Asian stocks tumble after Wall Street skids, China slows

FILE- In this Oct. 11, 2018, file photo trader Peter Mazza, left, works with trader Daniel Trimble on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Thursday, Oct. 18. (AP Photo/Richard Drew, File)

Asian stock markets tumble after Wall Street declines and Chinese economic growth slows

BEIJING — Asian stock markets sank Friday after Wall Street declined on losses for tech and industrial stocks and Chinese economic growth slowed.

KEEPING SCORE: Tokyo's Nikkei 225 index fell 1.1 percent to 22,411.33 and Seoul's Kospi shed 0.3 percent to 2,141.06. The Shanghai Composite Index was flat at 2,485.99 and Hong Kong's Hang Seng fell 0.3 percent to 25,378.50. Sydney's S&P-ASX 200 shed 0.2 percent to 5,929.50 and benchmarks in New Zealand, Taiwan and Southeast Asia also retreated.

WALL STREET: Investors sold technology and internet stocks, industrials, and companies that rely on consumer spending amid worries about economic growth. The Standard & Poor's 500 index has lost 5.5 percent in volatile trading since Oct. 3. Industrial and basic materials companies that investors worry might be vulnerable to a worsening U.S.-Chinese tariff battle have taken some of the biggest losses. The S&P 500 shed 1.4 percent to 2,768.78. The Dow Jones Industrial Average lost 1.3 percent to 25,379.45. The Nasdaq composite sank 2.1 percent to 7,485.14.

CHINA: Growth in the world's second-biggest economy slowed to 6.5 percent in the quarter ending in September from the previous quarter's 6.7 percent. The downturn adds to pressure on communist leaders as they fight a mounting tariff battle with Washington. A government spokesman said the economy was stable but "external challenges" and "downward pressure" were increasing. Retail spending and investment, key economic drivers, decelerated to still-robust levels.

ANALYST'S TAKE: "The markets continue to shudder as political turbulence ferments," said Stephen Innes of OANDA in a report. The Chinese data "offer little solace to risk sentiment," Innes said. "There are worrying signs beyond the tariff effect that are more concerning," including weaker factory output, he said.

ENERGY: Benchmark U.S. crude rose 11 cents to $68.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.10 on Thursday to $68.65. Brent crude, used to price international oils, gained 28 cents to $79.57 in London. It retreated 76 cents the previous session to $79.29.

CURRENCY: The dollar gained to 112.38 yen from Thursday's 112.17 yen. The euro advanced to $1.1458 from $1.1453.

You may also like these

US tycoon's China scholarship project opens doors...

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

China's electric vehicle industry shaken by...

Sep 13, 2016

China's electric vehicle industry, a flagship for Beijing's technology ambitions, has been rocked...

Asian stocks markets retreat after Wall Street...

Dec 23, 2016

Most Asian stock markets have declined in thin trading ahead of the Christmas holiday after Wall...

Choked by smog, Beijing creates new environmental...

Jan 8, 2017

Officials in Beijing have announced a new environmental police squad to root out illegal burning in...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com