.9 percent, to 7,348, while S&P 500 futures were down 7.4 points, or 1 percent to 772.7.
The dollar recovered some after tumbling overnight, gaining to 94.62 yen from 94.53 yen earlier — but down from nearly 99 yen two days ago. The euro was lower at $1.3652 from $1.3660.
Oil prices eased after surging overnight on a weakened dollar and evidence that OPEC has significantly slowed production. Benchmark crude for April delivery was down 49 cents at $51.12.
Al Seeb Developers’ Royal Regency Suites to be ready by March 2027
business1 hour ago
Reportage Properties offers special discounts on the company’s projects in the UAE, Saudi Arabia, Egypt and Turkey
business2 hours ago
The new projects include the new Dubai Police Academy building which can accommodate 2,500 male and female students
uae2 hours ago
On Sunday, Israel urged its citizens to avoid attending cultural and sports events abroad involving Israelis over the coming week
football2 hours ago
The former England footballer also voiced support for immigrants and Palestinians — often coming into conflict with the
football3 hours ago
Musk has also butted heads with Asia's richest man Mukesh Ambani in recent months over the way satellite spectrum should be awarded
asia3 hours ago
UN experts say the RSF has killed between 10,000 and 15,000 people in the West Darfur town of El Geneina alone
africa3 hours ago
Celebrating its 75th anniversary year, the championship promised an unprecedented two-hour extravaganza featuring all the teams and drivers
sports3 hours ago