Asian markets in the red on the back of negative leads from the US and Europe

<p>Negative leads from the US and Europe overnight trickled to Asian markets today and pushed most of the major indices lower. Asian indices were down […]</p>

Negative leads from the US and Europe overnight trickled to Asian markets today and pushed most of the major indices lower. Asian indices were down more than 1 per cent today led by Hong Kong’s Hang Seng index.

In Hong Kong, stocks drove the Index to its lowest level this month after Standard and Poor’s cut the U.S. long-term credit outlook, raising concern global economic growth will stall. 

Li & Fung Ltd, the biggest supplier to retailers including Wal-Mart Stores Inc, slid 1.3%. Jiangxi Copper Co, China’s No. 1 producer of the metal, sank 1.4% and oil producer CNOOC Ltd, dropped 2.2% after crude and metal prices declined. 

In Japan, stocks also fell to their lowest level in about a month. Toyota Motor Corp, the world’s largest carmaker, slid 2.8%. Tokyo Electric Power Co, operator of the crippled nuclear plant in Fukushima, sank 6.4% after the utility said two of its reactors are still too radioactive to allow workers inside. 

In Australia, the All Ords Index dropped lower at the open and stayed in the red most of the day and the Aussie dollar also gave up a few points against the US greenback.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.