Asian stock markets dropped in early trading Friday, as trade and broader geopolitical concerns continue to weigh on over investor sentiment.
was off 0.5% and barely hanging on to a weekly gain. Tokyo Electron
was down 3.5% and Nintendo
was off more than 1%. Inpex
dropped 3.6% as Brent crude futures
fell to their lowest level in almost a month. That came as the dollar
remained just above ¥111 following Japan’s better-than-expected second-quarter GDP report — which had little impact on local markets. Yields for 10-year Japanese government bonds were off a half-basis-point at 0.105%.
South Korea’s Kospi
opened solidly lower, hit by weakness in Samsung
, which was off more than 3.5% after its new Galaxy Note 9 device was unveiled but won few fans.
After four days of gains, Hong Kong’s Hang Seng Index
was off 0.2%. Property stocks rebounded, with CR Land
and Country Garden
bouncing more than 2%. But tech was weak, and Tencent
As in Hong Kong, Chinese stocks got a lift from the beaten-down real-estate segment. The broader market extended Thursday’s bounce, with the Shanghai Composite
up 0.2% and the Shenzhen Composite
up 0.6%. Energy names continued to retreat on weak oil prices.
Australia’s benchmark index
was down fractionally, as energy stocks continued to sag. Oil Search
was down 2% and Woodside Petroleum
was off 1%. Meanwhile, there was nothing in the Friday’s policy/forecast report from the Reserve Bank of Australia to suggest it’s getting closer to raising interest rates. Stocks in New Zealand
were up slightly after the Reserve Bank of New Zealand took a dovish stand on rates the day before, pushing back its rate-hike forecasts by a full year to 2020.
were about flat after having already risen 21 of the past 24 days. Singapore’s Strait Times Index
, which was closed Thursday for a holiday, dove more than 1%, and Taiwan’s Taiex
was in the red as well.
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