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- Global Stocks: Asian stock indices declined on Monday
Global Stocks: Asian stock indices declined on Monday
U.S. stock indices mostly ended Friday with modest gains as market volatility steadied compared to earlier days. Strong GDP and consumer spending data, which came in on Thursday and Friday, gave investors confidence about the U.S. economy.
The Dow Jones Industrial Average lost 11.76 points, or 0.1%, to 16643.01. The S&P 500 added 1.21, or 0.1%, to 1988.87. The Nasdaq Composite gained 15.62, or 0.3%, to 4828.32.
This morning in Asia Hong Kong Hang Seng declined 0.77%, or 165.95 points, to 21,446.44. China Shanghai Composite Index dropped 2.61%, or 84.27 points, to 3,148.08. The Nikkei dropped 1.82%, or 348.81 points, to 18,787.51.
Japanese stocks are in the red zone. Analysts believe that investors are waiting for news on Fed interest rate hike prospects. The decision itself will be made at a meeting held on September 16-17. Fed Vice Chairman Stanley Fischer said at the Jackson Hole symposium over the weekend that it was too early to tell whether September is suitable for an increase in rates.
Stocks were also influenced by Japanese industrial production data. The corresponding index fell 0.6% in July missing expectations for a 0.1% reading. On an annualized basis it dropped to 0.2% from 2.3%.
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