Nikkei, Kospi fall 2%; Asia-Pacific markets drop as negative sentiment remains

Soegeefx AppsAsia MarketNikkei, Kospi fall 2%; Asia-Pacific markets drop as negative sentiment remains

Abigail Ng

Shares in the Asia-Pacific fell sharply on Monday as negative sentiment continues to weigh in on markets.

The Nikkei 225 in Japan dropped 2.19% in early trade, and the Topix slipped 2%. South Korea’s Kospi lost 2.3% and the Kosdaq shed 2.97%.

In Australia, the S&P/ASX 200 declined 1.94%. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.19% lower.

Meanwhile, Hong Kong’s Hang Seng index gained 0.19%, with the Hang Seng Tech index rising by more than 2%. Mainland China stocks were mixed, with the Shanghai Composite shedding 0.15% and the Shenzhen Component gaining 0.28%.

The Reserve Bank of India’s monetary policy committee is scheduled to meet later this week, and China is expected to release data on factory activity at the end of the week.

Onewo, a subsidiary of property developer China Vanke, is set to debut on the Hong Kong stock exchange this week as well.

.N225 Nikkei 225 Index *NIKKEI 26586.5 -567.33 -2.09
.HSI Hang Seng Index *HSI 17928.58 -4.69 -0.03
.AXJO S&P/ASX 200 *ASX 200 6486.2 -88.5 -1.35
.SSEC Shanghai *SHANGHAI 3082.57 -5.8 -0.19
.KS11 KOSPI Index *KOSPI 2236.12 -53.88 -2.35
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 7127.52 -111.05 -1.53

CNBC Pro: Dan Niles predicts when the S&P 500 might bottom, and reveals how he’s profited this year

Hedge fund manager Dan Niles has revealed his outlook for the S&P 500 after the Federal Reserve hiked rates by 75 basis points for the third consecutive time.

He shared the level he expects the S&P 500 to fall to, and stressed that “nothing that is safe” for investors right now.

— Ganesh Rao

Asian currencies weaken against the greenback

The Japanese yen lost ground against the U.S. dollar in Asia’s morning trade, changing hands at 143.60.

The offshore Chinese yuan weakened to 7.1475 per dollar.

South Korea’s won was at its weakest levels since 2009, trading at 1,423 against the greenback.

Australia’s dollar, meanwhile, strengthened slightly to $0.6532.

— Abigail Ng

Stocks prepare to test their lows in the final week of trading for September

Heading into the final week of trading for September, the Dow and S&P 500 are each down about 6% for the month, while the Nasdaq has lost 8%.

Both the Dow and S&P are now sitting 1.2% and 1.6%, respectively, above their lows from mid-June. The Nasdaq is 2.9% above its low.

S&P 500 year-to-date Chart

— Tanaya Macheel

Source : CNBC

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