BEIJING — Asian stock markets declined for a second straight day Tuesday after Wall Street hit a new high on tech stock gains and the World Bank raised its forecast of Chinese economic growth.
The Kospi 180721, -0.48% in Seoul retreated 0.5% and Sydney’s S&P/ASX 200 XJO, -0.47% lost 0.5%. Stocks rose in Indonesia JAKIDX, +0.34% but declined in Singapore STI, -0.97%, Taiwan Y9999, +0.09% and Malaysia FBMKLCI, +0.02%. Overnight, Wall Street’s benchmark S&P 500 index SPX rose 0.2% as gains for Facebook FB, +4.18%, Nvidia NVDA, +5.01% and other tech stocks offset losses for other industries.
Traders are watching U.S. jobs data due out Friday for signs of whether the labor market “will start to show initial signs of heating” after the Federal Reserve said it might move up the target date for raising interest rates, Anderson Alves of ActivTrades said in a report.
Source: Financial Digest (financialdigest.net)
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