Global markets were mostly higher on Wednesday, with U.S. stocks holding steady on Wall Street. Oil prices fell and the yen weakened against the U.S. dollar, impacting various industries and sparking concerns among investors.
In Asia, Tokyo’s Nikkei 225 lost 1.6%, with Nintendo Co. seeing a 5.4% drop in share price after disappointing forecasts. Sony Corp. also shed 5% amid speculation of a potential buyout of Paramount Global.
Market players are closely monitoring the yen’s weakness against the dollar, with Japanese officials expressing concern and hinting at possible monetary policy responses. The yen’s depreciation has both positive and negative implications for the economy, affecting the profits of Japanese companies with overseas revenue while also increasing costs for households and businesses.
In other parts of Asia, Hong Kong’s Hang Seng index and Shanghai Composite index fell, while Australia’s S&P/ASX 200 and South Korea’s Kospi saw modest gains. Taiwan’s Taiex also edged higher.
On Wall Street, the S&P 500 and Dow Jones Industrial Average saw slight gains, while the Nasdaq composite slipped. Federal Reserve Chair Jerome Powell’s comments on interest rates and inflation have helped stabilize markets, with a recent jobs report suggesting a balanced economic outlook.
Oil prices also saw a decline, with U.S. benchmark crude falling to $77.33 per barrel and Brent crude dropping to $82.11 per barrel. The euro also weakened against the dollar.
Overall, global markets are navigating various economic factors and uncertainties, with investors keeping a close eye on developments in key industries and currencies.
