Stocks fall, Chinese yuan crosses 7 level

Home » Stocks fall, Chinese yuan crosses 7 level
Stocks fall, Chinese yuan crosses 7 level


Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021.

KAZUHIRO NOGI | AFP via Getty Images

Shares in the Asia-Pacific fell Friday as investors digest U.S. economic data and look ahead to the release of China’s industrial production and retail sales figures for August.

The offshore Chinese yuan weakened past 7 against the dollar overnight, and last changed hands at 7.0133.

The Nikkei 225 in Japan fell 0.84% in early trade, and the Topix index slipped 0.51%.

In Australia, the S&P/ASX 200 declined 0.38%. South Korea’s Kospi shed 0.73% and the Kosdaq lost 0.37%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% lower.

Overnight in the U.S., the Nasdaq Composite dropped 1.43% to 11,552.36. The S&P 500 declined 1.13% to 3,901.35 and the Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82, its lowest close since July 14.

“Equities and other risk-sensitive markets [will] struggle as it becomes clear that U.S. inflation pressures are well embedded and that risks to the fed funds rate lie to the upside,” ANZ Research analysts wrote in a Friday note.

— CNBC’s Jesse Pound and Tanaya Macheel contributed to this report.

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