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BANGKOK (AP) — Asian shares were mostly lower on Tuesday as the recent rebound fueled by buying of technology shares lost steam.
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Markets showed little reaction to the latest step toward ending the U.S. shutdown, after the Senate passed legislation to reopen the government.
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U.S. futures were little changed and oil prices slipped.
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Shares have been bouncing on criticism that tech share prices have shot too high due to the mania for artificial intelligence, which some have likened to the 2000 dot-com bubble that ultimately burst. Investors are also betting on the potential for an end to the shutdown and for the U.S. Federal Reserve to cut interest rates.
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“Sentiment is everything,” Ipek Ozkardeskaya of Swissquote said in a commentary. “It’s how investors perceive the news: if they’re in a good mood, they interpret it positively; if they’re in a bad mood, they see it negatively. One picture, one word, one data point is enough to twist and turn market mood.”
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In Tokyo, the Nikkei 225 lost 0.1% to 50,842.93.
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The U.S. dollar climbed to 154.23 against the Japanese yen, from 154.14 yen, near its highest level since February. Expectations that the government will push back its schedule for trimming Japan’s huge national debt and boost spending have helped to weaken the yen.
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The euro fell to $1.1553 from $1.1557.
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Chinese shares also declined. Hong Kong’s benchmark Hang Seng index slipped just 7 points to 26,645.27 and the Shanghai Composite index shed 0.4% to 4,002.76.
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South Korea’s Kospi, recovering from last week’s sell-off, closed 0.8% higher at 4,106.39.
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Australia’s S&P/ASX 200 dropped 0.2% to 8,818.80.
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Taiwan’s Taiex fell 0.3%, while the Sensex in India was nearly unchanged.
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On Monday, Big Tech and other superstars of the U.S. stock market got back to rallying, and Wall Street recovered most of its loss from last week.
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The S&P 500 climbed 1.5% and the Dow Jones Industrial Average rose 0.8%. The Nasdaq composite rallied 2.3%.
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Nvidia was by far the strongest force lifting the market and leaped 5.8%. It was a powerful rebound after Nvidia and other winners of the frenzy around artificial-intelligence technology led last week’s drop. Critics say their stock prices shot too high and too fast in the AI mania, drawing comparisons to the 2000 dot-com bubble that ultimately burst.
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Drops for several health insurers helped keep the market’s gains in check. They fell as uncertainty remains about whether Washington will extend expiring health care tax credits, a sticking point on Capitol Hill that’s created the longest-ever shutdown for the U.S. government.
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Elsewhere on Wall Street, Berkshire Hathaway slipped 0.4% as its CEO, famed investor Warren Buffett, warned shareholders that many other companies will fare better in the decades ahead because of Berkshire Hathaway’s massive size. Buffett, 95, is set to step down in January.
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Tyson Foods climbed 2.3% after the seller of chicken, beef and pork reported a stronger profit for the latest quarter than analysts expected.
https://financialpost.com/pmn/asian-shares-are-mostly-lower-despite-wall-st-rally-and-a-potential-end-to-the-us-shutdown
