Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter