Asian shares mixed after Wall Street tech stocks retreat

Asian shares were mixed Thursday following a tech-driven pullback on Wall Street.

Regional performance:

• Tokyo’s Nikkei 225 rose 0.7% to 38,400.00.
• Australia’s S&P/ASX 200 gained 0.8% to 8,473.30.
• South Korea’s Kospi was flat at 2,503.01 after the central bank cut its key rate by 0.25% to 3% and lowered growth forecasts for 2024 and 2025.
• China’s Markets: Hong Kong’s Hang Seng dropped 1.3%, and Shanghai Composite fell 0.3%.

Wall street recap:

• S&P 500: Down 0.4% to 5,998.74, snapping a seven-day win streak.
• Dow Jones: Fell 0.3% to 44,722.06.
• Nasdaq: Declined 0.6% to 19,060.48, dragged by Nvidia (-1.2%), Microsoft (-1.2%), and Broadcom (-3.1%).

Losses were tempered by gains in financials and health care, with Berkshire Hathaway (+0.9%) and Merck (+1.5%).

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Economic data:

• The U.S. economy grew 2.8% in Q3, driven by strong consumer spending. Inflation rose slightly in October, with PCE at 2.3%.

Oil and currency markets:

• Brent crude fell to $72.15 per barrel.
• The dollar strengthened to 151.56 yen.

U.S. markets are closed Thursday for Thanksgiving, reopening for a half-day Friday.