HONG KONG, March 14: Shares in Asia's developed markets fell on Monday and oil nursed losses after a massive earthquake in Japan sent investors scurrying to safe haven assets and raised concerns of falling demand for commodities.
Japanese stocks were down more than five percent in early trade while the yen rose in volatile trade as the country battled to prevent a nuclear catastrophe after the earthquake and tsunami feared to have killed more than 10,000 people.
Shares in Australia slipped more than a percent with the country's top uranium miners leading losses after several incidents at Japan's nuclear power generators raised questions of demand for nuclear fuel in the near term.
Korean shares too eased but TECHNOLOGY [] stocks and automakers including Hynix and Hyundai Motor rose following news of production disruption by its Japanese peers.
The broader MSCI index of Asia-Pacific shares outside Japan was a shade weaker after falling nearly 3 percent last week.
U.S. Treasury yields stabilised after Friday's spike but investors grew wary of further selling pressure from Japanese insurers who may sell some of their most liquid foreign assets such as U.S. Treasuries so they can respond to the earthquake.
Japan is the second-biggest holder of U.S. government debt.
Benchmark 10-year notes were at 3.39 percent, up from 3.36 percent late on Thursday.
Brent crude fell more than $1 to below $113 after Libyan leader Muammar Gaddafi regained control of some territory over the weekend in the country's civil war.
Oil extended a retreat from Friday when the earthquake shut refineries and other industrial facilities in the world's third-largest oil consumer, and sparked a broad sell-off in commodities.
In currency markets, the yen rallied broadly but quickly pared gains in volatile trade as traders grew wary that authorities might intervene to check sharp gains.
Japanese stocks were down more than five percent in early trade while the yen rose in volatile trade as the country battled to prevent a nuclear catastrophe after the earthquake and tsunami feared to have killed more than 10,000 people.
Shares in Australia slipped more than a percent with the country's top uranium miners leading losses after several incidents at Japan's nuclear power generators raised questions of demand for nuclear fuel in the near term.
Korean shares too eased but TECHNOLOGY [] stocks and automakers including Hynix and Hyundai Motor rose following news of production disruption by its Japanese peers.
The broader MSCI index of Asia-Pacific shares outside Japan was a shade weaker after falling nearly 3 percent last week.
U.S. Treasury yields stabilised after Friday's spike but investors grew wary of further selling pressure from Japanese insurers who may sell some of their most liquid foreign assets such as U.S. Treasuries so they can respond to the earthquake.
Japan is the second-biggest holder of U.S. government debt.
Benchmark 10-year notes were at 3.39 percent, up from 3.36 percent late on Thursday.
Brent crude fell more than $1 to below $113 after Libyan leader Muammar Gaddafi regained control of some territory over the weekend in the country's civil war.
Oil extended a retreat from Friday when the earthquake shut refineries and other industrial facilities in the world's third-largest oil consumer, and sparked a broad sell-off in commodities.
In currency markets, the yen rallied broadly but quickly pared gains in volatile trade as traders grew wary that authorities might intervene to check sharp gains.
No comments:
Post a Comment