BANGKOK (AP) — Stocks opened on a mixed week in Asia after U.S. stocks suffered their worst loss since Election Day.
Japan’s Nikkei 225 index fell 1% to 38,255.65 as the yen regained some strength against the U.S. dollar after central bank Governor Kazuo Ueda signaled the Bank of Japan would continue to raise interest rates as conditions allow.
The dollar fell to 154.46 yen from 154.54 yen late Friday. Last week it traded above 156 yen.
South Korea’s KOSPI rose 2% to 2,465.60 after South Korea’s largest company, Samsung Electronics, announced plans to buy back shares. Samsung’s stock price soared 6%.
Chinese markets rose with Hong Kong’s Hang Seng index rising 1.2% to 19,655.58. The Shanghai Composite Index rose 1.2% to 3,372.18. Recent data shows retail spending has improved, and economists say government stimulus measures are giving a boost to the sluggish economy.
Elsewhere in Asia, Australia’s S&P/ASX 200 index rose 0.1% to 8,295.40. Taiwan’s TYX index fell 0.8%, and Bangkok’s SET index rose 0.6%.
U.S. stock markets fell on Friday due to the decline in exchange rates. “Trump Bump” What you get from Wall Street last week’s electionwith cut interest rate by the Federal Reserve Bank.
The S&P 500 fell 1.3% to 5,870.62, ending its decline on its worst day since before Election Day. The Dow Jones Industrial Average fell 0.7% to 43,444.99, and the Nasdaq Composite fell 2.2% to 18,680.12.
Vaccine makers helped push markets lower after President-elect Donald Trump said he wanted prominent Robert F. Kennedy Jr. anti-vaccine activistlead Department of Health and Human Services. Moderna fell 7.3% and Pfizer fell 4.7% due to concerns about a hit to profits.
Kennedy still needs Senate confirmation to take the seat, and some analysts are skeptical about his chances.
Biotech stocks were among the worst losers in the market overall, but the biggest drop in the S&P 500 came from Applied Materials. Although it reported stronger-than-expected profits in its most recent quarter, it fell 9.2% as analysts forecast a lower-than-expected future earnings range.
Companies face pressure to deliver significant growth because stock prices rise much faster than profits. This has made the stock market look expensive by various measures. The S&P 500 is still up 23% for the year, and that’s not far off. Best ever Set for Monday despite last week’s weakness.
Stocks have rallied significantly since Election Day, when Trump’s victory sent a huge shock to financial markets around the world. Investors immediately began sending shares of banks, small American companies and corporations. cryptocurrency like them place a bet About Trump’s preference resulting in a winner Raise tariffs, reduce tax rates, deregulate.
