Hang Seng Leads Losses in Asia - InvestingChannel

Hang Seng Leads Losses in Asia

Asia-Pacific markets fell on Monday, with Hong Kong’s Hang Seng Index leading losses in the region, following the weaker-than-expected U.S. jobs report on Friday.

The Nikkei 225 index lost another 175.72 points, or 0.7%, to 36,215.75, its fifth straight losing day.

Separately, Japan’s second-quarter GDP came in at 2.9% on an annualized basis, less than the 3.2% expected by economists polled by Reuters and the advance figure of 3.1%. A softer GDP growth figure will constrain the Bank of Japan’s options to raise rates.

The Japanese yen weakened 0.65% against the U.S. dollar to 143.20, coming off a nine-month low achieved on Friday.

Yen traders will watch equities closely as risk-off sentiment grows and the unwind of the yen carry trade is expected to continue, said one experts, who also said she expects some periods of aggressive selling in equities this month.

In Hong Kong, the Hang Seng Index closed lower 247.34 points, or 1.4%, to 17,196.96.

Early Monday, Chinese electrical appliance manufacturer Midea Group announced a listing for 492.1 million shares in Hong Kong, with the offering priced between HK$52 and HK$54.80 per share.

At the top end of that pricing range, the offering would be valued at HK$26.97 billion ($3.46 billion), which will make it the city’s largest listing in more than three years.

CHINA

In Shanghai, the CSI 300 shed 38.4 points, or 1.2%, to 3,192.95.

China’s inflation rate grew 0.6% year on year, lower than the 0.7% expected from economists polled by Reuters. On a month-on-month basis, the CPI rose 0.4%, lower than the 0.5% expected.

In other markets

In Taiwan, the Taiex index deflated 290.75 points, or 1.4%, to 21,144.44.

In Singapore, the Straits Times Index gained 42.06 points, or 1.2%, to 3,496.53.

In Korea, the Kospi index dropped 8.35 points, or 0.3%, to 2,535.93.

In New Zealand, the NZX 50 eked ahead 6.11 points, or 0.1%, to 12,621.62.

In Australia, the ASX 200 slid 25.29 points, or 0.3%, to 7,988.09.

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