Asian markets slip on global growth worries

By Associated Press and Marketwatch

AFP/Getty Images

A Chinese worker sets up lantern decorations in a tree Monday, ahead of the upcoming Lunar New Year celebrationss.

Asian markets were lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came after China said its economy grew at the slowest pace in 30 years in the last quarter of 2018. Wall Street was closed for a holiday on Monday.

Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +2.41%   shed 0.5% and the Kospi /zigman2/quotes/210598069/delayed KR:180721 -2.80%   in South Korea was down 0.6%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +1.59%   lost 0.9%. The Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.21%   fell 0.7%, as did the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +2.42%  . Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.74%   slipped 0.4%. Shares fell in Taiwan   and Singapore /zigman2/quotes/210597985/delayed SG:STI +0.98% .

Among individual stocks, convenience store chain FamilyMart   surged in Tokyo while Dai-ichi Life /zigman2/quotes/208507587/delayed JP:8750 +0.03%   and Uniqlo parent Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +2.71%   fell. In Hong Kong, real estate investment companies Wharf /zigman2/quotes/205885756/delayed HK:1997 -1.62%   and Link /zigman2/quotes/206625692/delayed HK:823 -2.19%   led gainers while tech companies such as AAC /zigman2/quotes/201441510/delayed HK:2018 +1.56%  , Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +3.30%   and Tencent /zigman2/quotes/204605823/delayed HK:700 +4.91%   dropped. In South Korea, Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 -3.28%   fell, along with chip maker SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -4.71%  . In Australia, banking stocks took a hit, with Australia and New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +1.60%  , Westpac /zigman2/quotes/203084975/delayed AU:WBC +1.55%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +2.03%   falling.

On Monday, the International Monetary Fund cut its 2019 global growth estimate to 3.5% from 3.7%, citing trade tensions and rising interest rates. It also revised its estimate for 2020 to 3.6%, down from 3.7%. IMF Managing Director Christine Lagarde, who presented the forecasts at the World Economic Forum in Davos, Switzerland, said the global economy was growing more slowly than expected amid rising risks. Earlier in the day, China reported its economy expanded by 6.6% in 2018. This was the slowest pace of growth since 1990 and it fueled fears a trade dispute with Washington is putting a drag on the world’s second largest economy.

“Against the backdrop of refreshed woes over growth and U.S. markets having been away for the Martin Luther King Jr. Day, there leaves little to inspire Asia markets,” Jingyi Pan of IG said in a commentary.

U.S. crude   was 28 cents lower at $53.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 3.3% to $54.04 per barrel in New York. Brent crude  , used to price international oils, dropped 47 cents to $62.27 per barrel. It closed at $62.74 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0150%   eased to 109.44 yen from 109.65 yen late Monday.

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NIKKEI 225 Index

JP : Nikkei

29,663.50

+697.49 +2.41%

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KOSPI Composite Index

KR : Korea Exchange

3,012.95

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Hang Seng Index

HK : Hong Kong Exchange

29,440.58

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Volume: 2.22M

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Shanghai Composite Index

CN : China: Shanghai

3,551.40

+42.32 +1.21%

Volume: 31.55B

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Shenzhen Composite Index

CN : Shenhzen Stock Exchange

2,349.17

+55.48 +2.42%

Volume: 34.50B

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S&P/ASX 200 Benchmark Index

AU : S&P ASX

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FTSE Straits Times Index

SG : Singapore: SGX

2,978.05

+29.01 +0.98%

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Dai-ichi Life Holdings Inc.

JP : Japan: Tokyo

¥ 1,869.50

+0.50 +0.03%

Volume: 3.19M

March 1, 2021 3:00p

P/E Ratio

29.46

Dividend Yield

3.32%

Market Cap

¥2074.93 billion

Rev. per Employee

¥103.47M

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Fast Retailing Co. Ltd.

JP : Japan: Tokyo

¥ 107,850

+2,850 +2.71%

Volume: 532,600

March 1, 2021 3:00p

P/E Ratio

122.81

Dividend Yield

0.45%

Market Cap

¥10722.14 billion

Rev. per Employee

¥34.80M

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Wharf Real Estate Investment Co. Ltd.

HK : Hong Kong

HK$ 45.60

-0.75 -1.62%

Volume: 3.87M

March 1, 2021 3:40p

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N/A

Dividend Yield

3.75%

Market Cap

HK$140.73 billion

Rev. per Employee

HK$5.68M

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Link Real Estate Investment Trust

HK : Hong Kong

HK$ 71.60

-1.60 -2.19%

Volume: 8.26M

March 1, 2021 3:40p

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Dividend Yield

4.01%

Market Cap

HK$152.39 billion

Rev. per Employee

HK$7.79M

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AAC Technologies Holdings Inc.

HK : Hong Kong

HK$ 42.45

+0.65 +1.56%

Volume: 4.37M

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P/E Ratio

26.03

Dividend Yield

0.24%

Market Cap

HK$50.52 billion

Rev. per Employee

HK$514,884

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Sunny Optical Technology Group Co. Ltd.

HK : Hong Kong

HK$ 200.40

+6.40 +3.30%

Volume: 4.18M

March 1, 2021 3:40p

P/E Ratio

45.96

Dividend Yield

0.40%

Market Cap

HK$212.25 billion

Rev. per Employee

HK$2.13M

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Tencent Holdings Ltd.

HK : Hong Kong

HK$ 695.00

+32.50 +4.91%

Volume: 23.83M

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P/E Ratio

49.52

Dividend Yield

0.17%

Market Cap

HK$6302.41 billion

Rev. per Employee

HK$6.80M

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Samsung Electronics Co. Ltd.

KR : S. Korea: KRX

₩ 82,500.00

-2,800 -3.28%

Volume: 38.52M

Feb. 26, 2021 3:30p

P/E Ratio

21.48

Dividend Yield

1.72%

Market Cap

₩552413.27 billion

Rev. per Employee

N/A

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SK Hynix Inc.

KR : S. Korea: KRX

₩ 141,500

-7,000 -4.71%

Volume: 10.84M

Feb. 26, 2021 3:30p

P/E Ratio

20.36

Dividend Yield

0.83%

Market Cap

₩96786.26 billion

Rev. per Employee

N/A

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Australia & New Zealand Banking Group Ltd.

AU : Australia: Sydney

$ 26.59

+0.42 +1.60%

Volume: 4.05M

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P/E Ratio

22.57

Dividend Yield

2.26%

Market Cap

$74.22 billion

Rev. per Employee

$778,092

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Westpac Banking Corp.

AU : Australia: Sydney

$ 24.19

+0.37 +1.55%

Volume: 5.81M

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P/E Ratio

38.34

Dividend Yield

1.28%

Market Cap

$87.28 billion

Rev. per Employee

$826,888

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National Australia Bank Ltd.

AU : Australia: Sydney

$ 25.14

+0.50 +2.03%

Volume: 4.70M

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P/E Ratio

31.35

Dividend Yield

2.39%

Market Cap

$81.10 billion

Rev. per Employee

$763,679

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