Asian markets decline; European markets pull back sharply as tech stocks drag

Meanwhile, European stocks retreated on Tuesday on a spike in U.S. bond yields and Chinese growth concerns.

Sep 28, 2021 03:09 IST India Infoline News Service

Stock Market Down
Asian stock markets declined after media reports added various firms downgraded China’s GDP forecasts. Hong Kong’s Hang Seng index ended with gains of 1.20% on the day to 24,500.39.

Mainland Chinese stocks closed mixed, with the Shanghai Composite up 0.54% to 3,602.22 while the Shenzhen Component fell 0.212% to 14,313.82.

Elsewhere, South Korea’s Kospi slipped 1.14% to close at 3,097.92, the Nikkei 225 closed 0.19% lower at 30,183.96 while the Topix index shed 0.29% to finish the trading day at 2,081.77 and the S&P/ASX 200 in Australia dropped 1.47% at 7,275.60.

Meanwhile, European stocks retreated on Tuesday on a spike in U.S. bond yields and Chinese growth concerns. The pan-European Stoxx 600 fell 1.2% in early trade, with tech stocks dropping 3.2% to lead losses while oil and gas stocks added 0.8%.

US equities ended mostly lower yesterday as selling pressure in the rate-sensitive technology sector led to a contraction in S&P 500 and Nasdaq. The Dow Jones Industrial Average climbed 71.37 points to 34,869.37 while the S&P 500 shed 0.28% to 4,443.11. The Nasdaq Composite dipped 0.52% to 14,969.97.

Notably, the 10-year USA treasury yield rose by 2bps to 1.48%. Investors will be keenly tracking developments on Evergrande’s defaults.

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