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Asian Shares Sink As U.S. Bank Failures Frazzle Market
Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest United States bank failure in nearly 15 years might have ripple effects around the world.
Photo Insert: The falls were relatively subdued because of reassurances from US officials that financial shocks would be mitigated.
But the falls were relatively subdued because of reassurances from US officials that financial shocks would be mitigated, Yuri Kageyama reported for the Associated Press (AP).
Japan’s benchmark Nikkei 225 slipped 1.6% to 27,685.86 in morning trading. Australia’s S&P/ASX 200 lost 0.3% to 7,125.90. South Korea’s Kospi shed 0.4% to 2,385.25. Hong Kong’s Hang Seng rose 1.4% to 19,594.07.
The Shanghai Composite rose 0.3% to 3,238.98, as Chinese shares tracked a gain in U.S. futures. Dow futures were up 1.1% at 32,516.00. S&P 500 futures rose 1.4% to 3,952.50.
In Tokyo trading, banking issues were sold, with MUFG Bank falling nearly 4%, echoing such falls on Wall Street. Shares in Mitsui Sumitomo Financial Group dipped 4.7% in morning trading.
Shares had tanked Friday on Wall Street, with the S&P 500 dropping 1.4% to cap its worst week since September. The Dow Jones Industrial Average fell 345 points, or 1.1%, while the Nasdaq composite sank 1.8%.
The S&P 500 fell 56.73 points to 3,861.59. The Dow lost 345.22 to 31,909.64, and the Nasdaq dropped 199.47 to 11,138.89. Some of the sharpest drops on Wall Street last week came from the financial industry.
First Republic Bank tumbled 14.8%, while Charles Schwab lost another 11.7% after dropping 12.8% Thursday. Larger banks, which have been stress-tested by regulators following the 2008 financial crisis, held up better.
JPMorgan Chase rose 2.5%. In energy trading, benchmark US crude lost 26 cents to $76.42 a barrel. Brent crude, the international standard, fell 35 cents to $82.43 a barrel.
In currency trading, the U.S. dollar fell to 134.40 Japanese yen from 134.96 yen. The euro cost $1.0694, up from $1.0643.
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