Asian stocks fall after Wall Street losses

A Chinese investor walks past a display showing stock information at a brokerage house in Beijing, Thursday, Nov. 30, 2017. Asian stock markets declined Thursday after U.S. tech stocks fell and China reported stronger manufacturing as investors looked ahead to a key OPEC meeting. (AP Photo/Mark Schiefelbein)

Asian stock markets have fallen after U.S. tech stocks declined and China reported stronger manufacturing activity

BEIJING — Asian stock markets declined Thursday after U.S. tech stocks fell and China reported stronger manufacturing as investors looked ahead to a key OPEC meeting.

KEEPING SCORE: The Shanghai Composite Index shed 0.2 percent to 3,330.04 and Tokyo's Nikkei 225 retreated 0.1 percent to 22,570.42. Hong Kong's Hang Seng fell 1 percent to 29,332.42 and Seoul's Kospi lost 0.6 percent to 2,497.35. Sydney's S&P-ASX 200 declined 0.7 percent to 5,965.90. Benchmarks in Taiwan, Singapore and Jakarta also retreated, while New Zealand and Malaysia gained.

WALL STREET: A steep slide in big technology companies pulled major U.S. stock indexes mostly lower, offsetting strength in banks and health care and erasing some of the gains the market made a day earlier. The tech-heavy Nasdaq composite, which is the best-performing index this year, had its biggest single-day drop since August as investors cashed in some of their winnings and bid up shares in health care companies and retailers. The Standard & Poor's 500 index lost just under 1 point to 2,626.07 and the Dow Jones industrial average gained 0.4 percent to 23,940.68. The Nasdaq lost 1.3 percent to 6,824.39.

CHINA MANUFACTURING: A monthly survey showed Chinese manufacturing activity improved in November, adding to signs of a pickup in global and domestic demand. The China Federation of Logistics and Purchasing said its purchasing managers' index rose to 52.4 from October's 51.6 on a 100-point scale on which numbers above 50 show activity accelerating. Components of the survey that measure imports, exports and new orders all improved, while the indicator for employment weakened. "The breakdown shows a broad-based pickup in demand," said Julian Evans-Pritchard of Capital Economics in a report.

OPEC: With crude prices at two-year highs, OPEC and allied oil producing-nations appear ready to agree to extend output cuts at a meeting Thursday after Iraq's energy minister said there was broad agreement for such a move. Prices are up almost 20 percent over a year ago. And the bets have been that the Organization of the Petroleum Exporting Countries and their non-OPEC partners will try to keep supply tight by prolonging the daily 1.8 million barrel output reductions agreed to a year ago. Some market watchers say quotas agreed in November 2016 will be stretched into 2018, and the comments by Iraq's Jabbar Ali Hussein Al-Luiebi strengthened such expectations.

ANALYST'S TAKE: The decline in U.S. tech shares, driven by potential tax changes, is likely to weigh on Asian markets, said Jingyi Pan of IG in a report. "The better than expected Chinese November PMI figures were seen providing little to support prices given a market that largely anticipates steady expansionary manufacturing figures," said Pan. "Oil will take center stage with today's OPEC meeting. While the realization of the technical committee's recommendation may ensue, reactions could still be a wild card."

ENERGY: Benchmark U.S. crude rose 6 cents to $57.36 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 69 cents on Wednesday to $57.30. Brent crude, used to price international oils, gained 12 cents to $62.65 in London. It lost 71 cents the previous session to $62.53.

CURRENCY: The dollar strengthened to 111.98 yen from 111.90 yen. The euro gained to $1.1870 from $1.1847.

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 plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

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 pledges further cuts in excess steel, coal...

Jan 10, 2017

China's top economic planner has pledged to continue cutting steel and coal production, which have...

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

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]