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Monday, August 15, 2022

Japan’s Nikkei 225 falls around 2% as investors monitor Evergrande stocks

SINGAPORE — Shares in Asia-Pacific declined in Tuesday morning trade as investors continue to monitor the situation surrounding embattled developer China Evergrande Group.

Japanese stocks declined as they returned to trade following a Monday holiday. The Nikkei 225 dropped 1.92% while the Topix index shed 1.91%.

In Australia, the S&P/ASX 200 dipped 0.3%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.21% lower.

The liquidity crisis over at China Evergrande Group could continue weighing on investor sentiment regionally after the Hang Seng index in Hong Kong was dragged down by more than 3% on Monday.

Markets in mainland China and South Korea are closed on Tuesday for a holiday.

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Overnight stateside, the S&P 500 saw its worst day since May, dropping 1.7% to 4,357.73. The Dow Jones Industrial Average plunged 614.41 points to 33,970.47 while the Nasdaq Composite fell 2.19% to 14,713.90.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.26 following its climb late last week from about 92.8.

The Japanese yen traded at 109.57 per dollar, having strengthened yesterday from around 110 against the greenback. The Australian dollar changed hands at $0.7262 as it struggles to recover after declining from above $0.73 last week.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.6% to $74.36 per barrel. U.S. crude futures advanced 0.64% to $70.74 per barrel.


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