Asian shares edged lower on Thursday as Wall Street stocks dropped on early sign...
TOKYO - Asian shares edged lower on Thursday as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, which helped underpin solid demand for safe-haven U.S. Treasuries.
South Korea’s market was off 0.4% after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years, as uncertainties from a trade dispute with Japan added to anxiety about the economy’s outlook. The Dow Jones Industrial Average fell 0.4%, the S&P 500 lost 0.7% and the Nasdaq Composite dropped 0.5%.
U.S. homebuilding fell for a second straight month in June and permits dropped to a two-year low, suggesting the housing market continued to struggle despite declining mortgage rates. The euro also was nearly flat at $1.1238 after crawling up marginally 0.1% on Wednesday. The greenback fell 0.2% to 107.72 yen, extending an overnight loss of 0.3%.
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