Current:Home > ContactStock market today: Asian shares are mixed as China stocks get bump from new property measures -ApexWealth
Stock market today: Asian shares are mixed as China stocks get bump from new property measures
View
Date:2025-04-14 05:18:46
Asian shares were mixed on Friday, with Chinese stocks reversing earlier losses following the announcement of fresh measures to revive the ailing property market.
U.S. futures were little changed, with the contract for the Dow Jones Industrial Average near 40,000 after it topped that level for the first time on Thursday.
China’s central bank said Friday that it was reducing required down payments for housing loans and cutting interest rates for first and second home purchases, among other moves. The announcements came after officials in Beijing reported persisting weakness in the economy, especially in the real estate industry.
The government was due to hold a news conference on property policies later Friday.
Hong Kong’s Hang Seng jumped 0.7% to 19,512.54 and the Shanghai Composite index surged 0.8% to 3,119.49.
Property developers were among the biggest winners.
Shares in China Evergrande Group, the world’s most indebted developer with borrowings of more than $300 billion, jumped nearly 18%, while China Vanke, another imperiled property conglomerate, jumped 9.9%.
In Tokyo, the Nikkei 225 declined 0.3% to 38,787.38, while Australia’s S&P/ASX 200 gave up 0.9% to 7,814.40.
South Korea’s Kospi fell 1% to 2,724.62.
On Thursday, the Dow slipped 0.1% to 39,869.38 after topping 40,000. The S&P 500 index, which is much more widely followed on Wall Street, dipped 0.2% to 5,297.10, and the Nasdaq composite fell 0.3% to 16,698.32. All three indexes had rallied on Wednesday to all-time highs.
Deere weighed on the market and sank 4.7% despite reporting stronger profit for its latest quarter than expected. It cut its forecast for upcoming profit this fiscal year, below analysts’ estimates, as farmers buy fewer tractors and other equipment.
Homebuilders also helped drag the market lower following a weaker-than-expected report on the housing industry. They gave back some of their big gains from the day before, when hopes for lower mortgage rates had sent them sharply higher. D.R. Horton sank 4.2%, Lennar fell 3.3% and PulteGroup dropped 2.8%.
Also sinking were GameStop and AMC Entertainment, which slid for a second straight day following their jaw-dropping starts to the week. GameStop fell 30%, though it’s still up nearly 59% for the week so far. AMC Entertainment lost 15.3%.
Such drops helped offset a 7% jump for Walmart, which reported stronger profit for the latest quarter than analysts expected. The retailer also said its revenue for the year could top the forecasted range it had earlier given.
Walmart’s strength could be an encouraging signal for the broader economy. Worries have been rising about whether U.S. households can keep up with still-high inflation and more expensive credit-card payments, particularly households at the lower end of the income spectrum.
Chubb rose 4.7% after Warren Buffett’s Berkshire Hathaway disclosed it had built an ownership stake in the insurer.
Stronger-than-expected profit reports have been one of the main reasons U.S. stock indexes have broadly jumped through May to records following a tough April. Another has been revived hopes that the Federal Reserve will be able to cut its main interest rate at least once this year. The Fed has been keeping its federal funds rate at the highest level in more than two decades.
A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived.
One report Thursday showed slightly more workers applied for unemployment benefits last week than economists expected, though the number remains low compared with history. Others said manufacturing growth in the mid-Atlantic region was weaker than hoped and import prices rose more than forecast.
In other trading early Friday, benchmark U.S. crude oil was up 33 cents at $79.56 per barrel. Brent crude, the international standard, added 50 cents to $83.77 per barrel.
The U.S. dollar rose to 155.65 Japanese yen from 155.40 yen. The euro slipped to $1.0861 from $1.0868.
veryGood! (2181)
Related
- Jamie Foxx gets stitches after a glass is thrown at him during dinner in Beverly Hills
- Billie Eilish Details When She Realized She Wanted Her “Face in a Vagina”
- What is record for most offensive players picked in first round of NFL draft? Will it be broken?
- DOJ paying nearly $139 million to survivors of Larry Nassar's sexual abuse in settlement
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Finding a financial advisor can be daunting. We rank the top firms.
- Tesla driver in Seattle-area crash that killed motorcyclist told police he was using Autopilot
- Review: Rachel McAdams makes a staggering Broadway debut in 'Mary Jane'
- Spooky or not? Some Choa Chu Kang residents say community garden resembles cemetery
- Emma Stone Responds to Speculation She Called Jimmy Kimmel a Prick
Ranking
- Realtor group picks top 10 housing hot spots for 2025: Did your city make the list?
- The Brilliant Reason Why Tiffany Haddish Loves Her Haters
- Divided Supreme Court wrestles with Idaho abortion ban and federal law for emergency care
- Tesla layoffs: Company plans to cut nearly 2,700 workers at Austin, Texas factory
- Don't let hackers fool you with a 'scam
- Why U.S. officials want to ban TikTok
- IndyCar disqualifies Josef Newgarden, Scott McLaughlin from St. Pete podium finishes
- Family of man killed when Chicago police fired 96 times during traffic stop file wrongful death suit
Recommendation
US appeals court rejects Nasdaq’s diversity rules for company boards
Havertz scores 2 as Arsenal routs Chelsea 5-0 to cement Premier League lead
Prime energy, sports drinks contain PFAS and excessive caffeine, class action suits say
NBA acknowledges officiating errors, missed foul calls in Knicks' win over 76ers
Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
Mount Everest pioneer George Mallory's final letter to wife revealed 100 years after deadly climb: Vanishing hopes
US Rep. Donald Payne Jr., a Democrat from New Jersey, has died at 65 after a heart attack
Apple announces 'Let Loose' launch event