Asian stocks are mixed after Wall Street losses following economic updates
Summary
Asian stock markets showed mixed results after modest losses on Wall Street, with Japan’s Nikkei slipping slightly and South Korea’s Kospi rising notably. Nvidia’s strong quarterly earnings, driven by high demand for its AI chips, helped U.S. futures rise, while oil prices dropped.Key Facts
- Japan’s Nikkei 225 fell 0.2% to 66,162.72.
- South Korea’s Kospi gained 1.5% to 6,909.81, with Samsung Electronics shares up 2%.
- Taiwan’s Taiex index rose 0.5%, while Hong Kong’s Hang Seng dropped 0.4%.
- China’s industrial profit growth slowed to 11.2% in July, down from 15.1% in June.
- U.S. stock indexes declined slightly on Wednesday; the S&P 500 lost less than 0.1%, Dow dropped 0.2%, Nasdaq fell 0.1%.
- Nvidia reported quarterly revenue more than doubled year-over-year due to strong AI chip demand.
- Brent crude oil price dropped 0.5% to $86.49 per barrel; U.S. crude also fell 0.5% to $81.84 per barrel.
- The U.S. economy grew at an annual rate of 1.5% in Q2, with inflation at 3.7%, above the Federal Reserve’s 2% target.
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