Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a1085392

Asia stocks decline after US government shutdown

Japan’s Nikkei 225 fell 0.21%, while South Korea's Kospi declined 1.04%.

 
Asia stocks decline after US government shutdown

Asian markets traded lower early on Monday after the US government was forced to shut down amid a dispute between President Donald Trump and Democrats over immigration.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2% while Japan's Nikkei 225 was down 0.21%. Automakers in Tokyo were mixed. Toyota declined 0.66% while Mitsubishi Motors tacked on 1.04%.

Technology stocks traded mostly higher, with Sony rising 1.09% and SoftBank Group advancing 0.71%.

Meanwhile, South Korea's Kospi declined 1.04% as index heavyweight Samsung Electronics fell 2.11% in early trade. Other technology stocks also fell, with chipmaker SK Hynix declining 1.77% and LG Display slipping 0.49%.

Down Under, the S&P/ASX 200 gave up gains seen earlier in the session to trade lower by 0.14%. The heavily-weighted financials sector fell 0.51%, weighing on the broader index. Shares of Commonwealth Bank sank 1.1%.

National Australia Bank is reportedly considering spinning out its wealth arm for a potential listing, the Australian Financial Review reported, citing sources. NAB shares were lower by 0.41%.

The manufacturing, finance and retail sectors traded lower for the most part, with steelmaker Posco losing 2.72% and Lotte Shopping edging lower by 0.43%.

In Greater China, the Hang Seng Index was fell 0.11%, while on the mainland, the Shanghai Composite Index added 0.18%.

Republican and Democratic leaders of the US Senate held talks on Sunday seeking to break the impasse that has kept the US government shut down for two days, but it was unclear if a deal could be struck to reopen federal agencies by the start of the work week.

While many see minimal impact on the economy from a short-term government shutdown, analysts say a prolonged stalemate in Washington could dampen investors’ confidence in U.S. assets.

In the foreign exchange market, the dollar’s index against a basket of major currencies dropped about 0.2% from late last week to 90.465, edging back toward its three-year low of 90.104 touched on Wednesday.

 

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts


In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Archive

Today's articles

Tools from Citywire Money

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

Dividend bonanza to continue with 8% global growth

by Michelle McGagh on Feb 20, 2018 at 00:00

Sorry, this link is not
quite ready yet