Most of the Asian equity benchmarks are trading lower on Tuesday after the IMF estimated world economic growth at 1.9 per cent for 2019, 0.1 percentage point lower than its earlier forecast. Similarly, it projected the global economy to grow by 3.3 per cent in the current calendar year, 0.1 percentage point lower than its previous estimates, and 3.4 per cent in 2022, 0.2 percentage points below its earlier estimates. Moreover, cautious outlook ahead to major corporate earnings results and central bank policy meetings due this week also dulled investors’ sentiment. Japan's Nikkei is trading lower after three straight days of gains while the safe-haven yen strengthened, in the absence of fresh cues overnight from Wall Street. Taiwan is closed for a Special Holiday. Among the Asian markets, Japan, Singapore, Hong Kong, South Korea and Shanghai are in negative territory. However, Indonesia and Malaysia are in positive trend.
Nikkei 225 down 216.49 points or 0.90% to 23,867.02, Straits Times shrunk 38.70 points or 1.18% to 3,241.39, Hang Seng decreased 659.87 points or 2.29% to 28,136.04, KOSPI Index trimmed 16.62 points or 0.73% to 2,246.02 and Shanghai narrowed 32.23 points or 1.04% to 3,063.56.
On the flip side, Jakarta Composite up by 4.15 points or 0.07% to 6,249.19 and FTSE Bursa Malaysia KLCI rose by 0.35 points or 0.02% to 1,589.23.
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