Dipo Olowookere
By Investors Hub
Asian stocks ended mostly lower on Tuesday and safe-haven assets such as gold and the yen rose as renewed trade tensions, a sharp drop in crude oil prices and another sell-off in U.S. technology stocks rattled investors.
China’s Shanghai Composite Index fell 26.74 points or 0.9 percent to 3,136.44 on concerns that the Chinese retaliatory tariffs could dampen market confidence and hurt economic growth. Meanwhile, Hong Kong’s Hang Seng Index rose 86.72 points or 0.3 percent to 30,180.10.
Japanese shares closed lower, dragged down by exporters and technology stocks. The Nikkei 225 Index dropped 96.29 points or 0.5 percent to 21,292.29, while the broader Topix index closed 0.3 percent lower at 1,703.80.
Tech stocks Tokyo Electron, TDK Corp and Advantest lost 1-3 percent after U.S. President Donald Trump attacked Amazon for a second time in three days over the pricing of its deliveries through the United States Postal Service. A stronger yen weighed on exporters, with Canon and Panasonic ending down over 1 percent.
On the other hand, online broker Monex Group jumped over 23 percent after the company confirmed it was considering buying local cryptocurrency exchange Coincheck.
Australian shares fell modestly as the Reserve Bank of Australia left its key interest rate unchanged at a record low, as widely expected, saying the low level of interest rates is continuing to support the economy.
The benchmark S&P/ASX 200 Index edged down 7.50 points or 0.1 percent to 5,751.90, extending losses for a third straight session. The broader All Ordinaries Index dipped 0.2 percent to finish at 5,859.10.
Banks ended mixed, with ANZ losing 1.2 percent and NAB closing down 0.2 percent. Mining heavyweights BHP Billiton and Rio Tinto climbed around 2 percent as base metal prices gained.
Gold miner Newcrest Mining rallied 2.3 percent after the company said it has resumed processing at its Cadia goldmine. Energy major Santos soared more than 16 percent on a sweetened takeover offer from Harbour Energy.
