Asian shares mixed as some recover from earlier slump

  • People walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday as pessimism followed an overnight drop in New York amid a rout in technology companies.

    People walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday as pessimism followed an overnight drop in New York amid a rout in technology companies. Associated Press

  • A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies.

    A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies. Associated Press

  • A man walks by while looking at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies.

    A man walks by while looking at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies. Associated Press

  • A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies.

    A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Tuesday, March 20, 2018. Asian shares slumped Tuesday, as pessimism followed an overnight drop in New York amid a rout in technology companies. Associated Press

 
 
Posted3/20/2018 7:00 AM

TOKYO -- Asian shares were mixed Tuesday as some indexes recouped earlier losses set off by an overnight decline on Wall Street. Investors are awaiting the first Federal Reserve meeting under the new chairman, Jerome Powell, and anticipating the first rate increase of the year.

KEEPING SCORE: Japan's benchmark Nikkei 225 lost 0.5 percent to finish at 21,380.97. Australia's S&P/ASX 200 slipped 0.4 percent to 5,936.40, while South Korea's Kospi inched up 0.2 percent to 2,479.81. Hong Kong's Hang Seng was virtually unchanged at 31,524.83, while the Shanghai Composite edged 0.3 percent higher to 3,289.80.

 

FACEBOOK DROP: The technology rout on Wall Street on Monday was set off by Facebook's worst loss in four years. The social media giant's plunge followed reports that Cambridge Analytica, a data mining firm working for President Donald Trump's campaign, improperly obtained data on 50 million Facebook users without their permission. Legislators in the U.S. and Europe criticized Facebook, and investors are wondering if companies like Facebook and Alphabet will face tighter regulation.

WALL STREET: The S&P 500 index sank 1.4 percent to 2,712.92. The Dow Jones industrial average fell 1.3 percent to 24,610.91. The Nasdaq composite gave up 1.8 percent to 7,344.24 and the Russell 2000 index of smaller-company stocks declined 1 percent to 1,570.56.

FEDERAL RESERVE: The U.S. Federal Reserve's first meeting under Jerome Powell's leadership ends later this week, likely with an announcement that the Fed will resume modest interest rate hikes. A healthy U.S. job market and a relatively steady economy have given the Fed the confidence to think the economy can withstand further increases. And the financial markets have been edgy for weeks.

ENERGY: Benchmark U.S. crude rose 55 cents to $62.68 a barrel in electronic trading on the New York Mercantile Exchange. It lost 28 cents on Monday. Brent crude, used to price international oils, also gained 55 cents to $62.60 per barrel in London.

by signing up you agree to our terms of service
                                                                                                                                                                                                                       
 

CURRENCIES: The dollar recovered to 106.27 yen from 105.92 late Monday. The euro rose to $1.2341 from $1.2267.

___

AP Markets Writer Marley Jay, who contributed to this report, can be reached at http://twitter.com/MarleyJayAP

His work can be found at https://apnews.com/search/marley%20jay

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

0 Comments
                                                                                                                                                                                                                       
 
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.