asian markets start week with fresh losses
Last Updated : GMT 09:40:38
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Last Updated : GMT 09:40:38
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With Tokyo hit by a stronger yen

Asian markets start week with fresh losses

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleAsian markets start week with fresh losses

President Donald Trump
Hong Kong - Arab Today

Asian markets kicked the week off with losses Monday, with Tokyo hit by a stronger yen, as the global Trump rally shows signs of fragility before a key speech by the new president to Congress.

A record 11th successive all-time high close for New York's Dow was not enough to inspire investors who are growing worried that the recent buying -- fuelled by expectations Donald Trump will introduce economy-boosting measures -- may have gone too far. 

Treasury Secretary Steven Mnuchin's warning that growth might not hit the four percent Trump promised, as well as uncertainty around the new president's plans to slash taxes and spend big on infrastructure, sent the dollar tumbling Friday.

And it struggled again on Monday, sitting at around 112 yen -- levels not seen since the end of November and more than five percent down from highs touched at the start of the year.

The greenback was also lower against the euro but climbed against the pound after Britain's Sunday Times reported Prime Minister Theresa May was preparing for Scotland's leaders to call for another independence referendum following last year's Brexit vote. The majority of Scots voted to remain in the European Union.

The sharp advance in the yen hit Japan's exporters, sending the Nikkei 0.9 percent down, while Hong Kong lost 0.2 percent, Sydney sank 0.3 percent and Seoul was 0.4 percent lower. Singapore gave up 0.4 percent.

- 'Fraying at the edges' -

Shanghai shed 0.8 percent. China's top securities regulator on Sunday pledged to speed up approvals of initial public offerings as the government seeks to attract capital and encourage domestic growth.

But in early European trade London and Frankfurt each rose 0.5 percent, while Paris added 0.4 percent.

"This week it’s really about President Trump, his address to a joint sitting of Congress and his tax plan," Greg McKenna, chief market strategist at CFD and FX provider AxiTrader, said in a note.

"I get a sense traders want to believe in him -- hence the stocks rally -- but gold up and rates down suggest there is some fraying at the edges of market ebullience."

Markets are hoping the speech on Tuesday will provide more details about Trump's tax pledge, which he said this month would be "phenomenal".

"Investors are now worried Trump's 'phenomenal' tax plan won't be something that beats market expectations," Shinichi Yamamoto, a senior strategist at Okasan Securities, told Bloomberg News.

Also in traders' sights this week are the release of revised fourth-quarter US growth data, the Federal Reserve's Beige Book report on the economy, a string of Japanese data and factory activity figures from China.

- Key figures around 0800 GMT - 

Tokyo - Nikkei 225: DOWN 0.9 percent at 19,107.47 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 23,925.05 (close)

Shanghai - Composite: DOWN 0.8 percent at 3,228.66 (close)

London - FTSE 100: UP 0.5 percent at 7,276.49

Euro/dollar: UP at $1.0570 from $1.0561

Pound/dollar: DOWN at $1.2420 from $1.2463

Dollar/yen: DOWN at 112.10 yen from 112.13 yen

Oil - West Texas Intermediate: UP 35 cent at $54.34 per barrel

Oil - Brent North Sea: UP 43 cents at $56.42 

New York - Dow: FLAT at 20,821.76 (close)

Sourc: AFP


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asian markets start week with fresh losses asian markets start week with fresh losses


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