Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian shares decline amid escalating tension in Ukraine

Asian shares decline amid escalating tension in Ukraine

Asian shares declined on Monday in morning session amid escalating geopolitical tension over Ukraine and after data showed Chinese manufacturing dropped to an eight-month low.

The MSCI Asia Pacific Index slid 1.2% to 136 as of 9:51 a.m. in Hong Kong. Japan’s Topix index lost 2.2% as the yen rose 0.5% to 101.33 per dollar.

Australia’s S&P/ASX 200 Index fell 0.7% and New Zealand’s NZX 50 Index declined 0.1%. South Korea’s Kospi index dropped 1.1%, while Hong Kong’s Hang Seng Index slid 0.9%.

China’s Shanghai Composite Index added 0.1%, while Singapore’s Straits Times Index declined 1%. Taiwan’s Taiex Index lost 1.1%.

A crisis in Ukraine has deteriorated as Russian President Vladimir Putin won parliamentary backing to send troops into its southern neighbour. The US, the UK and Canada are suspending preparations for a meeting of the Group of Eight industrial nations in Russia in June.

US Secretary of State John Kerry said he is preparing to visit Kiev as Russia seized control of Ukraine’s Crimea region, intensifying one of the most serious standoffs since the Cold War ended.

In China, Purchasing Managers’ Index declined to 50.2, the lowest since June, the National Bureau of Statistics and China Federation of Logistics & Purchasing said 1 March in Beijing.

In corporate news, BHP Billiton Ltd. (BHP), the world’s largest mining firm, fell 1.2% in Sydney as raw-materials shares posted the largest drop among the regional index’s 10 industry groups.

Speco Co., a South Korean defense contractor, rose 1.2% in Seoul after the defense ministry said North Korea fired two short-range missiles off the country’s east coast today.

Mazda Motor Corp., an automaker that gets 73% of sales overseas, tumbled 4.5% in Tokyo as the yen touched an almost one-month high against the dollar.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter