The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Asia-Pacific equities mostly go down
Information is not investment advice
On Tuesday, stock indices of the Asia-Pacific region mostly declined notwithstanding the growth of quotations on Wall Street because investors looked for fresh signals after the tension in trade between the US and China receded. Crude futures rallied in Asia after they hit the highest level for three and a half years. Additionally, the financial markets in South Korea and Hong Kong are unavailable today due to an official day off.
The Australian market headed south notwithstanding upbeat signals from Wall Street.
Large four financial institutions - Westpac, Commonwealth Bank, National Australia Bank and ANZ Banking - traded with a dive in the range 0.5%- 1%.
Mining companies also traded with a sag after diving prices for iron ore. Equities of BHP Billiton slumped by 0.6%, Rio Tinto decreased by 0.2%, and Fortescue Metals lost 0.3%.
In addition to this, the market value of Evolution Mining rallied by 0.2%, Newcrest Mining acquired 0.4% in the face of a moderate increase in the price of gold.
The Japanese market traded with a moderate slide after the opening in the green zone. Moreover, a stronger Japanese yen affects stocks of exporters.
Equities of Canon went down by 0.2%, Panasonic lost nearly 2%.
As for Sony, this company lost nearly 1% of the value of its stocks after the company told it agreed to buy a stake in Mubadala Investment Co. in EMI Music Publishing for nearly $2.3 billion. Meanwhile, the market value of Mitsubishi Electric ascended by about 2%.
Shares of Takeda Pharmaceutical added 0.7% after the company told it’s on the verge of transfering its entire 51.34% stake to the Chinese joint venture Guangdong Techpool Bio-Pharma, which appears to be a partner of Shanghai Pharmaceutical Holding, and an investment fund. As for the amount of the transaction, it’s believed to account for $280 billion.
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