Nikkei falls 3 per cent and Kospi 3.6 per cent in Wednesday trade
Tokyo's Nikkei 225 dropped 3 per cent to 64,278.95 on Wednesday and South Korea's Kospi lost 3.6 per cent to 6,588.95 after Wall Street slipped and the bond selloff spread into Asia. SoftBank Group fell 6.3 per cent, Samsung Electronics 3.3 per cent and SK Hynix 3.5 per cent. Aju Press put the Kospi close at 6,562.72, down 4.0 per cent, with foreigners selling a net 1.91 trillion won. Brent crude traded at 95.56 dollars a barrel.
Economics & Markets··Midday
Nikkei closes at 64,278.95 and Kospi at 6,588.95
The Nikkei 225 dropped 3 per cent to 64,278.95 on Wednesday. The Kospi lost 3.6 per cent to 6,588.95. AP News wrote that Wall Street's Tuesday slip and a global bond selloff spread into the Asia session. Aju Press put the same session's close at 6,562.72, down 4.0 per cent; the index shed 273.08 points and was the steepest fall among Asia's major markets. Aju Press put Tokyo's close at 64,325.64, down 2.9 per cent. The Hang Seng slipped 0.8 per cent to 25,126.40, the Shanghai Composite 0.9 per cent to 3,943.22 and Australia's S&P/ASX 200 1.1 per cent to 8,971.90. Taiwan's Taiex dropped 1.5 per cent. On Tuesday the S&P 500 slipped 0.7 per cent, the Dow 0.8 per cent and the Nasdaq 1 per cent.[1], [2]
SoftBank falls 6.3 per cent as foreigners sell 1.91 trillion won
SoftBank Group fell 6.3 per cent in the AP News snapshot. Aju Press put SoftBank Group at 4,924 yen, down 6.4 per cent, at the Tokyo close, and Tokyo Electron at 53,110 yen, down 3.4 per cent. Samsung Electronics declined 3.3 per cent and SK Hynix 3.5 per cent in the AP News snapshot; Aju Press put Samsung Electronics at 250,500 won, down 4.0 per cent, and SK hynix at 1,613,000 won, down 4.7 per cent, at the close. Aju Press wrote that foreigners sold a net 1.91 trillion won, or 1.40 billion dollars, on the main board, institutions sold 2.04 trillion won, or 1.49 billion dollars, and individuals bought 2.30 trillion won, or 1.68 billion dollars. The KOSPI 200 fell 4.1 per cent and the KOSDAQ dropped 2.1 per cent to 803.98.[1], [2]
Brent trades at 95.56 dollars as the US 10-year yield reaches 4.80 per cent
Brent crude traded at 95.56 dollars a barrel after the United States launched another round of strikes on Iran, AP News reported. Aju Press wrote that Dubai crude, used by South Korean refiners, jumped 7.78 dollars to 98.60 dollars a barrel on Tuesday, several dollars above Brent. The 10-year US Treasury yield rose to about 4.80 per cent on Tuesday from 4.75 per cent on Monday. Japan's 10-year yield stood near 3.02 per cent, its highest since 1996. Aju Press reported that sovereign yields also rose worldwide after Japan's benchmark 10-year yield touched 3 per cent for the first time since 1996. The dollar rose to 160.27 yen from 160.17 yen.[1], [2]
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