Asian shares are mixed after Wall Street slips lower and bitcoin bounces higher

Feb29,2024



Bangkok: Shares in Asia were mixed on Thursday after a weak day. wall Streetwhere to sell technology stock Pulled down the benchmark. US futures were stable and there was hardly any change in oil prices.
Tokyo's Nikkei 225 index was down 0.1% at 39,166.19 after data showed factory output in January was falling at the fastest pace since May 2020, although retail sales were stronger than expected.
Hong Kong's Hang Seng rose 0.4% to 16,604.18 and the Shanghai Composite Index jumped 1.9% to 3,012.68. The smaller index in Shenzhen was up 3.4% after regulators issued new measures to support markets, including tighter monitoring of financial derivatives.
But technology services company Baidu fell 6.9% after reporting a 48% fall in its profits in the October-December quarter, as it tries to keep up with rivals in the artificial intelligence sector.
South Korea's Kospi slipped 0.4% to 2,642.36, while the S&P/ASX 200 rose 0.5% to 7,698.70. Bangkok's SET lost 0.4% and India's Sensex was up 0.1%.
On Wednesday, the S&P 500 slipped 0.2% to 5,069.76, continuing its lull and lull since setting a record last week. The Dow Jones Industrial Average fell 0.1% to 38,949.02. The Nasdaq Composite fell 0.5% to 15,947.74, a day after pulling within 0.1% of its record set in 2021.
Treasury yields also declined in the bond market after a report said the US economy will grow slightly slower than previously estimated in late 2023. The economy is defying recession expectations despite higher interest rates to curb inflation.
A 1.3% decline for Nvidia and a 1.8% decline for Google's parent company, Alphabet, were two of the heaviest weights on the market. They are among a small group of Big Tech stocks that have been disproportionately responsible for driving the S&P 500 to record highs.
According to Scott Wren, senior global markets strategist at Wells Fargo Investment Institute, this kind of concentration in the market could be a worrying sign. Broad gains among different types of stocks are generally a more favorable sign that market strength is sustainable.
Bumble fell 14.8% after reporting weaker-than-expected quarterly results for the latest quarter. The dating and friend-making app company, which recently revamped its leadership team, also gave a revenue forecast for this coming year that fell short of analysts' expectations.
Boston Beer, the company behind Samuel Adams, fell 15.8% after reporting a bigger loss than analysts expected. It was really hurt by the decline of hard seltzer.
Urban Outfitters fell 12.8% after the retailer reported weaker-than-expected results. The company, which also runs Anthropologie stores, said sales at its Urban Outfitters locations continue to weaken.
Helping limit the market's losses was eBay, which rose 7.9% after reporting stronger-than-expected results. Axon Enterprise, a company that sells Tasers, body cameras and other equipment, also posted better-than-expected profits and its stock jumped 13.8%.
Coinbase rose 0.8% after rising more early in the day, continuing its upward march on Bitcoin's price. New exchange-traded funds in which to invest Bitcoin Izzy has fueled interest in cryptocurrencies, with BlackRock's iShares Bitcoin fund alone seeing assets rapidly grow to $7 billion.
The price of Bitcoin briefly rose above $64,000 on Wednesday for the first time since 2021. It is closing in on its record of nearly $69,000 after rising more than 40% so far this year.
Coinbase CEO Brian Armstrong apologized to customers during the day for the issues they faced as the company was “dealing with a massive increase in traffic” as the price of Bitcoin rose. The company said some users may have seen zero balances in their accounts and errors in purchases and sales.
Beyond Meat surged 30.7% even though it reported much weaker-than-expected results for the latest quarter. Its revenue was slightly better than expected after a slower-than-expected decline, and it said it was likely to grow to profitability by 2024.
In other trading Thursday, U.S. benchmark crude oil rose 2 cents to $78.56 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international benchmark, was up 1 cent at $82.16 a barrel.
The US dollar fell to 149.78 JPY from 150.69 yen. The euro rose to $1.0836 from $1.0834.



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