Sat, 08 May 2021

Asian stock markets falter, U.S. dollar dives

Lola Evans
20 Apr 2021, 17:30 GMT+10

SYDNEY, NSW, Australia - Stocks in Japan tumbled on Tuesday. Sharemarkets in Australia and China also fell, while Hong Kong was flat.

The U.S. dollar unexpectedly dived.

"It's just like the decline is bringing another sell-off today," Shoichi Arisawa, General Manager of the investment research department at IwaiCosmo Securities told Reuters Thomson Tuesday.

"There is a concern about virus resurgence not only in Japan but also in other countries. Investors are becoming cautious about an economic reopening, particularly since many Japanese companies are sensitive to the global economy."

The Nikkei in Tokyo dropped 584.99 points or 1.97 percent to 29,100.38.

The Australian All Ordinaries declined 45.90 points or 0.63 percent to 7,282.10.

China's Shanghai Composite slid 4.61 points or 0.13 percent to 3,472.94.

In Hong Kong, the Hang Seng went against the trend, rising 29.58 points or 0.10 percent to 29,135.73.

On foreign exchange markets, sellers weighed into the dollar. Against the euro, it fell to 1.2072. The British pound jumped to 1.4008 by the Sydney close Tuesday. The Japanese yen was only a fraction stronger at 108.42. The Swiss franc firmed to 0.9144.

The Canadian dollar rose to 1.2493. The Australian and New Zealand dollars were sharply higher, at 0.7808 and 0.7220 respectively.

Overnight on Wall Street, the Dow Jones industrials fell 123.04 points or 0.36 percent to 34,077.63.

The Standard and Poor's 500 slid 22.21 points or 0.53 percent to 4,163.26.

The Nasdaq Composite sank 137.58 points or 0.98 percent to 13,914.73.

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