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Asian stock markets in negative territory on Monday
| 03/25/2019
- Most major indexes in Asia lose value on Monday
- An inverted yield curve raised fears of a US recession on Friday
- With both Nasdaq and S&P futures down, Wall Street could follow downtrend today
Share prices took a nosedive in Asia earlier today following widespread drops on Wall Street last week. Thailand’s stock exchange reported mild losses after a general election that seems likely to keep the current prime minister in power.
Oxford Economics’ Sian Fenner warned that the transition might be a rough ride, adding: “It is unlikely that any party will win a clear majority and potential friction between political parties and the military could lead to economic activity being significantly disrupted.”
Hong Kong’s Hang Seng fell by nearly 2%, and the Shanghai Composite Index lost 1.4% of its value. In Japan, the Nikkei traded 3.1% lower, and the South Korea Kospi retreated by 1.8%.
The S&P ASX 200 reported a drop of 1.1%.
As far as individual stocks are concerned, Softbank shares dropped by 5.01% in Tokyo, while Toyota and Fast Retailing shares were down 2.12% and 2.43%, respectively. In Hong Kong, Tencent’s stock price fell by 3.07%, while AIA Group and CNOOC dropped by 2.2% and 4.11%, respectively. In Korea, shares of SK Hynix dropped by 4.2%, while Samsung was 2.26% lower than it was on Friday. Meanwhile, in Australia, BHP traded 1.28% lower and Beach Energy BPT fell by 5.58%.
On Friday, an inverted yield curve in the US sent international bonds plummeting, and downbeat economic data from Europe didn’t help much. Investors will closely watch this week’s resumed trade talks between the US and China.
Wall Street, which reported losses of nearly 2% on Friday, seems set for more losses today. Dow futures are more than 100 points lower so far, while Nasdaq and S&P 500 futures are also losing value.