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Asian shares are mixed after US stocks tumble on worries over tariffs

BANGKOK (AP) 鈥 Asian shares were mixed on Monday after U.S. stocks fell sharply as reports showed the economy may be suffering as consumers and businesses fret over President Donald Trump鈥檚 policies. Markets were closed in Tokyo for a holiday.
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Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Feb. 24, 2025. (AP Photo/Ahn Young-joon)

BANGKOK (AP) 鈥 Asian shares were mixed on Monday after U.S. stocks fell sharply as reports showed the economy may be suffering as consumers and businesses fret over policies.

Markets were closed in Tokyo for a holiday.

Hong Kong's Hang Seng index edged 0.1% higher to 23,494.21 and the Shanghai Composite index shed 0.2% to 3,373.03.

In Australia, the S&P/ASX 200 gained 0.1% to 8,308.20. South Korea's Kospi lost 0.4% to 2,645.27, while the Taiex in Taiwan fell 0.7%. India's Sensex declined 1%.

On Friday, the S&P 500 sank 1.7% for its worst day in two months, closing at 6,013.13, after several weaker-than-expected reports on the U.S. economy. The Dow Jones Industrial Average dropped 748 points, or 1.7%, to 43,428.02, while the Nasdaq composite tumbled 2.2% to 19,524.01.

A report from S&P Global suggested U.S. , with growth slowing to a 17-month low as activity unexpectedly shrank for U.S. services businesses. Many in the survey reported pessimism over the future.

鈥淐ompanies report widespread concerns about the impact of federal government policies, ranging from spending cuts to tariffs and geopolitical developments,鈥 said Chris Williamson, chief business economist at S&P Global Market Intelligence. 鈥淪ales are reportedly being hit by the uncertainty caused by the changing political landscape, and prices are rising amid tariff-related price hikes from suppliers.鈥

"We have factored rising U.S. tariffs and related countermeasures into our forecasts since December 2024, with trade weakness the primary cause of the projected slowdown in quarter- over-quarter global real GDP growth rates this year. Weaker investment is a key downside risk,鈥 Ken Wattret, a global economist at S&P Global, said in a report.

A said U.S. consumers are bracing for , in part because of that could of imports. They鈥檙e broadly expecting prices to be 4.3% higher 12 months from now, which is a big jump from their forecast of 3.3% inflation last month, according to a survey by the University of Michigan. That fits with in the survey earlier this month.

A third report said sales of previously occupied last month than economists expected. , along with expensive prices for homes, have been hurting sales.

Stocks of the smallest companies, whose profits can be more closely tied to the strength of the U.S. economy than big multinational rivals, fell more than the rest of the market. The Russell 2000 index of small stocks dropped a market-leading

Akamai Technologies had the sharpest drop in the S&P 500, even though the cybersecurity and cloud computing company reported stronger profit for the latest quarter than analysts expected. It lost a fifth of its value and fell 21.7% as investors focused instead on its forecasts for revenue and other financial measures this upcoming year, which fell short of analysts鈥 expectations.

Before Friday鈥檚 sharp drop, the S&P 500 had been heading for a week of almost zero movement. Helping to lift stocks had been a steady parade of better-than-expected profit reports. That helped offset worries about , which could prevent the for the economy and financial markets through lower interest rates.

The Fed has been holding its main interest rate steady after sharply cutting it through the end of last year. At their , Fed officials suggested they may stay on hold for a while and mass deportations of migrants, along with other factors, could push upward on inflation.

While lower rates can boost the economy, they can also encourage spending that puts upward pressure on inflation.

In other dealings early Monday, U.S. benchmark crude oil shed 11 cents to $70.29 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 7 cents to $73.98 per barrel.

The U.S. dollar rose to 149.43 Japanese yen from 149.24 yen. The euro climbed to $1.0514 from $1.0462.

Elaine Kurtenbach, The Associated Press

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