Wed, 23 Jun 2021

SYDNEY, NSW, Australia - Inflationary fears undermined stocks in mainland China and Hong Kong on Friday, while a modest rise was recorded in Tokyo.

In Australia, stocks finished flat.

This despite the Standard and {Poor's 500 in the U.S. breaking to a new record high overnight.

"Asian markets are once again adopting a more cautious posture today. Geopolitics is never far from the surface, even if it is often lost in the global recovery noise," Jeffrey Halley of Oanda was quoted by MarketWatch as saying in a report.

At the close on Friday, the Australian All Ordinaries was barely changed, up just 2 points or 0./03 percent to 7,252.30.

In Japan, the Nikkei 225 edged up 59.08 points or 0.20 percent to 29,768.06.

China's Shanghai Composite declined 31.88 points or 0.92 percent to 3,450.68.

The Hang Seng in Hong Kong shed 309.27 points or 1.07 percent to28,698.80.

Gains by major currencies against the U.S. dollar overnight evaporated during the Asian trading zone. The euro slipped back to 1./1885 by the Sydney close Friday. The British pound sank to 1.3671. The Japanese yen was marginally weaker at 109.42. The Swiss franc inched down to 0.9258.

The Canadian dollar weakened to 1.2609. The Australian dollar was sharply lower at 0.7591. In New Zealand, the kiwi dropped to 0.7011.

Overnight on Wall Street, the Dow Jones industrials were ahead 57.31 points or 0.17 percent at 33,503.57.

The Standard and Poor's 500 strengthened 17.22 points or 0.42 percent to an all-time high of 4,097.17.

The tech-laden Nasdaq Composite did best of all, rising 140.07 points or 1.03% to 13,829.31.

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