Shares slipped in Asia on Thursday after Wall Street drifted downward following a rally that sent it roaring 16% higher for the year so far.
Hong Kong’s Hang Seng index dropped 3% on heavy selling of Chinese banks shares after Goldman Sachs downgraded them citing concerns about the slowing economy and lenders’ exposures to debt. Japan’s Nikkei 225 lost 1.7%. U.S. futures declined and oil prices were mixed.
Share prices had soared recently amid signs the U.S. economy is stronger than had been feared, fending off recession so far despite high interest rates.
