Stock Pullback Extends to Asia
October 25 2017 - 10:56PM
Dow Jones News
By Ese Erheriene
A global stock pullback moved into Asia on Thursday, with most
markets down modestly following similar-sized declines overnight in
Europe and the U.S., pausing what has been a big month of gains for
many indexes.
Earnings weighed on U.S. stocks on Wednesday, including Chipotle
Mexican Grill, AT&T and Boeing.
And with the European Central Bank's meeting looming later
Thursday, "Asian bourses are likely to tread cautiously," said
Oversea-Chinese Banking. The European Central Bank is expected to
announce a slowed pace of bond buying for 2018.
But Japanese stocks rebounded some after a last-hour selloff
Wednesday resulted in the Nikkei Stock Average ending its record
16-day winning streak. The index was recently up 0.1%, though gains
of up to 0.4% were seen earlier.
The yen rebounded some overnight and extended that move in Asian
trading, with the dollar falling to Yen113.45 from Yen113.74 in
late New York action. The cap the currency move put on Japanese
stocks helped offset gains seen by some financial names in
anticipation of further U.S. interest-rate increases. Daiwa
Securities jumped 5% and Nomura nearly 2%.
Declines in Asian stocks were modest, with New Zealand seeing
one of the biggest declines at 0.3% for the NZX 50.
That index, which yesterday also lagged behind broad gains
Wednesday and ended its 15-day winning streak, was again pressured
by heavily weighted Fletcher Building. After falling 3.6% on
another profit warning, it was down an additional 1.8%
Thursday.
Elsewhere, Hong Kong stocks reversed some of their
Wednesday-afternoon rally, with the Hang Seng Index falling an
early 0.1%.
Oil prices were down slightly in Asian trading on Thursday after
a mixed session Wednesday. U.S. crude inventories surprisingly rose
slightly last week, sending the WTI U.S. benchmark lower.
(END) Dow Jones Newswires
October 25, 2017 22:41 ET (02:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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