Asian shares retreated on Friday following a widespread sell-off on Wall Street that pushed U.S. stocks lower, with Hong Kong’s main index plunging more than 2% amid ongoing concerns about China’s strategy to support its struggling property sector.
U.S. futures indicated a rebound, contrasting with a decline in oil prices.
Chinese officials briefed the media in Beijing after a high-level Communist Party meeting, outlining broad plans aimed at bolstering China’s technology prowess, developing financial markets, and improving living standards. The details provided were somewhat ambiguous, with further clarification anticipated in the coming weeks. In Hong Kong, the Hang Seng fell 2.1% to 17,401.86, while the Shanghai Composite edged 0.1% lower to 2,974.62.
In Tokyo, the Nikkei 225 declined 0.4% to 39,979.79, and South Korea’s Kospi dropped 1.6% to 2,778.31. Australia’s S&P/ASX 200 also slid 1.1% to 7,949.50.
Meanwhile, Taiwan’s Taiex retreated by 1.8%, exacerbated by a 2.4% decline in shares of Taiwan Semiconductor Manufacturing Co. This followed reports suggesting heightened U.S. restrictions on semiconductor sales and related equipment to China.
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