Asia markets slide further as market rally pauses on Wall Street
Investors in the Asia-Pacific region are assessing economic data releases this week, as markets slide after a pause in the Wall Street market rally. The broad market index is fluctuating near its highest closing levels since August 2022. While Australia stocks were marginally down, Japan’s Nikkei 225 extended its slide by 1.1%, leading losses in the region, and South Korea’s Kospi inched down by 0.59%.
Japan’s annualized GDP for the first quarter was revised to 2.7%, surpassing economists’ expectations of 1.9% and preliminary figures of 1.6%. On the other hand, Australia’s trade surplus fell more than expected to AUD 11.16 billion ($7.44 billion) in April. These fluctuations were reflected in the stock markets as investors continue to weigh the impact of the pandemic on economic growth.
FAQs:
1. What is the reason behind the slide in the Asia-Pacific markets?
– The slide is attributed to the pause in the Wall Street market rally and investors’ assessment of economic data that has been released this week.
2. Which stock market showed the most significant decline in the region?
– Japan’s Nikkei 225 extended its slide by 1.1%, leading losses in the region.
3. What was Japan’s annualized GDP for the first quarter?
– Japan’s annualized GDP for the first quarter was revised to 2.7%, higher than economists’ expectations of 1.9%.
4. What caused Australia’s trade surplus to fall more than expected?
– The decline in Australia’s trade surplus is linked to the impact of the pandemic on economic growth.
Markets in Asia continue to decline as Wall Street’s market rally takes a break.
Asian markets were hit by Wall Street’s slowdown in market rally, while the broad market index remained near its peak closing levels since August 2022. Economic data released this week was also closely scrutinized by investors in the region. Australian stocks were marginally down after the country’s trade surplus fell more than expected to AUD 11.16 billion ($7.44 billion) in April. In Japan, the Nikkei 225 slid by 1.1% in a volatile session following a decline on Wednesday, with the Topix down 0.75%. However, the country’s annualized GDP for the first quarter was revised to 2.7%, beating expectations by economists polled by Reuters who expected 1.9%. Meanwhile, South Korea’s Kospi dipped 0.59% while the Kosdaq slipped 0.71%.