- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Australia moves to expand Antarctic marine park
- Tragedy of Madrid street sweeper highlights how heatwaves kill
- Survivors wait for aid as Trump's lies help cloud Helene response
- Fleeing Israeli bombs, Lebanon's displaced met with suspicion
- Jila Mossaed, from refugee poet to Swedish Academy
- Will Tesla's robotaxi reveal live up to hype?
- Drugs, people smuggling at heart of Mexico's raging violence
- 'Invisibility' and quantum computing tipped for physics Nobel
- Musk says he is 'all in' on Trump in US election
- Category 5 Hurricane Milton roars towards storm-battered Florida
- Carpenter bomb stuns Guardians as Tigers level series
- Harris, Trump and Biden mark Oct. 7 attacks as US election looms
- Oil prices extend gains on Mideast tensions, Wall Street falls
- US judge orders Google to open Android to rival app stores
- On attacks anniversary, Israel fights 'sacred' multi-front war
- Nobel scientist uncovered tiny genetic switches with big potential
- Grammy-winning Cissy Houston, mother of Whitney, dies at 91
- UN biodiversity summit in Colombia aims to turn words into action
- Georgia Supreme Court reinstates six-week abortion ban
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- On attacks anniversary, Israel fights multi-front war
- Mexican mayor murdered days after taking office
- Intensifying to Category 5, Hurricane Milton targets Florida
- Mission to probe smashed asteroid launches despite hurricane
- Biden, Harris mark Oct. 7 with call for Mideast peace
- Dupont set for Toulouse return after post-Olympic holiday
- French rugby bosses tighten discipline after nightmare Argentina tour
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Visitors to get rare view of Rome's Trevi Fountain
- Europe's asteroid mission Hera launches despite hurricane
- Man City and Premier League both claim victory in legal case
- Deschamps delight as 'light back on' for Pogba after doping ban
- Biden, Harris urge Mideast peace on Oct. 7 anniversary
- Neeskens, tough midfielder in Cruyff's Ajax and Dutch teams
- UN warns world's water cycle becoming ever more erratic
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- Ex-Dutch football star Johan Neeskens dies
- Man Utd battling to improve fortunes, says Evans
- What is microRNA? Nobel-winning discovery explained
- Masood, Abdullah centuries lift Pakistan to 328-4 in first England Test
- Hurricane Milton strengthens fast, threatens Mexico, Florida
- Tunisia's President Saied set for landslide election win
- Barca hoping to return to Camp Nou 'by end of year'
- Trump to open second golf course at Scotland resort in summer 2025
- Super-sub Jhon Duran rewarded with new Aston Villa deal
- US duo win Nobel for gene regulation breakthrough
- Masood hits first ton for four years to power Pakistan to 233-1
- Fritz wins delayed match to reach Shanghai Masters third round
RBGPF | -1.97% | 58.94 | $ | |
SCS | -0.15% | 12.95 | $ | |
BCC | 1.68% | 141.27 | $ | |
NGG | -1.56% | 65.48 | $ | |
CMSC | -0.53% | 24.57 | $ | |
RELX | -0.54% | 46.04 | $ | |
RIO | -0.11% | 69.62 | $ | |
GSK | -0.49% | 38.63 | $ | |
CMSD | -0.09% | 24.79 | $ | |
VOD | 0.31% | 9.69 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
JRI | -0.76% | 13.18 | $ | |
BCE | -0.54% | 33.53 | $ | |
AZN | -0.78% | 76.87 | $ | |
BP | 0.78% | 33.14 | $ | |
BTI | -0.26% | 35.2 | $ |
Markets track Wall St loss with eyes on US race, China disappoints
Asian equities sank in line with Wall Street Friday as the optimism over expected US interest rate cuts was overshadowed by uncertainty about the presidential election and worries over China's economy.
Investors were already on edge after a report said the White House was considering a crackdown on firms supplying chip technology to Beijing, and following Donald Trump's call for Taiwan to pay Washington for help defending itself against China.
Markets have been enjoying a healthy run-up as Federal Reserve officials, including boss Jerome Powell, have lined up in recent days to suggest they are ready to begin reducing rates owing to a slowdown in inflation and a softening in the labour market.
Data Thursday provided fresh room for the central bank to act, with initial jobless claims rising more than expected last week.
Traders are now all but certain of a move in September, with some even suggesting there could be more in the last few months of the year.
However, the tech sector -- which has led the surge in stocks this year -- has taken a hefty hit after the report of a warning from the White House over supplying China and Trump's warning over Taiwan, home to some of the world's biggest chip producers.
There is also growing uncertainty over who will run against Trump in November's presidential election as calls for President Joe Biden to step aside continue to grow after a series of gaffes and a poor debate that have raised questions about his health.
The New York Times cited several people close to Biden as saying they believe he has begun to accept that he may not be able to win and may have to drop out, with one quoted as saying: "Reality is setting in."
Former president Barack Obama has reportedly told allies his former vice president should "seriously consider the viability of his candidacy", The Washington Post reported.
While a Trump win is seen as positive for equities owing to likely tax cuts and corporate deregulation, there are worries about his plans to impose huge tariffs on Chinese imports -- and those from elsewhere -- which many say could fuel inflation again.
A closely watched meeting of China's leaders in Beijing this week provided nothing concrete by way of supporting the world's number two economy.
The Third Plenum, which meets twice a decade to decide key policies, saw few policy announcements, with state news agency Xinhua saying they had agreed to "prevent and resolve risks in key areas such as real estate, (and) local government debt".
They also vowed to "actively expand domestic demand" days after data this week revealed retail sales -- a gauge of consumption -- rose far less than expected in June. Figures on Monday also showed gross domestic product grew much slower than forecast in the second quarter.
Harry Murphy Cruise at Moody's Analytics said the post-meeting statement lacked detail, as expected, but "says most of the right things".
He added that ahead of the plenum "we called for reforms around property, tax, and local government debt, as well as support for private firms and investment, all of which got a mention".
However, while he acknowledged the meetings map out a long-term view "this was still a missed opportunity".
Shares in Hong Kong and Shanghai fell owing to a lack of policy detail, while there were also losses in Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta.
The retreat followed another bad day on Wall Street, where the Dow dived after three days of record highs.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 0.4 percent at 39,952.62 (break)
Hong Kong - Hang Seng Index: DOWN 1.8 percent at 17,452.63
Shanghai - Composite: DOWN 0.5 percent at 2,962.79
Euro/dollar: DOWN at $1.0889 from $1.0900 on Thursday
Pound/dollar: DOWN at $1.2938 from $1.2946
Dollar/yen: UP at 157.45 yen from 157.36 yen
Euro/pound: DOWN at 84.14 pence at 84.17 pence
West Texas Intermediate: DOWN 0.9 percent at $82.10 per barrel
Brent North Sea Crude: DOWN 0.7 percent at $84.54 per barrel
New York - Dow: DOWN 1.3 percent at 40,665.02 (close)
London - FTSE 100: UP 0.2 percent at 8,204.89 (close)
Y.Aukaiv--AMWN