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 stocks down on global economic concerns

Asian stocks down on global economic concerns

Asian shares fell on Monday in late morning trade as concern that the global economic recovery is faltering spurred investors to sell riskier assets.

The MSCI Asia Pacific Index dropped 2.1% to 135 by 11:05 a.m. in Tokyo. Japan’s Topix index sank 2.8% as the yen touched a seven-week high versus the greenback. Hong Kong’s benchmark Hang Seng Index slipped 2.2%. China’s Shanghai Composite Index dropped 0.6%.

Taiwan’s Taiex Index and Singapore’s Straits Times Index both declined 1.6%. New Zealand’s NZX 50 Index decreased 0.7%. Australian markets are closed for a holiday.

Shares declined after a private gauge of China’s manufacturing dropped to a six-month low in January, adding to signs growth in the world’s second-largest economy is slowing.

Japan reported a record annual trade deficit for last year as energy shipments and weakness in the yen pumped up the nation’s import bill. The shortfall was ¥11.5 trillion ($113 billion), almost double the previous year’s ¥6.9 trillion, a finance ministry report showed in Tokyo today.

Imports rose 25% in December from a year earlier and exports gained 15%, leaving a monthly deficit of ¥1.3 trillion.

In corporate news, Samsung Electronics Co., the world’s biggest maker of smartphones, fell 1.3% in Seoul, while Honda Motor Co. slipped 1.9% in Tokyo, pacing losses among Japanese exporters amid a stronger yen.

GCL-Poly Energy Holdings Ltd., the world’s largest maker of polysilicon, sank 7.8% in Hong Kong after China set a lower-than-expected target for installed solar-energy capacity this year.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter