Asian shares track US tech slump, focus on Fed meeting

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TOKYO – Asian shares skidded Tuesday following a weekend decline on Wall Street after Facebook reported its worst loss in 4 years. Investors are awaiting the earliest Federal Reserve meeting beneath new chairman, Jerome Powell, and anticipating the 1st rate increase of year.

KEEPING SCORE: Japan’s benchmark Nikkei 225 lost 0.7 percent in morning trading to 21,341.67. Australia’s S&P/ASX 200 slipped 0.5 % to five,927.60, while South Korea’s Kospi shed 0.Three percent to two,468.35. Hong Kong’s Hang Seng fell 0.5 percent to 31,340.22, whilst the Shanghai Composite edged 0.Four percent lower to a few,270.82.

FACEBOOK DROP: We’ve got the technology rout on Wall Street on Monday was set off by Facebook’s worst decrease in four years. The social media marketing giant’s plunge followed reports that Cambridge Analytica, an information mining firm being employed by President Donald Trump’s campaign, improperly obtained data on 50 million Facebook users without their permission. Legislators in the U.S. and Europe criticized Facebook, and investors are wondering if companies such as Facebook and Alphabet will face tighter regulation.

WALL STREET: The S&P 500 index sank 1.4 percent to 2,712.92. The Dow Jones industrial average fell 1.3 percent to 24,610.91. The Nasdaq composite lost the fight 1.8 percent to 7,344.24 additionally, the Russell 2000 index of smaller-company stocks declined One percent to at least one,570.56.

FEDERAL RESERVE: The U.S. Federal Reserve’s first meeting under Jerome Powell’s leadership ends later this week, likely with an announcement the Fed will resume modest monthly interest hikes. Proper U.S. marketplace plus a relatively steady economy have considering the Fed the arrogance to trust the economy can withstand further increases. And the stock markets are edgy for weeks.

ENERGY: Benchmark U.S. crude rose 23 cents to $62.36 a barrel in electronic trading within the New York Mercantile Exchange. It lost 28 cents on Monday. Brent crude, utilized to price international oils, gained 21 cents to $62.26 per barrel london.

CURRENCIES: The dollar recovered to 106.23 yen from 105.92 yen late Monday. The euro rose to $1.2345 from $1.2267.

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AP Markets Writer Marley Jay, who triggered this report, can be telephoned at http://twitter.com/MarleyJayAP ‘

His work is available at https://apnews.com/search/marley%20jay

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work are found at https://www.apnews.com/search/yuri%20kageyama

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