Sunday, July 13, 2014





Asian stocks quiet on Washington shutdown worries


September 29. 2013 10:37PM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Asian stocks were mostly down in early Monday trading, though only slightly, as jittery investors watched the U.S. government near a shutdown.


Tokyo players were also awaiting a decision expected Tuesday, by the Japanese government on raising the consumption tax, said Katsuyuki Hasegawa, chief market economist at Mizuho Research Institute in Tokyo.


The benchmark Nikkei for the Tokyo Stock Exchange lost 1.9 percent in the first hour of trading to 14,480.34. South Korea's Kospi inched down 0.6 percent to 1,999.85, while the Hang Seng index crept up 0.35 percent to 23,207.


Hasegawa said the Nikkei would likely be hurt if Washington shuts down and sets off a plunge on Wall Street.


But he said a tax rise in Japan, which usually is negative for stocks, could prove a plus by signifying Prime Minister Shinzo Abe's determination to forge ahead with structural reforms.


"And so now the Tokyo markets are quiet and a wait-and-see attitude is prevailing," said Hasegawa.


U.S. stocks ended with a decline last week, falling Friday for the sixth day out of the last seven as nervous investors fretted about whether the U.S. government could shut down unless Congress agrees to a new spending bill.


The Dow Jones industrial average fell 70.06 points, or 0.5 percent, to close at 15,258.24. The Standard & Poor's 500 index fell 6.92 points, or 0.4 percent, to 1,691.75. The Nasdaq composite was down 5.83 points, or 0.15 percent, at 3,781.59.


Adding to the indecisiveness are mixed signals about the American economy. A government report last week showed incomes and consumer spending grew only slightly last month, raising questions about a recovery.


In currencies, the dollar was trading at 97.81 yen, down from 98.31 yen late Friday. The euro was little changed at $1.3495 from $1.3543.


___


Follow Yuri Kageyama on Twitter at www.twitter.com/yurikageyama


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds