Bulletin
Investor Alert

New York Markets Open in:

Associated Press Archives | Email alerts

Feb. 16, 2021, 11:17 p.m. EST

Asian markets slip on profit-taking, as hopes grow for recovery

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    KOSPI Composite Index (180721)
  • X
    S&P/ASX 200 Benchmark Index (XJO)

or Cancel Already have a watchlist? Log In

By Associated Press

TOKYO — Asian shares were lower Wednesday as investors sold to lock in profits from the recent rally driven by hopes economies will gradually return to a pre-pandemic normal.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.14% dipped 0.4% to 30,356, even as the vaccination drive against COVID-19 began, starting with medical workers. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.13% dropped 1% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.07% slipped 0.3%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.61% gained 0.6% as traders returned after a three-day holiday, while stocks surged in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.48% but fell in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.53% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.11% . Trading was closed in Shanghai for a holiday.

Hopes are high for a recovery for Japan, coming in the latter part of this year, especially if the Tokyo Olympics are held as scheduled in July, although the growth pace will slow next year and the year after that, Yoshimasa Maruyama, senior economist for SMBC Nikko Securities, said in a report.

The vaccine rollout in Japan and a recovery of exports as overseas economies rebound will prove key for the Japanese economy, he said.

Shares of Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -0.40% slipped in morning trading after Japan’s top automaker said 14 assembly lines at nine of its plants in Japan were being halted to up to four days, starting Wednesday, because of the effects of the recent earthquake that shook northeastern Japan.

The auto maker did not give details but said the stoppage was caused by a shortage of auto parts. Thousands of parts go into a vehicle. Toyota has 15 plants in Japan. The affected lines make, among other vehicles, Lexus models, the Prius hybrid and the RAV4 sport utility vehicle.

On Wall Street, indexes closed mostly lower Tuesday as losses in health care and technology companies kept gains in energy and other sectors of the market in check.

Rising bond yields, a sign of confidence in the economic outlook and expectations of rising inflation, are weighing on sentiment, analysts said.

The yield on the 10-year Treasury rose to 1.30% from 1.29% late Tuesday, the highest level in a year. Bank stocks make broad gains on higher yields, which allow them to charge more lucrative interest rates on loans. But utilities and real estate stocks, bond proxies that can look less attractive when bond yields rise, were among the biggest decliners.

“A continued improvement in economic conditions is expected to be one to mitigate some of the negative effects that rising bond yields may have for equities and the likes of January retail sales and industrial production remains ones to watch in the session ahead,” Jingyi Pan of IG said in a commentary.

The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.11% slipped less than 0.1% to 3,932.59. The Dow /zigman2/quotes/210598065/realtime DJIA +0.90% rose 0.2% to 31,522.75. The Nasdaq Composite index /zigman2/quotes/210598365/realtime COMP +1.31% fell 0.3% to 14,047.50. The three indexes closed at record highs on Friday. U.S. markets were closed Monday for a holiday.

Optimism that Washington will come through on trillions of dollars of more aid for the economy and encouraging company earnings reports have helped stocks grind higher this month, along with hopes that the coronavirus vaccine rollout will set the stage for stronger economic growth in the second half of this year.

In energy trading, benchmark U.S. crude rose 7 cents to $60.12 per barrel in electronic trading on the New York Mercantile Exchange. It gained 58 cents to $60.05 per barrel on Tuesday. Brent crude , the international standard, lost 35 cents to $63.00 a barrel.

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0331% slipped to 105.98 Japanese yen from 106.00 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
29,683.37
+40.68 +0.14%
Volume: 0.00
April 16, 2021 3:15p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,198.62
+4.29 +0.13%
Volume: 985,278
April 16, 2021 3:32p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,063.50
+4.90 +0.07%
Volume: 627,013
April 16, 2021 5:49p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,969.71
+176.57 +0.61%
Volume: 2.19M
April 16, 2021 4:09p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
17,158.81
+82.08 +0.48%
Volume: 0.00
April 16, 2021 1:33p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,201.76
+16.99 +0.53%
Volume: 0.00
April 16, 2021 5:20p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,086.26
+6.76 +0.11%
Volume: 0.00
April 16, 2021 3:00p
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 8,530.00
-34.00 -0.40%
Volume: 3.33M
April 16, 2021 3:00p
P/E Ratio
15.77
Dividend Yield
2.58%
Market Cap
¥23723.68 billion
Rev. per Employee
¥83.25M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,170.42
+45.76 +1.11%
Volume: 2.13B
April 15, 2021 5:07p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,035.99
+305.10 +0.90%
Volume: 321.83M
April 15, 2021 5:07p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
14,038.76
+180.92 +1.31%
Volume: 3.93M
April 15, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.7930
+0.0360 +0.0331%
Volume: 0.0000
April 16, 2021 7:35a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.