Sat, 08 Aug 2020

Modest losses on Asian bourses Tuesday

Lola Evans
14 Jul 2020, 19:39 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia fell on Tuesday inline with overnight falls on Wall Street.

Stocks rallied around the world on Monday and U.S. investors joined in the party. Late in the day however it was announced that California was reversing its reopening, starting with the statewide closure of all bars and restaurants. This spooked the Street and the gains of the day evaporated, at least on the Standard and Poor's and Nasdaq. The Dow was flat.

In China on Tuesday data was released showing Chinese exports and imports climbed last month, a good indicator that the economy is getting back on track.

Asian markets however picked up the trend from Wall Street and sellers backed away. At the close on Tuesday China's Shanghai Composite was down 28.67 points or 0.83% to 3,414.62.

In Hong Kong, the Hang Seng fell 294.23 points or 1.14% to 25,477.89.

The Australian All Ordinaries lost 43.80 points or 0.72% to 6,045.50.

In Tokyo, the Nikkei 225 shed 197.73 points or 0.87% to 22,587.01.

On foreign exchange markets the euro continued higher despite a disappointing German ZEW Survey and Eurozone Industrial Production data. The euro was last quoted around the Sydney close at 1.1354.

The British pound zoomed higher to 1.2518. The Japanese yen was a tad weaker at 107.33. The Swiss franc strengthened to 0.9392.

The Canadian dollar weakened to 1.3627. The New Zealand dollar fell to 0.6525. The Australian dollar however was a touch higher at 0.6947.

Overnight on Wall Street indices were mixed. The Dow Jones Industrial Average rose 10.50 points or 0.04% to 26,085.80.

The Standard and Poor's 500 fell 29.82 points or 0.94% to 3,155.22.

The Nasdaq Composite, faring worst of all, plummeted 226.60 points or 2.13%, to 10,390.84.

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