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13 April 2024

U.S. stocks suffer worst year since 2008

Published
By WAM

U.S. stocks were down Friday afternoon, on track for their worst annual losses since 2008, according to MarketWatch.

Following suit, Asia-Pacific markets traded lower, taking the lead from US stocks' losses overnight as investors looked to the year ahead.

The Nikkei 225 in Japan fell 0.94% to close at 26,093.67 while the Topix shed 0.72% to 1,895.27. South Korea’s Kospi fell 1.93% to 2,236.4 as the country’s retail sales for November fell 1.8%, the third consecutive month of declines, reversing gains seen in the third quarter. The S&P/ASX 200
in Australia also dropped 0.97% to close at 7,020.1, according to CNBC.

Hong Kong’s Hang Seng index dropped 0.97% in its final hour of trade – despite further easing of Covid restrictions takes into effect today, with stocks related to re-opening being closely watched. The city will release its trade data later in the day.

In mainland China, the Shanghai Composite declined 0.44% to 3,073.7 and the Shenzhen Component traded lower to close at 10,996.4.

Today was the final trading day of what has been a difficult year for equities. A volatile bear market, persistent inflation, and aggressive Fed rate hikes harmed growth and technology companies. These factors also had an impact on investor sentiment.