Asian stocks fall after Wall Str snaps winning streak

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Source:   —  April 22, 2016, at 9:07 AM

KEEPING SCORE: Hong Kong'south Hang Seng index fell 0.9 % to 21.416.44 and the Shanghai Composite Index lost 0.6 % to 2.936.61. Tokyo'south Nikkei two hundred twenty-five rose 1.1 % to 17.552.61.

Asian stocks fall after Wall Str snaps winning streak

Asian stocks fell Friday after Wall Str broke a three-day winning streak and declined.

KEEPING SCORE: Hong Kong'south Hang Seng index fell 0.9 % to 21.416.44 and the Shanghai Composite Index lost 0.6 % to 2.936.61. Tokyo'south Nikkei two hundred twenty-five rose 1.1 % to 17.552.61. Seoul'south Kospi retreated 0.3 % to 2.015.39 and Sydney'south south&P ASX two hundred lost 0.3 % to 5.253.70. India'south Sensex was flat at 25.871.97. Benchmarks in New Zealand, Singapore and Taiwan also declined, while the Philippines and Malaysia gained.

WALL STREET: Investors sold traditional safe-play stocks such as phone companies and utilities as they pored over earnings for clues about the trajectory of the U. south. economy. Analysts declare companies are struggling to meet profit expectations. Common Motors rose 1.5 % after profit more than doubled while Mattel fell 5.8 % on disappointing sales of Barbie dolls. The Dow Jones industrial average fell 113.75 points, or 0.6 percent, to 17.982.52. The Standard & Poor's five hundred index shed 10.92 points, or 0.5 percent, to 2.091.48. The Nasdaq composite index lost 2.24 points, or 0.1 percent, to 4.945.89.

ANALYST'south TAKE: With tiny improvement in the U. S. economy and the S&P near to its all-time high, "some retreat is needed for bullishness to sustain," said Bernard Aw of IG in a report. "Having said that, the lack of a powerful improvement in the economic outlook raises questions whether the stock rally will go on. In my view, equities may discover it challenging to thrust higher from recent levels."

EUROPE: German'south DAX was up 0.2 % on Thursday, while France'south CAC forty was down 0.1 percent. Britain'south FTSE one hundred was down 0.2 percent.

ENERGY: Benchmark U. S. crude gained fifty-six cents to $43.74 in electronic trading on the NY Mercantile Exchange. The contract fell $1 on Thursday to near at $43.18. Brent crude, used to price international oils, rose fifty-seven cents to $45.10 in London. It fell $1.27 the previous session to $44.53.

CURRENCY: The dollar advanced to 109.96 yen from Thursday'south 109.44 yen. The euro rose to $1.1303 from $1.1293.

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