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Asian markets end mostly lower on Tuesday

05 Jul 2016 Evaluate

Asian markets ended mostly lower after five straight days of gains on Tuesday, as commodities dropped and the Japanese yen strengthened on worries about renewed political uncertainty in the UK and the fragile balance sheets of Italian banks. The International Monetary Fund Managing Director Christine Lagarde said that Britain could lose up to 4.5% points of growth by 2019 if it presses ahead with Brexit. She added there was real uncertainty around what conditions there would be for trade deals with the EU after Brexit. Shares of struggling Italian banks tumbled on the Milan stock market Monday after the European Central Bank told Monte dei Paschi di Siena, the country's third-biggest lender, to reduce its debt burden. There were reports of Italy preparing to unilaterally pump billions of euros into its faltering banking system. Shares sagged further as caution before Friday’s US jobs report kept investors from making big bets. Japanese shares snapped a six-day winning streak as the yen's strength hurt exporters and banks followed their European peers lower. Chinese shares bucked the weak trend across Asia after a fresh reading on China's service sector signaled an improvement in activity levels in June and President Xi Jinping called for efforts to propel reforms of state-owned enterprises. Indonesian financial markets are closed all week for the Eid al-Fitr holiday.

Asian Indices

Last Trade            

Change in Points

Change in %  

Shanghai Composite

3,006.39 17.790.60

Hang Seng

20,750.72 -308.48-1.46

Jakarta Composite

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KLSE Composite

1,650.71 -4.13-0.25

Nikkei 225

15,669.33 -106.47-0.67

Straits Times

2,864.67 -5.89-0.21

KOSPI Composite

1,989.85 -5.45-0.27

Taiwan Weighted

8,716.07 -44.51-0.51

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