Asian Shares Down As Banking Woes Persist

Asian shares were subdued on Thursday, April 27, 2023, as troubles at US lender First Republic Bank continued to unnerve investors amid concerns that growth in the world's biggest economy could surprise on the downside, Stella Qiu reported for Reuters.

Photo Insert: Singapore's Straits Times Index fell 0.5%, dragged lower by real estate companies after the government raised taxes on private property purchases.

The caution is set to extend to Europe, with pan-region Euro Stoxx 50 futures sliding 0.3%. Nasdaq futures, however, gained 0.6% as Facebook owner Meta soared 12% after the bell with its earnings beat, and S&P 500 futures rose 0.3%.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.2%, while Japan's Nikkei trimmed earlier losses to be 0.1% lower.

Singapore's Straits Times Index fell 0.5%, dragged lower by real estate companies after the government raised taxes on private property purchases.

China and Hong Kong stocks oscillated between losses and gains, as investors weighed still steep declines in China's industrial profits data and new developments on the geopolitical front.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic