Asian markets open lower as investors anticipate further details on Trump tax reform plans

Asian markets

Opening mostly lower on Monday are the Asian markets due to investors eye further details on the economic policies of President Donald Trump that includes tax reforms.

The Nikkei 225 index of Japan slid 0.57 percent as the yen rose against the dollar to trade at 112.94, climbing from levels below 114.4 in the previous week.

A stronger yen affects the export-oriented stocks in Japan as it disturbs their overseas profit margins when funds are converted to yen.

According to a report from Reuters, Japan said earlier thant exports went up 1.3 percent in January from a year earlier showing a slowdown from the previous month due to a decrease in exports from the United State and the Chinese New Year holidays for an increase of less than 4.7 percent expected by economists.

The trade balance came to a deficit of 1.09 trillion yen ($9.66 billion), versus the median estimate for a 636.8 billion yen deficit.

Among exporters, Honda went down 0.36 percent, Sony lost 0.73 percent and Canon slid 0.70 percent.

The Kospi Index of South Korea went down 0.9 percent.

Shares from Australia dropped 0.33 percent, with the industrials sub-index losing 1.70 percent while the financials index, which is heavily weighted, was flat.

The shares for Worley Parsons plummeted 11.26 percent following the company’s report of a fiscal first-half net loss of 2.4 million Australian dollars, compared with a profit of 23.1 million Australian dollars in the year-earlier period.

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