Citywire for Financial Professionals
Stay connected:

View the article online at

Asian stocks down as investors eye earnings

However, shares held near three-year highs on optimism about the US economy.

Asian stocks down as investors eye earnings

Asian stocks declined on Monday in morning session after a US market holiday but held near three-year highs on optimism about the US economy, with investors now shifting their focus to corporate earnings.

The MSCI Asia Pacific Index lost 0.2% to 147 as of 10:58 a.m. in Hong Kong. Japan’s Topix index retreated 0.2%. Australia’s S&P/ASX 200 Index fell 0.2%, with trading volume about 35% lower than the average of the last month for the time of day. South Korea’s Kospi index declined 0.5%, while New Zealand’s NZX 50 Index dropped 0.2%.

Hong Kong’s Hang Seng Index slipped 0.2% with volume one third lower than average. The Shanghai Composite Index dropped 0.2%. Singapore’s Straits Times Index advanced less than 0.1% and Taiwan’s Taiex Index slid 0.4%.

International Monetary Fund Managing Director Christine Lagarde signalled a cut in the institution’s global growth forecasts, saying investment is still weak and that risks remain in the US even as its rebound accelerates.

“The global economy is gathering speed, though the pace may be a bit less than we previously predicted because the growth potential is lower and investment” spending remains lackluster, Lagarde told the Cercle des Economistes conference in Aix-en-Provence, France.

In corporate news, Aeon Co. plunged 4.5% in Tokyo, one of the largest losses on the regional benchmark index, after profit in the first quarter plunged at the supermarket operator.

Daewoo Shipbuilding & Marine Engineering Co. slid 4.6% in Seoul after a brokerage cut its estimate on the shares, citing slowing new orders.

TPK Holding Co., the maker of computer screens, fell 4.7% in Taipei. Holdings Ltd surged 24% in Sydney after Expedia Inc., an online travel-booking service, agreed to buy the Australian travel agency for A$703 million ($658 million), seeking to expand its presence in the Asia-Pacific region.

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:


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

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 to your safe senders list so we don't get junked.


Barnett eyes revival and 'refines' unquoted portfolio

by Daniel Grote on May 23, 2018 at 16:09

Sorry, this link is not
quite ready yet