Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter