Asian shares lower after Wall St rebound on US growth data

Asian shares lower after Wall St rebound on US growth data


BANGKOK (AP) — Asian shares and U.S. futures were mostly lower Friday after stocks pushed broadly higher on Wall Street.

Japan reported relatively strong economic data for the previous quarter, before the government began tightening coronavirus restrictions as cases surged.

“Retail sales, industrial production and employment all rebounded strongly in June, pointing to a sizeable recovery in activity in between the alpha- and delta-driven coronavirus waves," Capital Economics said in a report.

However, the current situation has Japanese officials sounding the alarm as Tokyo has reported record-breaking coronavirus cases for two straight days with the Olympics well underway.

Chief Cabinet Secretary Katsunobu Kato said new cases are soaring across the country at an unprecedented magnitude.

Tokyo's Nikkei 225 fell 1.8% to 27,283.59 while the Kospi in Seoul gave up 1.2% to 3,202.32. The Hang Seng in Hong Kong declined 1.8% to 25,834.96 and the Shanghai Composite index dropped 0.4% to 3,397.36.

Australia's S&P/ASX 200 edged 0.3% lower to 7,392.60.

Shares edged higher in India and Singapore but fell elsewhere in Southeast Asia.

The yield on the 10-year Treasury note fell to 1.24% from 1.27% late Thursday.

Stocks on Wall Street bounced back from a two-day slide Thursday, placing the S&P 500 on pace for its second straight weekly gain. The S&P 500 index rose 0.4% to 4,419.15, powered by broad gains. It is just below its most recent record high.

The modest rally came as the latest government data showed continued economic growth and investors reviewed another batch of mostly positive corporate earnings reports.

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