Asia-Pacific markets mixed as US markets snap winning streak

June 26, 2023 (MLN): Asia-Pacific markets started the final week of June mixed, even as U.S. markets snapped a multi-week winning streak Friday, as CNBC reported.

In an early Monday note, CMC Markets analyst Tina Teng wrote that “economic concerns took the central stage again as recession fears mounted, with spiking rates in both Europe and the US rattling global markets.”

Over the weekend, Europe also saw a brief rebellion by the Wagner private military group in Russia, pushing oil prices up on Monday.

In Japan, the Nikkei 225 reversed earlier losses and gained 0.14%, while the Topix rose 0.13%. Japan’s service sector prices climbed 1.6% year-on-year in May, unchanged from the previous month’s figure.

South Korea’s Kospi was also in the green, climbing 0.45%, while the Kosdaq saw a larger gain of 0.55%.

Hong Kong’s Hang Seng index rebounded from last week’s losses and opened 0.42% higher. In contrast, mainland Chinese stocks fell, with the Shanghai Composite down 0.79% and the Shenzhen Component 0.78% lower.

In Australia, the S&P/ASX 200 fell 0.41%, dragged by energy stocks.

All three major U.S. indexes slid in Friday’s trading session, with the Dow Jones Industrial Average falling 0.65%, while the S&P 500 dropped 0.77% and the Nasdaq Composite closed lower by 1.01%.

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