On a mixed day for global equities, Hong Kong stocks fell again.
Despite better-than-expected retail sales statistics, global stocks were mixed again on Thursday, with Asian markets having another bad day and US stocks meandering to a practically flat close.
Hong Kong stocks sank for the fourth day in a row as casinos continued their slide from the previous day, while Tokyo and Shanghai also dipped.
Following mixed US data, European equities recovered, while Wall Street indices finished little changed.
Despite a significant dip in vehicle sales, US retail sales rose 0.7 percent last month, defying expectations for another drop after falling in July.
On the other hand, initial unemployment claims in the United States for the week ending September 11 were 332,000, which was more than analysts’ expectations and 20,000 higher than the week before.
According to Art Hogan, chief strategist of National Securities, the market is “sort of in a tug of war right now.”
“Should we believe our concerns about the slowing due to Covid-19, or the statistics from the last two days, which shows some increase in economic activity?”
In recent weeks, markets have been torn between optimism about the economy and the impact of the Delta strain of the coronavirus, which has compounded already challenging supply chain issues in some industries.
Stock markets in Asia struggled to rebound from the previous day’s sell-off, with Hong Kong falling 1.5 percent after Macau announced it would crack down on the casino industry.
In response to Macau’s plans, which include having a government representative on their boards, the valuations of the six listed companies were wiped out by trillions of dollars.
The announcement stoked fears that Macau’s days of multibillion-dollar profits are numbered, as the city-state made more money in a week than Las Vegas did in a month before the outbreak.
Concerns about the growing Delta coronavirus strain and its influence on the economic recovery weighed heavily on Asian sentiment.
Traders are also keeping an eye on Chinese property giant Evergrande, which is awash in debt and on the verge of declaring bankruptcy, which observers believe will have far-reaching consequences.
New York – The Dow Jones Industrial Average is down 0.2 percent at 34,751.32. (close)
S&P 500: DOWN 0.2 percent at 4,473.75 in New York (close)
Nasdaq: 0.1 percent up at 15,181.92 in New York (close)
The FTSE 100 index in London is up 0.2 percent at 7,027.48. (close)
DAX 30 in Frankfurt is up 0.2 percent to 15,651.75 points (close)
CAC 40 in Paris is up 0.6 percent to 6,622.59 points (close)
EURO STOXX 50: 4,169.87, up 0.6 percent (close)
Brief News from Washington Newsday in Tokyo.