Trade, oil-price worries blow Asian markets lower

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Asian stock markets dropped in early trading Friday, as trade and broader geopolitical concerns continue to weigh on over investor sentiment.

Japan’s Nikkei












NIK, -1.32%










  was off 0.5% and barely hanging on to a weekly gain. Tokyo Electron












8035, -3.88%










  was down 3.5% and Nintendo












7974, -2.35%










  was off more than 1%. Inpex












1605, -3.60%










  dropped 3.6% as Brent crude futures












LCOV8, -0.17%










fell to their lowest level in almost a month. That came as the dollar












USDJPY, -0.07%










  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












SEU, -1.01%










  opened solidly lower, hit by weakness in Samsung












005930, -3.52%










 , 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












HSI, -1.00%










  was off 0.2%. Property stocks rebounded, with CR Land












1109, +1.07%










  and Country Garden












2007, +0.85%










  bouncing more than 2%. But tech was weak, and Tencent












0700, -1.88%










  fell 0.8%.

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












SHCOMP, -0.48%










  up 0.2% and the Shenzhen Composite












399106, -0.04%










  up 0.6%. Energy names continued to retreat on weak oil prices.

Australia’s benchmark index












XJO, -0.25%










  was down fractionally, as energy stocks continued to sag. Oil Search












OSH, -2.36%










  was down 2% and Woodside Petroleum












WPL, -1.29%










  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












NZ50GR, +0.79%










  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.

Malaysian stocks












FBMKLCI, +0.20%










  were about flat after having already risen 21 of the past 24 days. Singapore’s Strait Times Index












STI, -1.37%










 , which was closed Thursday for a holiday, dove more than 1%, and Taiwan’s Taiex












Y9999, -0.40%










  was in the red as well.

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2018-08-10 03:19:09

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