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Japan shares drop more than 4% as investors await jobless claims data stateside

March 26, 2020 at 07:45AM

Stocks in Asia were mixed on Thursday as investors awaited the release of U.S. jobless claims data expected later in the day stateside. Shares in Japan led losses among the region’s major markets, with the Nikkei 225 falling 4.51% to close at 18,664.60 as shares of index heavyweight Fast Retailing plunged 13.16% while the Topix index shed 1.78% to end its trading day at 1,399.32.

Mainland Chinese stocks slipped on the day, with the Shanghai composite 0.6% lower at about 2,764.91 and the Shenzhen composite shedding 0.799% to around 1,701.15. Hong Kong’s Hang Seng index also slipped 0.72%, as of their final hour of trading. South Korea’s Kospi finished its trading day 1.09% lower at 1,686.24. Meanwhile, the S&P/ASX 200 in Australia rose 2.3% to close at 5,113.30.

In Southeast Asia, the Straits Times Index in Singapore fell 1.34%. Singapore Airlines requested for a trading halt pending an upcoming announcement by the carrier, according to an update on the Singapore Exchange website. That comes days after the airline said it will be “cutting 96% of the capacity that had been originally scheduled up to end-April.”

The country’s Ministry of Trade and Industry said Thursday that the Singapore economy is now expected to shrink by between 1.0% and 4.0% this year. Official preliminary data showed Singapore’s economy contracting 2.2% in the first quarter from a year ago. Stocks of Apple suppliers in Asia were mixed on Thursday. In Japan, Taiyo Yuden shares fell 3.75% while Murata Manufacturing slipped 4.97%. Over in Taiwan, Hon Hai Precision Industry (also known as Foxconn) dipped 0.56%. Hong Kong-listed shares of AAC Technologies gained 5.47%, as of their final hour of trading.

The moves came after the Cupertino-based tech giant’s stock fell overnight following a Nikkei Asian Review report that the company considered delaying its annual iPhone launch by months. The U.S. dollar index, which track the greenback against a basket of its peers, was last at 100.862 after seeing levels above 102 earlier in the week. The Japanese yen traded at 110.38 per dollar after touching an earlier low of 111.30. The Australian dollar was at $0.5931 after declining from levels above $0.6 yesterday.

Oil prices were lower in the afternoon of Asian trading hours, with international benchmark Brent crude futures down 1.86% to $26.88 per barrel. U.S. crude futures also slipped 3.02% to $23.75 per barrel.

Japan shares drop more than 4% as investors await jobless claims data stateside, CNBC, Mar 26

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From: The FxPro News Team https://fxpro.news/daily-forex-outlook/japan-shares-drop-more-than-4-as-investors-await-jobless-claims-data-stateside-20200326/
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