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Asian stocks fall after weak U.S. consumer report

Asian stocks fall after weak U.S. consumer report

Asian stocks were lower for a second day yesterday amid worries U.S. consumers were continuing to struggle, undermining hopes for a quicker turnaround in an economy that's a major export market for the region.
Major markets fell by about 1.5 percent or more across Asia, while oil prices and the dollar weakened modestly.
The losses followed another lackluster session on Wall Street, where an unexpected drop in a key measure of confidence among American consumers gave investors few reasons to wade deeper into a market that's run massively higher since March.
The news was the latest sign that U.S. shoppers, whose spendthrift ways have helped drive demand for goods made by Asian export companies for years, may not bounce back anytime soon amid high unemployment. It also dampened some of the confidence gained after a string of positive company earnings reports.
In Japan, the Nikkei 225 stock average fell 141.21 points, or 1.4 percent, to 10,071.25, and Hong Kong's main index retreated 368.64, or 1.7 percent, to 21,800.95.
Elsewhere, South Korea's Kospi dived 40.27 points, or 2.5 percent, to 1,609.26, leading the declines in Asia. China's Shanghai index was off 1.2 percent, Taiwan's market lost 1.2 percent and India's Sensex benchmark fell 0.7 percent.
In the U.S. overnight, stocks ended a volatile session mostly lower as worries about U.S. consumers overshadowed evidence that home prices were starting to recover.
The Dow rose 14.21, or 0.1 percent, to 9,882.17. The broader Standard & Poor's 500 index fell 3.54, or 0.3 percent, to 1,063.41, while Nasdaq fell 25.76, or 1.2 percent, to 2,116.09.
U.S. futures pointed to more losses on Wall Street. Dow futures were down 15, or 0.2 percent, at 9,820.


Updated : 2021-06-18 12:59 GMT+08:00