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Asian stocks were mostly higher Thursday after a mixed trading session on Wall Street.
Tokyo’s Nikkei 225 index fell 0.4% after disappointing data on factory and retail sales was released. Stocks also fell in Hong Kong, but other regional benchmarks rose.
Japanese investors appeared to accept the choice of former Foreign Minister Fumio Kishida to lead the Liberal Democrats in power and thus become the next prime minister.
China Evergrande Group shares fell as reports said the company, which is struggling to reduce debt, was at risk of missing another payment on a bond.
Shares of Evergrande surged on Wednesday after announcing it was selling a stake in Shengjing Bank to help repay a 10 billion yuan ($ 1.6 billion) debt to the northeast-based lender. China.
Hong Kong’s Hang Seng Index lost 0.9% to 24,452.61 while the Nikkei 225 in Tokyo lost 104.92 points to 29,439.37.
The Shanghai Composite Index gained 0.4% to 3,550.24 and the Australian S & P / ASX 200 jumped 1.5% to 7,302.50. In Seoul, the Kospi rose 0.1% to 3,063.19.
The 10-year Treasury yield, which is used to set interest rates on many types of loans, slipped Thursday morning to 1.51% from 1.53%.
On Wednesday, the S&P 500 rose 0.2% to 4,359.46 after losing most of a 0.8% gain. The modest gain came a day after the benchmark posted its worst decline since May. The index is set to experience its first monthly loss since January.
The Dow Jones Industrial Average also lost momentum, but managed a 0.3% gain to 34,390.72, while the high-tech Nasdaq composite lost 0.2% to 14,512.44.
The Russell 2000 Small Business Index also fell, losing 0.2% to 2,225.31.
Bond yields have stabilized after surging last week and weighing on the market, especially technology stocks. The higher yields have forced investors to reevaluate if the prices have been too high for stocks, as this makes them expensive in comparison.
The broader market lost ground in September, leaving the S&P 500 down 3.6% for the month with a day to go.
Investors spent much of the month examining a mixed batch of economic data that showed the impact of COVID-19 and the highly contagious delta variant on consumer spending and the labor market recovery.
Investors are still watching the Federal Reserve closely to assess the impact of slower economic growth on the speed of its plan to cut bond purchases it has made to help keep interest rates low.
Wall Street also has its eye on Washington, where Democrats and Republicans in Congress are fighting to extend the nation’s debt limit. If the limit, which caps the amount of money the federal government can borrow, is not raised by Oct. 18, the country “would likely face a financial crisis and economic recession,” said Wednesday. Secretary of the Treasury Janet Yellen in Congress.
Yellen’s remarks came a day after Senate Republicans blocked consideration of a bill that would have raised the debt ceiling.
The coming weeks will bring a new wave of corporate profits that will give investors a detailed look at the impact of supply chain issues and higher costs on business finances.
A wide range of companies have warned investors about the impact of inflation on costs and profits. Nike, Costco and FedEx were among those who cited material costs, shipping delays, and labor issues.
In other trading Thursday, benchmark US crude oil fell 11 cents to $ 74.72 a barrel in electronic trading on the New York Mercantile Exchange. It fell 46 cents to $ 74.89 per barrel on Wednesday.
Brent crude oil lost 29 cents to $ 77.80 a barrel.
The US dollar slipped to 111.84 Japanese yen from 111.96 yen. The euro fell from $ 1.1599 to $ 1.1607.
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AP Business Writers Alex Veiga and Damian J. Troise contributed.
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