Hang Seng skidded 0.2% to 17,760.40, the Shanghai Composite index declined 0.3% to 2,846.19, Nikkei 225 dropped 0.1% to 38,055.62, S&P/ASX 200 slipped 0.1% to 8,077.50 and Kospi slid 0.4% to 2,687.43
Asian stocks were down Tuesday after a mixed finish on Wall Street, where the Dow Jones Industrial Average climbed to an all-time high while Big Tech companies pulled the S&P 500 and the Nasdaq composite down.
U.S. futures declined. Oil prices pulled back from their recent highs, which had been driven by escalating tensions in the Middle East.
China’s industrial profits climbed 4.1% in July compared to the previous year, with overall profits for the first seven months rising 3.6%, bringing hopes to the market amid sluggish domestic demand, a housing downturn and employment worries.
But additional tariffs on China are clouding its manufacturing prospects. Canada announced a 100% tariff on the import of Chinese electric vehicles (EVs) and a 25% tariff on Chinese steel and aluminium on Monday, with the measures set to take effect on October 1. This will apply to all EVs shipped from China, many of which are Tesla cars produced in the country.
The automaker company’s U.S.-listed shares declined 3.2% Monday.
Hong Kong’s Hang Seng skidded 0.2% to 17,760.40 and the Shanghai Composite index declined 0.3% to 2,846.19.
Japan’s benchmark Nikkei 225 dropped 0.1% in morning trading to 38,055.62. Australia’s S&P/ASX 200 slipped 0.1% to 8,077.50. South Korea’s Kospi slid 0.4% to 2,687.43.
The S&P 500 dropped 0.3% Monday, remaining within 0.9% of its record set in July. The Nasdaq composite declined 0.9%, pulled down by several technology companies that tend to tip the market because of their big values. Nvidia shed 2.2%, Microsoft skid 0.8%, Amazon retreated 0.9%, Meta Platforms slipped 1.3% and Tesla declined 3.2%.
The Dow gained 0.2%, to 41,240, surpassing its previous high set in mid-July. The average is less influenced by Big Tech, with only Apple and Microsoft among the most valuable “Magnificent Seven” stocks in the index. That helped limit the impact of the Big Tech decliners.
