Asian Markets In Negative Territory

Asian stock markets are in negative territory on Friday with investors in a risk-averse mood as the ongoing political turmoil in Washington raised doubts about President Donald Trump's ability to push through his economic agenda.

Investors also digested news of a terror attack in the Spanish city of Barcelona that killed at least 13 people and injured more than 100 others.

The Australian market is declining. In late-morning trades, the benchmark S&P/ASX 200 Index is declining 46.60 points or 0.81 percent to 5,732.60, off a low of 5,711.00 earlier. The broader All Ordinaries Index is down 44.30 points or 0.76 percent to 5,782.90.

The big four banks - ANZ Banking, Westpac, National Australia Bank and Commonwealth Bank - are lower in a range of 0.6 percent to 1.6 percent.

Oil stocks are weak despite crude oil prices steadying overnight. Santos is losing 0.6 percent, Woodside Petroleum is down 0.2 percent and Oil Search is declining 0.3 percent.

In the mining space, BHP Billiton is losing more than 1 percent and Rio Tinto is down 1 percent, while Fortescue Metals is adding 0.5 percent.

Gold miners are mixed. Newcrest Mining is lower by 0.5 percent, while Evolution Mining is up 0.3 percent.

Healthscope has agreed to sell its standalone medical centres operations to Fullerton Health for A$55 million and will book an impairment charge of A$54.7 million on the sale. The private hospital operator's shares are losing more than 1 percent.

Primary Health Care reported a full-year loss, reflecting impairment charges related to its medical centers business. Shares of the medical centers and pathology operator are losing almost 2 percent.

AVJennings recorded a nearly 13 percent fall in its net profit for the year to June 30, but noted that demand from buyers for land, houses and apartments remained strong. The home builder's shares are losing more than 1 percent.

Kogan.com reported a profit for the full year that more than quadrupled from last year. Shares of the online consumer goods retailer are rising almost 7 percent.

In the currency market, the Australian dollar is lower on Friday against the U.S. dollar. In early trades, the local unit was trading at US$0.7885, down from US$0.7947 on Thursday.

The Japanese market is notably lower. In late-morning trades, the benchmark Nikkei 225 Index is losing 184.97 points or 0.94 percent to 19,517.66, off a low of 19,435.68 earlier.

Among the major exporters, Mitsubishi Electric is losing more than 2 percent and Sony is declining almost 2 percent. Panasonic and Canon are down more than 1 percent each.

Among automakers, Toyota and Honda are declining almost 1 percent each. In the banking sector, Mitsubishi UFJ Financial is down 2 percent and Sumitomo Mitsui Financial is lower by more than 1 percent.

In the oil space, Inpex is losing almost 1 percent and Japan Petroleum Exploration is declining more than 1 percent.

Among the major gainers, Nippon Yusen and Asahi Group are rising almost 2 percent, while Screen Holdings is up more than 1 percent. On the flip side, Fujikura and Dai-ichi Life Holdings are losing more than 3 percent each, while Mitsubishi Motors and T&D Holdings are down almost 3 percent each.

In the currency market, the U.S. dollar is trading in the mid 109 yen-range on Friday.

Elsewhere in Asia, South Korea, Singapore, New Zealand, Shanghai, Indonesia, Malaysia, Hong Kong and Taiwan are lower in a range of 0.2 percent to more than 1 percent.

On Wall Street, stocks closed sharply lower on Thursday, reflecting concerns about the ongoing political turmoil in Washington, D.C. The backlash to President Donald Trump's response to last weekend's violent events in Charlottesville, Virginia, has led to worries about the president's pro-business agenda.

The Dow tumbled 274.14 points or 1.2 percent to 21,750.73, the Nasdaq plummeted 123.19 points or 1.9 percent to 6,211.91 and the S&P 500 slumped 38.10 points 1.5 percent to 2,430.01.

The major European markets also moved to the downside on Thursday. While the German DAX Index fell by 0.5 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both slid by 0.6 percent.

Crude oil futures steadied Thursday as traders bet recent losses were overdone considering the significant drop in U.S. inventories. WTI crude rose $0.35 to $47.14 a barrel on the New York Mercantile Exchange.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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