Mixed signs in Asia with ‘weight’ the technology industry

Asia-Pacific stock market mixed, with investors watching the market react to Joe Biden’s decision to nominate Jerome Powell for a second term as head of the US Federal Reserve.

The technology industry in Asia follows fall of similar companies in the USA, where the S&P 500 and Nasdaq closed with losses despite intra-conference records. Wall was hit by the US bond yields rally in the wake of the US president’s decision. Joe Biden nominated Lael Brainard, a board member. of the Fed, which was the other contender for the upper house of the central bank, for vice president of the Fed.

In this climate, Hong Kong-listed technology giant Tencent fell 2.71%, while Alibaba slipped 3.06% and Meituan plunged almost 3%. The Hang Seng Tech index fell by about 1.3%. South Korean LG Electronics lost 4.48% and Kakao fell 2.33%.

In the individual dashboard, at Hong Kong the Hang Seng Index is down 1.01%, while the Hang Seng Tech is down 1.3%. In mainland China Shanghai Composite is up 0.43%, while Shenzen is moving with marginal losses.

In South Korea, Kospi loses 0.52%, with the biopharmaceutical company Celltrion recording a “dip” of 5%.

The S & P / ASX 200 at Australia increased by 0.83%, with the large mining company BHP increasing by more than 4%.

The broader MSCI Asia-Pacific Index outside Japan fell 0.46%.

The market in Japan is closed today due to a holiday.

At the macro of the day, Consumer prices in Singapore have risen the fastest in more than eight years in October due to higher costs of private transport and accommodation, compared to faster structural inflation. The consumer price index stood at 3.2% in October compared to the previous year, according to the statistical service.

In other market news, Beijing will further improve support policies for small and medium-sized enterprises in order to help them with the difficulties they face, according to a circular issued by the General Bureau of the State Council of China.