Asian markets trade lower on Toshiba scandal

<p>Sentiment was also hampered by disappointing earnings results from US tech companies.</p>

Markets in Asia mostly fell today (July 22nd), led by Wall Street, as investors reacted to the Toshiba accounting scandal.

Chief executive Hisao Tanaka has resigned after it emerged the company overstated its profits for the past six years by a total of 151.8 billion yen (£780 million). Shares in the firm fell 1.7 per cent today, and have dropped around 20 per cent since early April when the accounting issues came to light.

Sentiment was also hampered by disappointing earnings results from US tech companies, with Industrial giantUnited Technologies Corp posting weak numbers and Microsoft reporting a $3.2 billion (£2 billion) quarterly loss.

Japan's benchmark Nikkei 225 index closed 1.2 per cent down at 20,593.67, China's Shanghai Composite index ended 0.2 per cent up at 4,026.05, and Hong Kong's Hang Seng index fell one per cent to 25,282.62. Australia's ASX 200 was down 1.6 per cent to 5,614.60.In Seoul, while South Korea's Kospi tumbled 0.9 per cent to 2,064.72.

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.