Asian stocks follow Wall Street lower

Photo caption — Stock index board in Seoul, South Korea. Photo: THX/TTXVN

Japan's Nikkei 225 closed down 1.2% at 50,276.37. In China, Hong Kong's Hang Seng fell 0.9% to 26,241.83, while the Shanghai Composite fell 0.3% to 3,997.56. South Korea's Kospi fell 1.81% to 3,953.76, after falling to 3,887.32. Sydney, Singapore, Taipei, Mumbai, Bangkok and Manila also fell, although Wellington and Jakarta gained.

A volatile week ended with a market decline, as employment consultancy Challenger, Gray & Christmas reported the highest number of layoff announcements in the U.S. last month in 22 years. The report showed this year was the worst for job cuts since 2020, when the labor market tightened due to the pandemic.

Investors are forced to use private sector data to gauge the health of the world's largest economy as the longest government shutdown affects many ministries.

The latest jobs data came a day after private-sector employment data showed a rise, but raised concerns about the labor market and pressured the Fed to cut interest rates at its third straight meeting in December.

However, comments from Fed officials suggest the likelihood of further rate cuts is uncertain, echoing warnings from Chairman Jerome Powell last week.

Meanwhile, there are growing concerns on exchanges that valuations, particularly for tech companies, are too high after this year's strong stock rally.

In recent weeks, traders have reassessed this year's stock rally, with some markets hitting record highs and valuations soaring, with chipmaker Nvidia last week becoming the first company to reach a $5 trillion valuation.

In the domestic market, at the end of the session on November 7, the VN-Index decreased by 43.54 points, or 2.65%, to 1,599.1 points. The HNX-Index decreased by 6.04 points, or 2.27%, to 260.11 points.

Source: https://baotintuc.vn/thi-truong-tien-te/chung-khoan-chau-a-noi-got-pho-wall-giam-diem-20251107161731337.htm