Brief
Asian markets slip as US equities hit record highs and oil stays high
Tokyo, Seoul and Hong Kong saw modest declines after US markets posted record gains, while oil prices held steady.
By Felo News Desk · Published
Asian equity markets mostly retreated on Wednesday, October 7, after US stocks surged to new all‑time highs, according to the Independent.
In Tokyo, the Nikkei 225 slipped 0.9% to 70,284.81. South Korea’s Kospi fell the same percentage to 6,876.76, while Hong Kong’s Hang Seng dropped 0.6% to 24,129.96. Taiwan’s Taiex edged down 0.2%. Shanghai’s market was closed for a national holiday, and Australia’s S&P/ASX 200 inched up 0.1% to 8,740.10.
US markets rose sharply on Tuesday. The S&P 500 climbed 0.6% to a record 7,818.93, the Dow Jones Industrial Average added 0.5% to 51,521.28, and the Nasdaq composite rose 0.4% to 27,599.79, matching the previous day’s high. The rally was attributed to confidence in corporate earnings, especially in technology and AI‑related sectors, as noted by Ng Jing Wen of Mizuho Bank.
Despite the upbeat US performance, oil prices remained elevated due to the ongoing Iran war, keeping inflation pressures high. The 10‑year US Treasury yield eased to 5.28% from 5.31% after a brief dip, while Brent crude prices rebounded early Wednesday.
Strong earnings continued to underpin market sentiment. Lamb Weston reported quarterly profit and revenue above expectations, sending its shares up 7.5%. Analysts expect robust earnings growth for the July‑September quarter, with FactSet projecting nearly 30% earnings‑per‑share growth year‑over‑year for S&P 500 companies.
Key facts
- Tokyo's Nikkei 225 fell 0.9% to 70,284.81. (independent.co.uk)
- US S&P 500 reached a record 7,818.93, up 0.6%. (independent.co.uk)
- 10‑year US Treasury yield eased to 5.28% after falling from 5.31%. (independent.co.uk)
- Lamb Weston’s shares rose 7.5% after beating profit forecasts. (independent.co.uk)
- Oil prices stayed high amid the Iran war, with Brent rebounding early Wednesday. (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “Asian stocks mostly fall back despite latest earnings-driven rally on Wall Street”
