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Asian Markets Flat as Futures Suggest Mixed Day on Wall Street Stocks Rise as Wary Investors Face Prospect of Bear Market
(about 1 hour later)
HONG KONG — Jittery investors in Asia looked on Wednesday for any sign of an end to turmoil on Wall Street, where the market is poised for its worst December since the Great Depression. But the Christmas break in the United States gave them little to work with, and most Asian markets finished the day flat or down slightly. HONG KONG — Stocks opened higher at the start of trading on Wall Street Wednesday, even as the S&P 500 continued to hover at the edge of bear-market territory amid what was shaping up as the market’s worst December since the Great Depression.
Futures markets suggested Wall Street would be in for a mixed day as it resumed trading after the holiday, despite President Trump’s assertion that the stock market rout — which is nearing bear market territory — presented a “tremendous opportunity to buy.” ■ One possible factor in the early lift was data from Mastercard showing that retail sales in the United States this holiday season were 5.1 higher than last year, and experienced their most robust growth in six years. The figures suggested strength in the broader economy despite the recent rout in stocks.
Traders may be more focused on the steady outflow of government officials from Mr. Trump’s administration and concerns that he may fire Steven Mnuchin, even as he expressed confidence in the treasury secretary on Tuesday. ■ Markets were closed Tuesday for Christmas, a holiday pause that offered a reprieve from four straight days of falling share prices fueled at least partly from President Trump’s steady criticism of the Federal Reserve’s decision to raise interest rates. On Tuesday, Mr. Trump eased up slightly on his attacks on the Fed, and suggested the drop on Wall Street was “a tremendous opportunity to buy” stocks.
Many European markets were closed for the holidays. ■ Trading was mixed in Asian markets. Japan’s Nikkei 225 stock index rose 0.9 percent, but the Shanghai Composite index was down 0.3 percent, and the Shenzhen Composite fell 0.4 percent. The Kospi index in South Korea fell 1.3 percent, and the Taiex in Taiwan fell 0.5 percent.
Japan’s Nikkei 225 stock index rose 0.9 percent, but other major Asian markets were down slightly. ■ Many European markets were closed for the holidays.
In China, the Shanghai Composite index was down 0.3 percent, and the Shenzhen Composite fell 0.4 percent.
The Kospi index in South Korea fell 1.3 percent, and the Taiex in Taiwan fell 0.5 percent.