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Asian markets down despite Wall Street highs | |
(about 5 hours later) | |
Asian markets fell back despite big gains on Wall Street on Monday, which saw US indexes closing at record highs. | |
The Dow Jones rose 0.9% to 17,959.4, while the S&P 500 gained 0.4% to 2,078.5 - both breaking records. | The Dow Jones rose 0.9% to 17,959.4, while the S&P 500 gained 0.4% to 2,078.5 - both breaking records. |
However, trading was thin in Asia with the region's biggest market - Japan - closed for a public holiday. | However, trading was thin in Asia with the region's biggest market - Japan - closed for a public holiday. |
In Chinese markets, the Shanghai Composite fell 1.2% to 3,089.83 while in Hong Kong, the Hang Seng index was flat at 23,398.43. | |
Shares of property developer Dalian Wanda were down 7% on its first day of trading, after the biggest Hong Kong listing since 2010 which raised $3.7bn (£2.3bn). | |
Concerns about debt and a high valuation weighed on its share debut. | |
In Australia, the S&P/ASX 200 index closed down 1.1% at 5,380.9 after having recorded sharp gains in the three previous trading sessions. | |
News that Western Australia state, once the "economic engine" of the country, recorded its first budget deficit in 15 years as royalties from iron ore plunged, hit confidence among investors. | |
Shares of Telstra fell 0.7% on the news that the telecoms giant would buy Pacnet, Asia's biggest private owner of submarine communication cables, for $697m. | |
In South Korea, the benchmark Kospi index closed down 0.2% at 1,939.02. |