An employee of a bank walks by the screens at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
FILE - The New York Stock Exchange on Wednesday, June 29, 2022, in New York. Stocks are opening mostly higher on Wall Street, Thursday, Aug. 25, but major indexes remain in the red for the week. Stocks are off to a slightly higher start on Wall Street, Wednesday, Aug. 31, but major indexes remain lower for the week after several days of declines.
FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, on June 15, 2022. Stocks are opening lower again on Wall Street, continuing a weak patch that has wiped out much of the gains the market made in July and early August. The S&P 500 lost about half a percent in the early going Thursday, Sept. 1.
BEIJING (AP) — Asian stock markets were mixed Friday ahead of U.S. jobs data that might influence Federal Reserve plans for more interest rate hikes to cool surging inflation.
Shanghai and Seoul advanced while Tokyo and Hong Kong retreated. Oil prices rose more than $1.50 per barrel.
Investors looked ahead to U.S. data on August hiring to see how the economy is responding to four earlier hikes to cool inflation that is at a four-decade high. A strong reading would give ammunition to Fed officials who say higher interest rates are needed to slow economic activity and reduce upward pressure on consumer prices.
If the figures show more than 300,000 jobs were added in August, it “could likely reinforce further lean towards” a rate hike as big as 0.75 percentage points at this month's Fed meeting, said Yeap Jun Rong of IG in a report.
The Shanghai Composite Index added 0.1% to 3,189.09 while the Nikkei 225 in Tokyo lost 0.2% to 27,604.37. The Hang Seng in Hong Kong sank 0.8% to 19,443.49.
The Chinese government on Thursday ordered most residents of Chengdu, a city of 21 million people, to stay home following new virus outbreaks. That added to disruption as the area recovers from power rationing after a drought depleted reservoirs for hydroelectric dams, but economists say the nationwide economic impact should be limited.
The Kospi in Seoul advanced less than 0.1% to 2,417.25 while Sydney's S&P-ASX 200 declined less than 0.1% to 6,844.80. New Zealand and Jakarta gained while Singapore declined.
On Wall Street, the benchmark S&P 500 index rose 0.3% 3,966.85, rebounding from a four-day string of declines.
It ended August with a 4.2% loss after surging the previous month on expectations the Fed might ease off rate hikes due to signs U.S. economic activity was cooling and inflation might be leveling off.
Those hopes were dashed last week when chair Jerome Powell said the Fed needs to keep rates elevated enough “for some time” to slow the economy. The only question for many investors is how much and when the next hike will be.
The Labor Department reported Tuesday there were two jobs for every unemployed person in July, giving ammunition to Fed officials who argue for rate hikes. On Thursday, it reported unemployment claims fell last week in another sign of a strong job market.
The Dow Jones Industrial Average finished up 0.5% at 31,656.42. The Nasdaq slid 0.3% to 11,785.13 for its fifth daily drop.
Health care stocks, companies that rely on direct consumer spending and communications services providers gained. Johnson & Johnson rose 2.5%. Target gained 2.8% and Netflix added 2.9%.
Nvidia dropped 7.7% after the chip designer said the U.S. government imposed licensing requirements that might disrupt sales to China.
In energy markets, benchmark U.S. crude rose $1.65 to $88.26 per barrel in electronic trading on the New York Mercantile Exchange. The contract tumbled $2.94 to $86.61 on Thursday. Brent crude, the price basis for international oil trading, gained $1.64 to $94 per barrel in London. It plunged $3.28 the previous session to $92.36 a barrel.
The dollar rose to 140.32 yen from Thursday's 140.23 yen. The euro gained to 99.60 cents from 99.45 cents.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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Local law enforcement agencies from suburban Southern California to rural North Carolina have been using an obscure cellphone tracking tool, at times without search warrants, that gives them the power to follow people’s movements months back in time, according to public records and internal emails obtained by The Associated Press. Police have used the “Fog Reveal” database to search hundreds of billions of records drawn from 250 million devices, and have used the data to assemble location analyses known among law enforcement as “patterns of life,” according to company records. Fog Reveal has been used since at least 2017 in criminal investigations ranging from the murder of a nurse in Arkansas to tracing the movements of a potential participant in the Jan. 6 insurrection.
The defense ministers of Japan and Israel have shared concerns about growing global tensions from Asia to the Middle East and have signed an agreement to step up cooperation in military equipment and technology. Japanese Defense Minister Yasukazu Hamada says he welcomes stronger military ties with Israel as a way to achieve a “free and open Indo-Pacific” vision advocated by Japan and the United States to counter China’s growing assertiveness in the region. Hamada says peace and stability in the Middle East would also help Japan’s peace and prosperity. Both regions have key sea transportation lanes. Israeli Defense Minister Benny Gantz says strengthened defense cooperation will elevate ties between the countries.
Asian stocks are mixed after Wall Street fell following last week’s Federal Reserve pledge to fight inflation by keeping interest rates elevated. Shanghai and Hong Kong fell Tuesday while Tokyo and South Korea advanced. Oil prices retreated. Wall Street’s benchmark S&P 500 index lost 0.7% on Monday, adding to last week’s losses. Stocks tumbled after Fed chair Jerome Powell indicated Friday the U.S. central bank will stick to a strategy of rate hikes to cool inflation that is running at multi-decade highs. That appeared to quiet speculation the Fed might ease off due to signs economic activity is cooling.
A House oversight subcommittee wants regulators and industry leaders to explain what they are doing to stop cryptocurrency fraud and other scams perpetrated on consumers. On Tuesday, Illinois Rep. Raja Krishnamoorthi, head of the Economic and Consumer Policy subcommittee, asked leaders of the Treasury Department, Securities and Exchange Commission, Commodity Futures Trading Commission, and Federal Trade Commission for more information on the steps they are taking to curb the growth of fraud and consumer abuse linked to cryptocurrencies. The inquiries come as the cryptocurrency market has seen immense volatility, as bitcoin lost nearly half its value at one point this year and other cryptocurrencies fell even more.
A rapid deployment team of FBI cyber experts is heading to Montenegro to investigate a massive and coordinated attack on the tiny Balkan nation’s government and its services. The country’s Ministry of Internal Affairs announced the deployment Wednesday, calling it “another confirmation of the excellent cooperation between the United States of America and Montenegro." Last weekend, Montenegro’s Agency for National Security said the country was “under a hybrid war” blaming the attack squarely on Russia, though without providing evidence. A cybercriminal extortion gang has claimed responsibility for at least part of the attack, infecting a parliamentary office with ransomware known as Cuba. Montenegro has displeased Russia by joining NATO and Western sanctions against Russia.
Microsoft’s plan to buy video game giant Activision Blizzard for $68.7 billion could have major effects on the gaming industry, transforming the Xbox maker into something like a Netflix for video games by giving it control of many more popular titles. But to get to the next level, Microsoft must first survive a barrage of government inquiries from New Zealand to Brazil, and from U.S. regulators emboldened by President Joe Biden to strengthen their enforcement of antitrust laws. In the United Kingdom, regulators on Thursday threatened to escalate their investigation unless both companies come up with proposals soon to ease competition concerns.
Another 15,000 Louisiana homes and businesses are in line to get faster, more affordable internet over the next two years. Louisiana Gov. John Bel Edwards announced Wednesday that an additional $35 million in federal funding received from the American Rescue Plan last year will be used to provide broadband in underserved areas. In July, Edwards announced an earlier batch of funding, $130 million, to provide broadband to more than 66,000 households and small businesses. Edwards says the lack of affordable, high-speed internet has hit especially hard in Louisiana’s rural communities.
President Joe Biden and Commerce Secretary Gina Raimondo are announcing $1 billion in federal grants for manufacturing, clean energy, farming, biotech and more. The grants announced Friday go to 21 regional partnerships across the nation. The government chose the winners from 529 applicants that vied for grants that were part of the already-approved $1.9 trillion coronavirus relief package. The grants include $65 million in California to improve farm production and $25 million for a robotics cluster in Nebraska. Georgia gets $65 million for artificial intelligence. There's $64 million for lithium-based battery development in New York. West Virginia coal counties receive $63 million to help with the shift to solar power and find new uses for abandoned mines.
Local law enforcement agencies from suburban Southern California to rural North Carolina have been using an obscure cellphone tracking tool, at times without search warrants, that gives them the power to follow people’s movements months back in time, according to public records and internal emails obtained by The Associated Press. Police have used the “Fog Reveal” database to search hundreds of billions of records drawn from 250 million devices, and have used the data to assemble location analyses known among law enforcement as “patterns of life,” according to company records. Fog Reveal has been used since at least 2017 in criminal investigations ranging from the murder of a nurse in Arkansas to tracing the movements of a potential participant in the Jan. 6 insurrection.
An employee of a bank walks by the screens at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Sept. 1, 2022. Asian shares were mostly lower Thursday, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time.
FILE - The New York Stock Exchange on Wednesday, June 29, 2022, in New York. Stocks are opening mostly higher on Wall Street, Thursday, Aug. 25, but major indexes remain in the red for the week. Stocks are off to a slightly higher start on Wall Street, Wednesday, Aug. 31, but major indexes remain lower for the week after several days of declines.
FILE - An NYSE sign is seen on the floor at the New York Stock Exchange in New York, on June 15, 2022. Stocks are opening lower again on Wall Street, continuing a weak patch that has wiped out much of the gains the market made in July and early August. The S&P 500 lost about half a percent in the early going Thursday, Sept. 1.
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