Posted 11/22/2023, 11:54:49 PM
Asia Slumps While Wall Street Rallies Ahead of Thanksgiving; Alibaba Founder Pauses Stake Sale as Stocks Fall
- Asia-Pacific markets are mixed after Wall Street went into the Thanksgiving holiday with a broad based rally. More than half of the stocks trading on the NYSE were up Wednesday.
- Australia's business activity contracted at its fastest pace in 27 months. The country's composite purchasing managers index came in at 46.4 in November.
- Alibaba founder Jack Ma held off on plans to trim his stake in the Chinese e-commerce giant after the share price fell.
- Keep an eye on earnings as economy starts to slow, investor says. Stocks are riding high on Fed hopes but earnings could suffer.
- Initial jobless claims for the week ended Nov. 18 came in at 209,000, down 24,000 from the previous week and below estimates. Indicates economic resilience.