{"id":180407,"date":"2023-08-22T21:39:15","date_gmt":"2023-08-22T21:39:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=180407"},"modified":"2023-08-22T21:39:15","modified_gmt":"2023-08-22T21:39:15","slug":"asian-shares-retreat-on-china-woes-us-bank-worries","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asian-shares-retreat-on-china-woes-us-bank-worries\/","title":{"rendered":"Asian Shares Retreat On China Woes, US Bank Worries"},"content":{"rendered":"

Asian stocks retreated on Wednesday, with uncertainty over the Federal Reserve’s future rate hike path, more disappointing Chinese economic data and fresh concerns over the health<\/span> of the U.S. banking sector keeping investors nervous. <\/p>\n

U.S. consumer spending continues to show signs of persistent strength, raising concerns that interest rates will remain higher for longer. <\/p>\n

Data showed that China’s house prices continued to decline in July, in a further sign of the property slowdown. <\/p>\n

Fitch has warned that it may downgrade dozens of U.S. banks including JP Morgan Chase because of turbulence in the industry. <\/p>\n

The dollar was on the front foot in Asian trade and oil extended overnight losses on China demand worries while gold edged up slightly against a backdrop of risk aversion.<\/p>\n

Chinese shares fell sharply on signs of a faltering economy<\/span> and the lack of meaningful stimulus from policymakers to revive growth. <\/p>\n

The benchmark Shanghai Composite index fell 0.82 percent to 3,150.13 while Hong Kong’s Hang Seng index tumbled 1.36 percent to 18,329.30.<\/p>\n

Japanese shares closed at a more than two-month low on concerns about weakening growth in China and fears of a possible downgrade of U.S. major banks. <\/p>\n

The Nikkei average slumped 1.46 percent to 31,766.82 while the broader Topix index settled 1.29 percent lower at 2,260.84.<\/p>\n

Banks led losses, with Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial losing 2-3 percent. <\/p>\n

Uniqlo brand owner Fast Retailing gave up 1.9 percent and technology<\/span> investor SoftBank lost 3.1 percent. <\/p>\n

Seoul stocks slumped and the Korean won weakened to a three-month low in the wake of rising global uncertainties. The Kospi average plummeted 1.76 percent to 2,525.64.<\/p>\n

Australian markets<\/span> succumbed to selling pressure on China jitters, with tech, mining and financial stocks pacing the decliners. <\/p>\n

The benchmark S&P\/ASX 200 ended down 1.50 percent at 7,195.20, marking its biggest fall in about six weeks. The broader All Ordinaries index closed 1.44 percent lower at 7,411.80. <\/p>\n

Lender NAB fell over 1 percent despite announcing plans to buy back as much as A$1.5 billion ($970 million) of its shares to help further bolster its balance sheet.<\/p>\n

Across the Tasman, New Zealand’s benchmark S&P NZX-50 index recouped some early losses to finish 0.49 percent lower at 11,763.11 after the Reserve Bank kept interest rates steady. <\/p>\n

U.S. stocks hit a five-week low overnight while longer-term Treasury yields hit their highest levels this year after data showed retail sales rose more than expected in July, denting dovish Fed bets. <\/p>\n

The sell-off was compounded by weak economic data from China and a warning from Fitch that U.S. banks, including JPMorgan Chase, could be downgraded.<\/p>\n

The Dow dropped 1 percent, the S&P 500 declined 1.2 percent and the tech-heavy Nasdaq Composite fell 1.1 percent. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Asian stocks retreated on Wednesday, with uncertainty<\/p>\n","protected":false},"author":3,"featured_media":180406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAsian Shares Retreat On China Woes, US Bank Worries - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/asian-shares-retreat-on-china-woes-us-bank-worries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian Shares Retreat On China Woes, US Bank Worries - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Asian stocks retreated on Wednesday, with uncertainty\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/asian-shares-retreat-on-china-woes-us-bank-worries\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T21:39:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Asian-Shares-Retreat-On-China-Woes-US-Bank-Worries-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/asian-shares-retreat-on-china-woes-us-bank-worries\/\",\"url\":\"https:\/\/precoinnews.com\/business\/asian-shares-retreat-on-china-woes-us-bank-worries\/\",\"name\":\"Asian Shares Retreat On China Woes, US Bank Worries - 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