Asian Markets Finish Mixed as US Political Crisis Thickens

December 5, 2017
Asian Markets Finish Mixed as US Political Crisis Thickens

By Investors Hub

Asian stocks finished mixed on Monday after U.S. Senate Republicans narrowly passed a bill to overhaul the U.S. tax system and President Donald Trump said on Twitter he never asked former FBI director James Comey to stop investigating former National Security Adviser Michael Flynn.

China’s Shanghai Composite Index dipped 7.25 points or 0.2 percent to 3,310.37, while Hong Kong’s Hang Seng Index rose 64.04 points or 0.2 percent to 29,138.28.

Japanese shares fell in cautious trade, dragged down by technology stocks. The Nikkei 225 Index slid 111.87 points or 0.5 percent to finish at 22,707.16 and the broader Topix Index closed 0.5 percent lower at 1,786.87.

Kobe Steel, Panasonic, Advantest and Fanuc lost 1-2 percent, while Canon edged up 0.2 percent and Sony added 1.4 percent. Retailers J. Front Retailing and Takashimaya gained around 1.7 percent each after reporting strong monthly sales in November.

SoftBank lost 1.1 percent after saying it has paid a total of 1.7 billion yen, or $15.2 million, in back taxes after underreporting its income by 6.2 billion yen over the three years through March of 2015.

Japanese consumer confidence improved as expected in November to the highest level in more than four years, survey data from the Cabinet Office showed today. The consumer confidence index climbed to 44.9 from 44.5 in the previous month.

Australian shares recovered from early losses to end roughly flat as gains in the material sector offset declines among financials. The benchmark S&P/ASX 200 Index edged down 4.17 points or 0.1 percent to finish at 5,985.60, while the broader All Ordinaries Index ended about 5 points lower at 6,070.60.

Strong base metal prices helped lift mining stocks, with BHP Billiton, Fortescue Metals Group and South32 closing up between 1.5 percent and 1.6 percent. Rio Tinto advanced 1.2 percent after appointing Simon Thompson as its new chairman.

Banks ANZ and Westpac fell around 1 percent amid the uncertainty surrounding the royal commission inquiry. Energy stocks posted modest gains after crude oil prices jumped on Friday.

Meanwhile, G8 Education shares plunged 23 percent after the childcare center operator slashed its earnings forecast for the 2017 financial year.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

European Stocks Rally on Optimism in Brexit Talks
Previous Story

European Stocks Rally on Optimism in Brexit Talks

CACOL Defends Corruption Petition Against Suspended SEC DG
Next Story

CACOL Defends Corruption Petition Against Suspended SEC DG

Latest from Economy

Don't Miss