Asia report: Most markets follow Wall Street lower
By Josh White
Date: Tuesday 13 Nov 2018
(Sharecast News) - Most markets in Asia were lower as they closed on Tuesday, though China was a standout exception despite ongoing concern around trade tensions between Beijing and Washington.
In Japan, the Nikkei 225 was 2.06% lower at 21,810.52, as the yen weakened 0.04% against the dollar to last trade at JPY 113.89.
Japan Display, which supplies parts to Apple, was down 9.52% after it reported its sixth quarter in a row of operating losses.
It also adjusted its outlook lower.
On the mainland, the Shanghai Composite was 0.93% higher at 2,654.88, and the smaller, technology-heavy Shenzhen Composite added 1.63% to 1,383.92.
South Korea's Kospi was down 0.44% at 2,071.23, while the Hang Seng Index in Hong Kong managed gains of 0.62% to 25,792.87 on the back of positivity in mainland China.
The blue-chip technology stocks were under the cosh in Seoul, with Samsung Electronics down 1.55% and SK Hynix 3.49% below the waterline.
Optimism seems to have generally turned to negativity in the region, after a brief boost provided at the end of last week by the US midterm elections.
"The topside optimism the markets experienced after getting through the US midterms relatively unscathed has quickly reverted back to concern over trade issues between the US and China and the effect that tariffs and protectionist policies have had on overall global growth," noted analysts at Rakuten Securities Australia.
Oil prices were lower, with Brent crude last down 2.26% at $68.57 per barrel, and West Texas Intermediate falling 2.18% to $58.65.
In Australia, the S&P/ASX 200 slid 1.8% to 5,834.20, with both the hefty financials and the energy subindices down, falling by 2.22% and 1.91% respectively.
Looking at the big four banks, Australia and New Zealand Banking Group was down 1.22%, Commonwealth Bank of Australia was off 1.21%, National Australia Bank slipped 1.53%, and Westpac Banking Corporation plunged 5.41%.
Across the Tasman Sea, New Zealand's S&P/NZX 50 lost 1.1% to 8,861.52, led lower by Wellington-listed shares in Westpac, which closed down 5.5%.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.44% at AUD 1.3878 and the Kiwi advancing 0.62% to NZD 1.4811.
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