Stocks in Asia Slide, while Yen Trades Stronger

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Stock Market in Asia Slumps Ahead of Fed’s Policy Meeting on Wednesday
Stock Market in Asia Slumps Ahead of Fed’s Policy Meeting on Wednesday

Stocks in Asia capped their longest losing streak since November, as markets opened lower on Monday. The strong yen weakened the outlook for exporters in Japan and China showed growth concerns.

Third biggest car manufacturer in Asia, Nissan Motor Co., plummeted by 6.5% in Tokyo, while the yen climbed against the dollar. The missed estimates by analysts for the second largest departmental store in Australia led to the David Jones Ltd. losing 3.1%. Meanwhile, Kobe Steel Ltd. gained 1.3%, based on speculations that the #3 steelmaker in Japan will cut jobs; the talks are still going on.

MSCI Asia Pacific Index slipped by 1.1% to 137.03 as seen in Hong Kong on Monday. This is the lowest since April 23, marking a fifth day of turn down. There, two stocks for every one, were seen falling and all the 10-industry group recoiled on the measure.

Topix Index in Japan plunged by 2.8%, depicting the worst decline for a week, seen since more than a year. While, the exporter-heavy Nikkei 225 Stock slid by 3.2%.

This year, the Standard & Poor’s 500 Index climbed by 16% and the Stoxx Europe 600 Index gained 8.5%.

The yen moved up by 0.4% to 100.89 in Tokyo. Nissan, on the other hand, slumped 6.5% to 1,080 yen and the Honda Motor Co. plummeted by 4.7% to 3,870 yen.

The Hang Seng Index in Hong Kong climbed 0.1% and the Shanghai Composite Index in China showed a slight change.

The S&P/ASX 200 Index in Australia slid 0.8%. The Q3 sales for them plunged by 3.4% last year, compared to a 1% drop as forecasted by analysts.

Kospi Index in South Africa gained 0.3% and the NZX 500 in New Zealand slipped by 1.2%. The Straits times Index in Singapore was slightly change, while the Taiex Index in Taiwan gained 0.6%.

Standard & Poor’s 500 Index’s Futures were modestly changed. In the meantime, the markets in the U.K and U.S. are now closed for the holidays.