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Jan. 3, 2019, 11:43 p.m. EST

Nikkei tumbles while markets in China, Hong Kong rebound

Asian tech stocks continue Apple-inspired selloff

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By Marketwatch and Associated Press


AFP/Getty Images
Women in traditional Japanese kimonos pose during the Tokyo Stock Exchange's new year business ceremony on Friday.

Japanese markets tumbled Friday as they reopened after the New Year holidays, while other Asian indexes were mixed after a technology-led sell-off on Wall Street.

The Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +0.50%   was last down 2.8%, after earlier falling more than 3% as technology and electronics makers slumped in the first trading day of 2019 for Tokyo. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.51% and Sony /zigman2/quotes/201361720/delayed JP:6758 +3.37%   fell around 4%, and Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +0.82%   dropped 6%.

Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.31%   rallied 1.2%, as oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 +4.16%   rose 4% and telecom China Mobile /zigman2/quotes/200868736/delayed HK:941 +0.32%   gained 2.5%. Apple suppliers continued to sink, with AAC /zigman2/quotes/201441510/delayed HK:2018 -1.41%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -2.35%   down more than 2% each.

Stocks jumped in mainland China, as the Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.19%   added 1.8% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -1.74%   surged 2.2%.

Traders cheered a private survey released Friday showing that China’s services sector expanded in December. China’s Caixin Services PMI, a survey of service industry purchasing managers, had a reading of 53.9 in December, a six-month high. This was slightly higher than November’s reading of 53.8. The survey comes on the back of weak manufacturing data earlier in the week.

Investors also were encouraged by news that the U.S. and China will hold trade talks in Beijing on Jan. 7 and 8. The U.S. delegation will be led by Deputy U.S. Trade Representative Jeffrey Gerrish, a Commerce Ministry statement said Friday.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.62%  , which has a high number of tech stocks, added 0.4% after Thursday’s lower close, though Samsung /zigman2/quotes/209800866/delayed KR:005930 -1.62%  declined. Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.59%   fell, as did Taiwan’s benchmark  , while Singapore’s Strait Times Index /zigman2/quotes/210597985/delayed SG:STI -0.76%   rose almost 1%.

“Concerns on global growth intensified,” Zhu Huani of Mizuho Bank said in a commentary. “As growths in China and Eurozone have been clearly slowing, investor fears that moderating global demand will start to dampen U.S. growth momentum,” she added.

Earlier, stocks slumped on Wall Street, led by a sharp slide in technology companies after Apple /zigman2/quotes/202934861/composite AAPL +0.77%  reported a slowdown in iPhone sales over the holidays in China. The 5% drop in tech stocks Thursday was the biggest for the sector since 2011.

The Apple news jolted markets and reinforced fears that the global economy is slowing. A surprisingly weak report on U.S. manufacturing made matters worse.

The broad S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.32%   gave up 2.5% to 2,447.89 and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.59%   lost 2.8% to 22,868.22. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.11%  , which has a high concentration of tech stocks, declined 3% to 6,463.50.

In other trading, U.S. crude oil   added 17 cents to $47.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 55 cents to $47.09 per barrel on Thursday. Brent crude  , used to price international oils, rose 11 cents to $56.06 per barrel. It gained $1.04 to $55.95 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0402%   strengthened to 108.37 yen from 107.67 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,296.86
+131.27 +0.50%
Volume: 0.00
Nov. 25, 2020 3:15p
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,870.00
+35.00 +0.51%
Volume: 17.18M
Nov. 25, 2020 3:00p
P/E Ratio
31.39
Dividend Yield
0.00%
Market Cap
¥12845.15 billion
Rev. per Employee
¥76.45M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 9,810.00
+320.00 +3.37%
Volume: 12.11M
Nov. 25, 2020 3:00p
P/E Ratio
13.12
Dividend Yield
0.46%
Market Cap
¥11706.46 billion
Rev. per Employee
¥73.75M
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 83,680.00
+680.00 +0.82%
Volume: 1.10M
Nov. 25, 2020 3:00p
P/E Ratio
94.71
Dividend Yield
0.57%
Market Cap
¥8474.35 billion
Rev. per Employee
¥40.83M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,669.75
+81.55 +0.31%
Volume: 2.89M
Nov. 25, 2020 4:09p
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 9.52
+0.38 +4.16%
Volume: 163.81M
Nov. 25, 2020 4:08p
P/E Ratio
9.29
Dividend Yield
6.83%
Market Cap
HK$408.08 billion
Rev. per Employee
HK$13.96M
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/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 47.60
+0.15 +0.32%
Volume: 34.22M
Nov. 25, 2020 4:08p
P/E Ratio
8.32
Dividend Yield
6.83%
Market Cap
HK$971.56 billion
Rev. per Employee
HK$1.85M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 42.10
-0.60 -1.41%
Volume: 9.83M
Nov. 25, 2020 4:08p
P/E Ratio
25.82
Dividend Yield
0.24%
Market Cap
HK$51.60 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 153.90
-3.70 -2.35%
Volume: 10.37M
Nov. 25, 2020 4:08p
P/E Ratio
35.30
Dividend Yield
0.53%
Market Cap
HK$172.43 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,362.33
-40.50 -1.19%
Volume: 32.21B
Nov. 25, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,254.30
-39.85 -1.74%
Volume: 36.86B
Nov. 25, 2020 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,601.54
-16.22 -0.62%
Volume: 1.41M
Nov. 25, 2020 3:33p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
66,600.00
-1,100 -1.62%
Volume: 32.45M
Nov. 25, 2020 3:30p
P/E Ratio
18.19
Dividend Yield
2.13%
Market Cap
₩455008.73 billion
Rev. per Employee
₩2.19B
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,683.30
+39.20 +0.59%
Volume: 969,709
Nov. 25, 2020 5:36p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,869.55
-22.08 -0.76%
Volume: 0.00
Nov. 25, 2020 5:20p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 116.06
+0.89 +0.77%
Volume: 38.48M
Nov. 25, 2020 11:58a
P/E Ratio
35.51
Dividend Yield
0.71%
Market Cap
$1958.10 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,623.93
-11.48 -0.32%
Volume: 982.18M
Nov. 25, 2020 11:58a
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,869.27
-176.97 -0.59%
Volume: 132.50M
Nov. 25, 2020 11:58a
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,050.17
+13.38 +0.11%
Volume: 2.22M
Nov. 25, 2020 11:58a
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.3960
-0.0420 -0.0402%
Volume: 0.0000
Nov. 25, 2020 11:58a
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