Asian markets go down due to weakened investor sentiment

Asian markets go down due to weakened

Asian markets were on the negative on Tuesday after the sluggishness in global equities amid risk-off sentiment.

Spot gold, regarded as a safe-haven assent, traded at $1.233.56 an ounce.

Kathy Lien, managing director of FX strategy for BK Asset Management said in a late Monday note: “Investors are nervous about the economy and President Trump's policies”

Also, "Trump has been on a campaign to pressure other countries to strengthen their currency which effective means he wants the dollar to weaken," she added.

The Nikkei 225 of Japan went down 0.2 percent on the back of a continually strengthening yen.

After Toyota Motor raised its operating profit forecast short of what the market expected, he shares of the company were down 2.11 percent, its lowest since November 2016.

The Kospi index of South Korea went down 0.26 percent

South Korea’s SK Hynix went up 0.34 percent after submitting an initial bid to acquire a stake in the memory chip business of Toshiba.

As a result of this news, the shares of Toshiba dropped 0.17 percent. The Japanese company is turning its core memory chip business into a separate company and is looking for outside investment, as it faces a multi-billion dollar write-down for its U.S. nuclear construction business.

The Shanghai Composite of China lost 0.31 percent and its Shenzhen composite went up to only about 0.22 percent.

The Hang Seng index of Hong Kong dropped 0.16 percent, cutting back yesterday’s gains of around more than 0.9 percent.

The S&P/ASX 200 index of Australia went down 0.12 percent, weighed down mostly by its financials component and its energy component which fell 0.97 percent and 0.37 percent respectively. The benchmark index’s gold sub-index outperformed, up 3.64 percent as gold prices surge.


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