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Asian shares mostly declined Wednesday following a slip on Wall Street that snapped an eight-day winning streak, the longest of the year.
Japan’s benchmark Nikkei 225 lost 0.8% in morning trading to 37,741.53. Australia’s S&P/ASX 200 dropped 0.5% to 7,958.40. South Korea’s Kospi shed 0.1% to 2,692.81. Hong Kong’s Hang Seng slipped 0.9% to 17,348.77, while the Shanghai Composite shed 0.3% to 2,858.98.
In Tokyo, Japan’s Finance Ministry reported a 621 billion yen ($4.3 billion) trade deficit in July, as surging global prices pushed imports higher, growing nearly 17% from a year. Robust imports underlined better consumer spending amid rising wages. Japan’s exports also grew, rising 10%, to destinations like the U.S. and China.
Market watchers have their eyes on Federal Reserve Chair Jerome Powell speech later this week at an economic symposium in Jackson Hole, Wyoming.
