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Asian shares mostly lower despite US markets rally

Oct 26 2018 07:07

Asian shares have turned lower after early gains, despite the overnight jump on Wall Street. Worries over corporate earnings, trade and the outlook for growth weighed on sentiment.

Japan's benchmark Nikkei 225 lost 1.1% to 21 026.97 points on Friday, while South Korea's Kospi plunged 2.6% to 2 010.46. Australia's S&P/ASX 200 gave up 0.4% to 5 640.60. Hong Kong's Hang Seng sank 1.5% to 24 609.81 and the Shanghai Composite shed 0.5% to 2 589.65. Shares rose in Indonesia but fell in Taiwan and elsewhere in Southeast Asia.

On Wall Street, the rally wiped out a large part of the market's plunge from the day before. The S&P 500 index jumped 1.9% to 2 705.57. The Dow Jones Industrial Average rose 1.6% to 24 984.55 and the Nasdaq surged 3% to 7 318.34 after its biggest drop in seven years.

Investors are worried that rising interest rates and disputes with trading partners could hurt economic growth and corporate profits. They get more insight into how the American economy is doing later in the day when the US government reports on economic growth during the third quarter.

"Despite the relief stemming from gains on Wall Street, the leads are mixed for Asia into Friday," Jingyi Pan of IG said in a commentary. "One notable trend that would add to the pressure for Asia markets this morning had also been the strengthening greenback."

On oil markets, benchmark US crude fell 66 cents to $66.67 a barrel in electronic trading on the New York Mercantile Exchange. It gained 51 cents to $67.82 on Thursday. Brent crude, the benchmark for international oil prices, dipped 53 cents to $76.37.

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