Asian markets settle down on Tuesday

16 Apr 2024 Evaluate

Asian markets settled down on Tuesday tracking Wall Street’s overnight fall after robust US retail sales data for March fuelled concerns about the outlook for US interest rates. Meanwhile, San Francisco Federal Reserve Bank President Mary Daly said there was no urgency for the Fed to cut interest rates. Moreover, rising oil prices and persisting Middle East tensions have also added more pressure on market sentiments. Investors were also awaiting Israel's response to Iran's first-ever direct attack on the country. Seoul shares declined amid heavy selling pressure with speculation that the Bank of Korea will not rush to lower borrowing costs. Chinese shares fell even after data showed China's GDP grew 5.3% in January-March from the year earlier, beating expectations for a 4.6% increase. Moreover, Japanese shares dropped after a jump in US Treasury yields.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,007.07	-50.31	-1.67
Hang Seng	16,248.97	-351.49	-2.16
Jakarta Composite	7,164.81	-122.07	-1.70
KLSE Composite	1,535.00	-7.53	-0.49
Nikkei 225	38,471.20	-761.60	-1.98
Straits Times	3,144.76	-38.85	-1.24
KOSPI Composite	2,609.63	-60.80	-2.33
Taiwan Weighted	19,901.96	-547.81	-2.75

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