Asia Markets: Nikkei leads Asian market declines to start the week

Asia-Pacific stocks fell to start the week, led by Japan, following broad regionwide declines on Friday.

But energy stocks were bright points, aided by Friday’s near-2% jump in oil prices.

Though the Brent global benchmark LCOK8, -0.50%   was down 0.4% Monday morning, stocks in Australia’s energy sector rose 1.4%. That helped limit the S&P/ASX 200’s XJO, +0.27%   decline to 0.2%.

The Nikkei NIK, -0.89%   logged steady declines in the first hour of trading to lead the Japanese benchmark down 1.3%. The yen USDJPY, -0.13%   has risen as much as 0.25% this morning, reversing a pullback.

A land-sale scandal has been hanging over Japanese markets and the government lately. Local reports over the weekend suggested the issue may impact more officials.

“We are in the midst of a very big political scandal,” said Hisao Matsuura, chief strategist at Nomura Japan. Fresh polls show Prime Minister Shinzo Abe’s approval rating has fallen.

Meanwhile, global markets are awaiting the Federal Open Market Committee’s latest policy statement and economic projections on Wednesday. As such, “it is no surprise that we are seeing a little bit of investor caution this morning,” said Michael McCarthy, chief market strategist at CMC Markets.

South Korea’s Kospi SEU, -0.50%   fell 0.7% while other markets in Asia were seeing early declines.

And bitcoin BTCUSD, -1.25%   has pushed back above $8,000, according to CoinDesk, after falling below $7,500 during midday action Sunday in the U.S.

Filed in: Top News Tags: 

You might like:

CryptoWatch: Crypto market cap hits 4-week high, but intraday volatility remains CryptoWatch: Crypto market cap hits 4-week high, but intraday volatility remains
Need to Know: Watch for ‘violent selloff’ to thwart Saudis’ wish for $100 oil Need to Know: Watch for ‘violent selloff’ to thwart Saudis’ wish for $100 oil
Young people apparently don’t realize these popular ‘crème brulée’ e-cigarettes contain nicotine Young people apparently don’t realize these popular ‘crème brulée’ e-cigarettes contain nicotine
Economic Report: Philly Fed manufacturing index points to continued growth in April Economic Report: Philly Fed manufacturing index points to continued growth in April
Bond Report: 10-year Treasury yield extends climb as earnings lift appetite for stocks Bond Report: 10-year Treasury yield extends climb as earnings lift appetite for stocks
Economic Report: Jobless claims fall slightly to 232,000 in late April Economic Report: Jobless claims fall slightly to 232,000 in late April
Currencies: Dollar searches for catalyst as risk sentiment improves Currencies: Dollar searches for catalyst as risk sentiment improves
America’s fastest-growing plastic surgery procedure takes place below the belt America’s fastest-growing plastic surgery procedure takes place below the belt

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.