Bulletin
Investor Alert

New York Markets Open in:

Asia Markets Archives | Email alerts

March 14, 2018, 6:43 a.m. EDT

Asian stocks pull back, led by banking and tech shares

Nikkei breaks 4-session winning streak

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Shanghai Composite Index (SHCOMP)
  • X
    Hang Seng Index (HSI)
  • X
    NIKKEI 225 Index (NIK)

or Cancel Already have a watchlist? Log In

By Gregor Stuart Hunter


Getty Images/iStockphoto
Stocks in Tokyo were down Wednesday.

The global pullback in equity markets continued in Asia on Wednesday, where stocks opened lower across the board, following the firing of U.S. Secretary of State Rex Tillerson.

In China, better-than-expected economic data raised the specter that the central bank might be forced to raise interest rates to keep growth from overheating.

Chinese industrial-production and fixed-asset investment data showed the economy grew much faster than expected in the first two months of 2018. That came after consumer prices unexpectedly rose in February during the Lunar New Year holiday.

“We feel that inflation is going to pick up and there will be some modest price pressure,” said Irene Cheung, senior foreign exchange strategist for Asia at ANZ.

That may force the People’s Bank of China to raise its key seven-day policy rate this year, she added. “That would have a slight dampening effect on the economy overall,” she said.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -2.34%  fell 0.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -4.13%  ended 0.5% lower.

Financial and tech stocks, key soft points for the U.S. market on Tuesday, lagged behind in Hong Kong also.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +1.04%  fell 0.9% after the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1411%  weakened and then rebounded overnight to leave it at around ¥106.50 per U.S. dollar. Minutes from the Bank of Japan’s January meeting, released Wednesday, showed that some board members warned the central bank should keep a close eye on unexpected side effects from the current monetary policy.

Financial stocks were also hit by falling bond yields; their recent gains have raised hopes of higher earnings for banks and insurers.

Meanwhile, chip makers Renesas Electronics /zigman2/quotes/203872935/delayed JP:6723 -0.78%   and Rohm   dropped 3.1% and 1.8%, respectively, after a U.S. index of chip stocks fell 1.6% Tuesday and the Nasdaq Composite’s /zigman2/quotes/210598365/realtime COMP +1.04%   seven-day winning streak was snapped. Late Monday, President Donald Trump blocked an effort by Broadcom /zigman2/quotes/200646538/composite AVGO +1.43%   to acquire Qualcomm /zigman2/quotes/206679220/composite QCOM +1.71%  , citing a national security threat.

Read: If Broadcom-Qualcomm deal can’t pass Trump’s test, what can?

The benchmark for Taiwan’s tech-heavy stock market  lost 0.5%. Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.91%   eased 0.3% even though Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -0.63%   erased early declines and closed up 0.2%.

Meanwhile, signs have emerged that corporate earnings have started to ease in some parts of the Asia-Pacific region, notably South Korea and Taiwan, said Sean Taylor, chief investment officer for Asia-Pacific at Deutsche Asset Management.

“We’ve taken money out of Asia and put it into the rest of emerging markets,” he said.

Australia’s stock benchmark /zigman2/quotes/210598100/delayed AU:XJO -0.0014%   fell 0.7%, hurt again by weakness in commodity related stocks. Crude futures rose slightly in Asian trading as a U.S. industry group issued upbeat weekly inventory data.

Click to Play

What Picking Up an Apple Tells You About the Future of Robotics

Robot hands are evolving from hard claws to squishy fingers. This breakthrough could transform e-commerce, agriculture, food handling, and other industries.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,467.44
-82.96 -2.34%
Volume: 44.29B
July 26, 2021 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,192.32
-1,130 -4.13%
Volume: 2.70M
July 26, 2021 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,833.29
+285.29 +1.04%
Volume: 0.00
July 26, 2021 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
110.3930
-0.1560 -0.1411%
Volume: 0.0000
July 26, 2021 8:56a
loading...
/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 1,147.00
-9.00 -0.78%
Volume: 10.62M
July 26, 2021 3:00p
P/E Ratio
42.07
Dividend Yield
N/A
Market Cap
¥2233.65 billion
Rev. per Employee
¥38.16M
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
14,836.99
+152.39 +1.04%
Volume: 3.50M
July 23, 2021 5:16p
loading...
/zigman2/quotes/200646538/composite
US : U.S.: Nasdaq
$ 483.15
+6.82 +1.43%
Volume: 1.35M
July 23, 2021 4:00p
P/E Ratio
44.99
Dividend Yield
2.98%
Market Cap
$198.22 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/206679220/composite
US : U.S.: Nasdaq
$ 144.88
+2.44 +1.71%
Volume: 6.31M
July 23, 2021 4:00p
P/E Ratio
20.77
Dividend Yield
1.88%
Market Cap
$163.42 billion
Rev. per Employee
$573,927
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,224.95
-29.47 -0.91%
Volume: 826,066
July 26, 2021 3:30p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
78,800.00
-500.00 -0.63%
Volume: 10.04M
July 26, 2021 3:30p
P/E Ratio
18.92
Dividend Yield
1.83%
Market Cap
₩533556.83 billion
Rev. per Employee
₩2.16B
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,394.30
-0.10 -0.0014%
Volume: 548,085
July 26, 2021 5:33p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.