Stock market today: Asia shares mostly decline after Wall Street slide on bank worries
Asian shares are mostly trading lower after worries about the U.S. banking system set off a decline on Wall Street and amid concerns closer to home about Chinese economic growth
By YURI KAGEYAMA
Published - Aug 09, 2023, 01:33 AM ET
Last Updated - Aug 10, 2023, 02:47 PM EDT
TOKYO (AP) — Asian shares mostly fell Wednesday after worries about the U.S. banking system set off a decline on Wall Street and amid concerns closer to home about Chinese economic growth.
Japan's benchmark Nikkei 225 lost 0.5% to 32,232.60 in afternoon trading. Australia's S&P/ASX 200 edged up 0.3% to 7,329.10. South Korea's Kospi added 1.3% to 2,606.84. Hong Kong's Hang Seng dropped 0.3% to 19,134.00, while the Shanghai Composite shed 0.4% to 3,247.91.
Clifford Bennett, chief economist at ACY Securities, called the export data out of China “rather alarming,” noting it was the sharpest decline in three years and reflected global economic challenges, not just in China.
“Global demand is falling precipitously,” he said.
