Asian shares fall as US market rally fades

Summarised from 2 outlets · Updated 22 Oct, 06:08 · Archive

Asian shares retreated on Thursday after Wall Street rose on strong corporate earnings.

Asian shares retreated on Thursday after a rally on Wall Street, where US stocks had climbed on strong profit reports from SpaceX, Capital One Financial and other big companies. The S&P 500 added 0.6%, the Dow Jones Industrial Average gained 0.7% and the Nasdaq composite climbed 1.1%.

SpaceX led the market rise, climbing 7.8% after reporting stronger profit for the summer than analysts expected. Tesla rose 3.4% after Elon Musk said SpaceX was taking steps to consider a possible merger with the electric-vehicle company.

In Asia, Tokyo's Nikkei 225 lost 1.6% to 63,595.58 on heavy selling of big tech companies. SoftBank Group fell 5.6%, while computer chip equipment maker Tokyo Electron fell 5.9% and testing equipment maker Advantest lost 5%. South Korea's Kospi dropped 2.6% to 5,586.89, with big memory chipmakers leading the decline: Samsung Electronics down 3.9% and SK Hynix down 4.7%. Hong Kong's Hang Seng shed 2.7% to 23,003.17, and the Shanghai Composite index gave up 0.9% to 3,679.86. Australia's S&P/ASX 200 declined 0.3% to 8,803.20.

AI stocks are under pressure from worries that construction of data centres may slow as it becomes increasingly expensive to borrow money.

How it is being reported

• Asian shares retreat after strong profits lead a rally on Wall StreetAsian shares and U.S. futures are broadly lower after U.S. stocks climbed, lifted by strong profit reports from SpaceX, Capital One Financial and other big companies.Clickorlando · 22 Oct, 05:43
• Asian shares retreat after strong profits lead a rally on Wall StreetAsian shares and U.S. futures are broadly lower after U.S. stocks climbed, lifted by strong profit reports from SpaceX, Capital One Financial and other big companies.News4Jax · 22 Oct, 05:43

In this story: SpaceX · Capital One Financial · Tokyo · South Korea · Hong Kong · Shanghai · Australia · Elon Musk

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