Asian stocks were mainly lower Monday after Wall Street ended last week lower, as investors continue to look for what may be in store for US interest rates.
Japanese Nikkei 225
NIK, [0.2459005] -0.26%
fell 0.2% in early trading. Australias S & P / ASX 200
jumped between small gains and losses. South Korea's Kospi
180721, + 0.04%
inched down, but was slightly changed. Hong Kong's Hang Seng
lost almost 0.8% while the Shanghai Composite Index fell 0.6%
. Taiwan's Taiex
Y9999, + 0.66%
was 0.5%, while stocks were down in Singapore
In Shanghai, the STAR market, a Nasdaq board with 25 technology companies, began trading. Stocks increased in early trading, thanks to massive profits in listed shares of private investors. Trading in the new market is expected to be volatile at first. "Basically, there can be trade imbalances between supply and demand, and the market should look at fluctuations in a sensible way," said Liu Ti, vice president of the Shanghai Stock Exchange recently, according to Reuters.
9984, + 2.69%
rose in Tokyo trading while Nintendo
and convenience store chain FamilyMart
declined. In Hong Kong, Sunny Optical
2382, + 0.45%
achieved, while real estate companies such as China Overseas Land & Investment
and Wharf Real Estate
1997, [2.459006] slipped 2.40%
. SK Hynix
000660, + 2.21%
increased in South Korea while Samsung
005930, + 0.53%
lined up in front of the quarterly report. In Australia, Beach Energy
BPT, + 4.88%
and Fortescue Metals
"If I had to quantify the stock market risk, there are 90% Fed policies and 10% geopolitical concerns, as investors remain completely captivated by looser policies, the better the risk features," said Stephen Innes, managing partner of Vanguard Markets in a note Monday
US stocks pulled further back from their records on Friday to cover the weakest week for the S & P 500 since May, when emotions diminished after Iran said it took a British oil tanker, the last escalation of tensions between Tehran and the West.
S & P 500
fell 18.50 points, or 0.6% to 2,976.61. After setting their record high on Monday, the index was generally lower and lost 1.2% for the week. It's just the second week for the index in the last seven. Dow Jones Industrial Average
DJIA, -0.25%, fell 68.77, or 0.3% to 27.154.20, and the Nasdaq composite
lost 60.75 or 0.7% to 8.146.49.
Momentum for US stocks has slowed since the beginning of June, when they began shooting at expectations that the Federal Reserve will cut interest rates for the first time in a decade to ensure that the US economy does not undermine weaknesses abroad. Fed's next meeting is scheduled for the end of this month.
"With markets completely captivated by looser policies, the better the risk features, investors can remain singularly focused on the Federal Reserve, and the European Central Bank policy Decisions and communications that global stock markets continue to have their ups and downs based on the perceived rate of accommodating central bank policy, says Stephen Innes of Vanguard Markets in a comment.
Benchmark US crude oil
CLQ19, + 0.77%
added 37 cents to $ 56.13 per barrel. Burned crude oil
BRNU19, + 1.58%
the international standard, increased 65 cents to $ 63.12 per barrel.
USDJPY, + 0.27%
rose to 107.99 Japanese yen from 107.60 yen Friday.