Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Asian shares snap eight-day rally led by industrials

Asian shares snap eight-day rally led by industrials

Asian shares fell for the first time in nine days on Monday with telecommunication and technology shares leading the declines.

The MSCI Asia Pacific Index lost 0.5% to 139 as of 9:48 a.m. in Hong Kong. Japan’s Topix index slid 1.2% as the yen held gains from 4 April, trading at 103.26 per dollar. The Bank of Japan, which begins a two-day policy meeting today, may double purchases of exchange-traded funds as part of a second round of easing, analysts polled by Bloomberg say.

In the US, payrolls increased 192,000 last month after a 197,000 gain in February that was larger than first estimated, the Labour Department reported on 4 April in Washington.

Pacific Investment Management Co.’s Bill Gross said the pace of employment growth in the US means the Fed will continue to wind down bond purchases and then consider raising interest rates.

Hong Kong’s Hang Seng Index declined 0.8%, Singapore’s Straits Times Index fell 0.2% and Taiwan’s Taiex index dropped 0.5%. South Korea’s Kospi index declined 0.1% and Australia’s S&P/ASX 200 Index retreated 0.3%. New Zealand’s NZX 50 Index lost 0.8%.

Markets in mainland China and Thailand are closed for a holiday.

In corporate news, Naver Corp. slumped 4.7% in Seoul and SoftBank Corp. lost 4.3% in Tokyo as telecom and technology shares slid.

Fanuc Corp., a Japanese maker of factory equipment, plunged 1.9%, leading industrial firms lower.

On the positive side, Japanese drug company Daiichi Sankyo Co. rose 4% percent after Indian drugmaker Sun Pharmaceutical Industries Ltd. agreed to buy Ranbaxy Laboratories Ltd. in a $4 billion stock deal. Daiichi owns 63.5% of Ranbaxy.

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 Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter