Asia markets mixed after Wall St decline
|CTVnews 05 May 2021 at 07:58|
BEIJING -- Major Asian stock markets advanced Wednesday after Wall Street fell, while Chinese and Japanese markets were closed for holidays.
Overnight, Wall Street s benchmark S&P 500 index lost 0.7%, dragged down by more declines for tech stocks including Apple and Microsoft.
The Hang Seng in Hong Kong was little changed at 28,561.70 while the S&P-ASX 200 in Sydney added 0.4% to 48,453.94.
New Zealand s benchmark lost 1.1%, Singapore was down 0.8% and Bangkok fell 0.7%.
"With relatively light news flow and macro data, price action in the region was subdued in holiday-thinned conditions," Anderson Alves of ActivTrades said in a report.
Most economic data point to improving conditions but markets worry about renewed coronavirus outbreaks and a possible uptick in inflation.
Remarks by Treasury Secretary Janet Yellen on Tuesday appeared to stoke those worries. Selling on Wall Street accelerated after Yellen said interest rates may have to rise to keep the economy from overheating. She later downplayed her comments during an interview with The Wall Street Journal after markets closed.
On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook has "clearly brightened" in the United States but the recovery is uneven.