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July 8, 2021, 12:10 a.m. EDT

Asian markets fall after Fed discusses cut in economic stimulus

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By Associated Press

BEIJING — Asian stock markets fell Thursday after the Federal Reserve discussed a possible reduction in U.S. economic stimulus and Japanese officials prepared to declare a coronavirus state of emergency during the Olympics due to a surge in infections.

The Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.58% in Tokyo lost 0.9% after experts recommended a state of emergency in Tokyo from Monday through Aug. 22. Possible measures include closing bars and restaurants that serve alcohol and a request to the public to stay home. City leaders also have the option of shutting department stores and other businesses.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.19% lost 0.6% after the Chinese Cabinet announced it will free up more money for lending by reducing the amount of deposits banks are required to hold in reserve.

The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +1.03% in Hong Kong fell 2%, hurt by declines for Chinese tech stocks. They have been hit by increased enforcement of anti-monopoly and other rules including an order to ride-hailing service Didi /zigman2/quotes/227703899/composite DIDI +1.59% to stop taking on new users while it overhauls how it handles customer data. Hong Kong-traded shares of e-commerce giant Alibaba Group /zigman2/quotes/215112034/delayed HK:9988 +2.24% lost 2.3% and entertainment and social media operator Tencent Holding Ltd. /zigman2/quotes/204605823/delayed HK:700 +2.39% slid 3% as its WeChat social network deleted a number of LGBT accounts .

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.33% dipped 0.6% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.76% inched 0.1% higher. Stocks gained in Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.38% but declined in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.22% , while Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.01% was flat.

Also Thursday, South Korea reported a one-day record increase of 1,275 new coronavirus infections, adding to the region’s anxiety about disease risks.

Overnight, Wall Street closed at a new high, propelled by gains for technology, industrial and health care stocks.

Minutes of the Federal Reserve’s latest meeting in June gave an upbeat outlook for a U.S. economy recovery and showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system.

“With the initial heavy lifting from economic reopening mostly factored in, the pace of reduction in unemployment rate ahead carries some uncertainty,” said Yeap Jun Rong of IG in a report. “The Fed minutes reinforces that much awaits to be seen in the data ahead to guide policies pullback.”

On Wall Street, the benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.91% rose 0.3% to 4,358.13. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.48% added 0.3% to 34,681.79. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.91% gained less than 0.1% to a record 14,665.06.

In energy markets, benchmark U.S. crude lost 17 cents to $72.03 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.17 to $72.20 on Wednesday. Brent crude , the price basis for international oils, shed 6 cents to $73.37 per barrel in London. It sank $1.10 the previous session to $73.43.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1795% declined to 110.56 yen from Wednesday’s 110.63 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
30,500.05
+176.71 +0.58%
Volume: 0.00
Sept. 17, 2021 3:15p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,613.97
+6.87 +0.19%
Volume: 51.69B
Sept. 17, 2021 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,920.76
+252.91 +1.03%
Volume: 3.10M
Sept. 17, 2021 4:08p
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/zigman2/quotes/227703899/composite
US : U.S.: NYSE
$ 8.30
+0.13 +1.59%
Volume: 16.47M
Sept. 17, 2021 4:01p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$40.03 billion
Rev. per Employee
N/A
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/zigman2/quotes/215112034/delayed
HK : Hong Kong
$ 154.90
+3.40 +2.24%
Volume: 30.18M
Sept. 17, 2021 4:08p
P/E Ratio
19.75
Dividend Yield
N/A
Market Cap
$3359.36 billion
Rev. per Employee
$3.26M
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 461.80
+10.80 +2.39%
Volume: 23.98M
Sept. 17, 2021 4:08p
P/E Ratio
20.30
Dividend Yield
0.35%
Market Cap
$4399.69 billion
Rev. per Employee
$10.55M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,140.51
+10.42 +0.33%
Volume: 589,244
Sept. 17, 2021 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,403.70
-56.50 -0.76%
Volume: 1.61M
Sept. 17, 2021 5:54p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,133.25
+23.30 +0.38%
Volume: 0.00
Sept. 17, 2021 3:00p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,071.23
+6.69 +0.22%
Volume: 0.00
Sept. 17, 2021 5:20p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
17,276.79
-1.91 -0.01%
Volume: 0.00
Sept. 17, 2021 1:31p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,432.99
-40.76 -0.91%
Volume: 3.79B
Sept. 17, 2021 5:25p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,584.88
-166.44 -0.48%
Volume: 577.97M
Sept. 17, 2021 5:25p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
15,043.97
-137.96 -0.91%
Volume: 6.16M
Sept. 17, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.9300
+0.1970 +0.1795%
Volume: 0.0000
Sept. 17, 2021 4:59p
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