tokyo leads asian equities rout
Last Updated : GMT 02:35:04
Arab Today, arab today
Arab Today, arab today

As traders flee to safety

Tokyo leads Asian equities rout

Arab Today, arab today

Arab Today, arab today Tokyo leads Asian equities rout

Tokyo shares have tumble more than 5%
London - Arab Today

Tokyo stocks led a rout across Asian markets Tuesday, while Japanese government bond yields turned negative, the dollar dived against the yen and gold jumped as fears about the global economy sent investors scrambling to safety.

While most the region was closed for the Chinese New Year holiday, trading remained thin but dealers took their lead from New York and Europe where banking shares were battered.

The sell-off is the latest this year, which has seen trading screens from Asia to the Americas awash with red.

The latest round of blood-letting came on the back of worries about the financial sector as the global economy slows down, without the support of the Federal Reserve's easy monetary policies.

London, Paris and Frankfurt all finished down more than 2.5 percent, with the German DAX ending below 9,000 for the first time since October 2014. And Wall Street's three main indexes all lost more than one percent.

Financials were in focus as a slowdown in the world economy raises the prospect of loan defaults and lower interest rates, which eat into their bottom lines.

In Asian trade, Tokyo slumped 5.4 percent by the close, putting the market back into bear territory, represented by a 20 percent fall from its recent highs.

Banking giants Mitsubishi UFJ and rival Sumitomo Mitsui Financial Group each tumbled almost nine percent. Major brokerage Nomura also tanked nine percent.
Exporters such as Toyota and Uniqlo operator Fast Retailing were each down more than six percent as they were hit by the strong yen.

The dollar sank to 114.70 yen, having sat above 120 yen just a week ago. The yen is considered a safe haven in times of uncertainty.

- 'Bucketload of concern' -

The flight to safety also saw Japanese government bond yields dive below zero, extending a downtrend sparked by the Bank of Japan's surprise move last month to slap a negative interest rate on some commercial lenders' deposits.

And gold, another commodity considered low risk, climbed 1.3 percent on Tuesday to $1,192.00.

Sydney shed 2.9 percent by the end and Wellington was 1.4 percent off. There were also hefty losses for Manila, Mumbai and Jakarta.

Shanghai, Hong Kong and Seoul, among others, were closed.
"Those off celebrating Lunar New Year will be happy their markets are closed," Chris Weston, chief markets strategist in Melbourne at IG Ltd., said in an email to clients.

"These markets need a strong shake-up and sharp downside move, followed by a wave of buying to settle things down," he said, according to Bloomberg News.

"But until that comes there will be no clarity, absolutely no confidence and a bucketload of concern. It almost feels as though the markets are pushing central banks into some kind of action, but they don't know exactly what it is they want."

However, while regional equities were being battered, oil prices staged a rebound after US benchmark West Texas Intermediate fell back below $30 a barrel on Monday.

WTI was up one percent at $30.00 and Brent added 0.7 percent to $33.12.

Both contracts lost more than 3.5 percent Monday after weekend talks between OPEC kingpin Saudi Arabia and Venezuela dashed hopes for a reduction in production, with Riyadh unwilling to move from its position.

- Key figures around 0630 GMT -

Tokyo - Nikkei 225: DOWN 5.4 percent at 16,085.44 (close)

Sydney - S&P/ASX 200: DOWN 2.9 percent at 4,832.10 (close)

Euro/dollar: UP at $1.1210 from $1.1193 on Monday

Dollar/yen: DOWN at 114.70 yen from 115.84 yen

New York - Dow: DOWN 1.1 percent at 16,027.05 (close)

London - FTSE 100: DOWN 2.7 percent at 5,689.36 points (close)

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tokyo leads asian equities rout tokyo leads asian equities rout

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tokyo leads asian equities rout tokyo leads asian equities rout

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday