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Old 09-08-2023, 10:36
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Default Asian Shares Fall on Bank Concerns and Chinese Economic Worries

Asian markets experienced declines on Wednesday due to concerns about the U.S. banking systemís performance, which triggered a slide on Wall Street. Simultaneously, worries about Chinese economic growth added to the downward trend in the regionís stock markets.

Japanís Nikkei 225 dropped 0.2% to 32,323.31 during morning trading, while Australiaís S&P/ASX 200 remained almost unchanged, inching up by less than 0.1% to 7,316.60. South Koreaís Kospi, however, recorded a nearly 1.0% increase to reach 2,598.96. Meanwhile, Hong Kongís Hang Seng declined by 0.4% to 19,105.19, and the Shanghai Composite also fell by 0.4% to 3,247.64.

Clifford Bennett, the chief economist at ACY Securities, highlighted concerns over Chinaís export data, which experienced the sharpest decline in three years. He emphasized that this decline reflects not only Chinaís situation but also the global economyís challenges.

On Wall Street, the S&P 500 decreased by 0.4% to 4,499.38, marking the fifth loss in the last six days, following strong performance in the initial seven months of the year. The Dow Jones Industrial Average also fell by 0.4% to 35,314.49, recovering slightly from an earlier loss of 465 points. The Nasdaq composite witnessed an 0.8% decrease to 13,884.32.

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