Asia ADRs sink as Wall Street sours
Asian shares trading in the U.S. Thursday tumbled, ignoring earlier gains across the Pacific and instead taking their cue from a downturn on Wall Street.
The Bank of New York Asia American Depositary Receipt Index fell 1.73 points to 139.17, surpassing losses on the overall Composite Index, which was last 1.56 points lower to 142.66.
Asia’s main financial markets closed higher earlier Thursday but Wall Street traded lower, as disappointing productivity data and earnings results offset strong January sales results from retailers. See Market Snapshot.
Oil and gas ADRs fell sharply as crude futures dropped under $66 per barrel.
More: marketwatch.com
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Wall Street, Asia rally power ADRs
Surging benchmarks from Wall Street to the Pacific Rim propelled Asian shares trading in New York Friday to lofty heights.
The Bank of New York Asia American Depositary Receipt Index was last up 2.45 points, or 1.8%, to 138.96 and the overall Composite Index was 2.35 points, or 1.7%, higher at 142.09.
Earlier, South Korea's Kospi index closed at a new all-time high, up 1.2% to 1,412.79. In Tokyo, the bellwether Nikkei 225 finished up 2.84 points at 16,428.21, its highest close since September 2000. See Asia Markets.
Subsequently, Korean ADRs posted the most consistently solid gains.
Asia Roundup: Markets ride on Wall Street gains
HONG KONG: Asian stocks managed a solid rebound yesterday following Wall Streets lead as investors resigned themselves to a US rate hike later and hoped for some policy clarity from the US Federal Reserve (Fed), dealers said.
They said the gains were encouraging as they suggested investors were calmer about the prospect of higher US interest rates but much would depend on what the Fed had to say on the outlook for monetary policy.
TOKYO: Shares rallied 1.58 per cent as bargain hunters scooped up beaten down stocks, encouraged by overnight gains on Wall Street.
Asia struggles as US feel-good factor ebbs
Asian stocks closed lower on Friday, hit by losses on Wall Street after US data showing a surprise contraction in a key industrial region pointed to a possibly sharper-than-expected US slowdown, dealers said.
They said this was more than enough to offset any lingering feel-good factor from the US Federal Reserves decision to leave interest rates on hold, with that move now being taken instead as another indicator that all may not be well with the US economy.
A regular Philadelphia Federal Reserve survey fell to minus 0.4 points last month from a positive 18.5 in
Asia Roundup: Marts end on weaker note
HONG KONG: Asian markets closed mostly lower yesterday as investors took profits on Thursdays sharp gains after a volatile week marked by high oil prices and escalating violence in the Middle East, dealers said.
TOKYO: Shares fell for the first day in three as a pullback on Wall Street overnight prompted investors to lock in some of the sharp gains posted Thursday, dealers said. The Nikkei-225 index declined 125.58 points at 14,821.26.
SEOUL: Prices closed 0.15 per cent lower, slipping back after Thursdays sharp gains following a weaker Wall Street performance overnight, dealers said. The
Asia Roundup: Marts rebound on Wall St gains
Asian stocks rebounded yesterday in a continued roller coaster ride, with investors taking courage from gains on Wall Street after US growth figures suggested the recent panic over interest rates might be overdone.
Dealers said it was a relief to see solid gains after the battering the markets have taken over the past few weeks on fears the US Federal Reserve could hike rates further than expected to dampen growth and inflation.
Dealers said investors need certainty above all on US interest rates - let them be up, unchanged or down, it does not matter
