Asian markets mixed after Wall Street slides

BEIJING (AP) — Asian stock markets were mixed Monday after Wall Street turned in its biggest weekly decline in more than two months.

Benchmarks in Shanghai, Tokyo and Sydney retreated. Seoul gained and Hong Kong was little-changed.

On Wall Street, the benchmark S&P 500 index lost 0.8% on Friday, breaking a streak of gains.

Investors have been encouraged by hopes for a coronavirus vaccine and central bank infusions of cash into struggling economies. But forecasters warn the rise in prices might be outrunning uncertain economic activity as case numbers rise in the United States and some other countries. Some are re-imposing anti-disease controls that disrupt business.

“The question now is whether there will be a sustained unwinding in this forthy market, or if conviction about fresh central bank liquidity and fear of missing out kicks in once again,” Mizuho Bank said in a report.

One possible sign the decline might be temporary: demand for government bonds and other assets considered safe havens in an extended down market “has not come flooding back in," the bank said.

The Shanghai Composite Index lost 0.2% to 3,350.03 after Chinese customs data showed August export growth accelerated to 9.5% over a year earlier while imports edged lower.

Shares in China’s most advanced semiconductor manufacturer, SMIC, fell 19.8% in Hong Kong following news reports from Washington that U.S. officials are considering limiting its access to American manufacturing technology. The company has denied U.S. suggestions it assists China’s military development.

The Nikkei 225 in Tokyo shed 0.4% to 23,113.84 while the Hang Seng in Hong Kong was up less than 0.1% at 24,708.79.

The Kospi in Seoul advanced 0.7% to 2,384.42 while Sydney’s S&P-ASX 200 shed 0.2% to 3,915.30.

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