Asian stocks fall amid Trump trade policy fears, strong yen
Posted February 23, 2017 9:25 pm.
Last Updated February 23, 2017 11:00 pm.
This article is more than 5 years old.
TOKYO – Asian markets slipped in muted trading Friday amid worries over U.S. trade policies that may affect regional economies. A stronger yen weighed on Japan’s exporters.
KEEPING SCORE: Japan’s benchmark Nikkei 225 edged 0.2 per cent lower to 19,339.56, while South Korea’s Kospi fell 0.7 per cent to 2,093.33. Australia’s S&P/ASX 200 dipped 0.8 per cent to 5,739.00. Hong Kong’s Hang Seng stood at 24,028.20, down 0.4 per cent, and the Shanghai Composite index also shed 0.4 per cent to 3,239.40.
TRUMP WORRIES: President Donald Trump’s stance on trade has unnerved many in Asia, as he has repeatedly accused countries like China and Japan of unfair competition and currency manipulation that he says are hurting U.S. jobs.
JITTERY TIMES: “While shares have generally continued to push higher they remain at risk of a short term correction being technically overbought again, and with short term investor sentiment at levels often associated with corrections,” Shane Oliver of AMP Capital said in a commentary.
WALL STREET: The Dow added 34.72 points, or 0.2 per cent, to 20,810.32. The Standard & Poor’s 500 index rose 0.99 points to 2,363.81. The Nasdaq composite lost 25.12 points, or 0.4 per cent, to 5,835.51. The Russell 2000 index of smaller-company stocks slid 9.23 points, or 0.7 per cent, to 1,394.62.
ENERGY: Benchmark U.S. crude oil futures inched up 1 cent to $54.46 a barrel. It rebounded 86 cents to $54.45 a barrel in New York overnight. Brent crude, the standard for pricing international oils, added 5 cents to $56.87 a barrel in London.
CURRENCIES: The dollar dropped to 112.81 yen from 113.26 yen late Thursday. The euro rose to $1.0582 from $1.0554.
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