Asian Stocks Hit by Oil Slide, Nikkei Sinks on Yen
The Asian equity markets fell back in the negative territory on Tuesday, after a brief relief rally seen the day earlier, as continued weakness in the oil prices rattled investors’ confidence and triggered a renewed risk-aversion wave across the financial markets.
Nikkei leads the Asian markets sell-off
The Japanese benchmark index, the Nikkei 225 extended losses and sinks -2.20% to 15,770 points. The financial, auto sector and retail stocks suffered the most on a stronger yen amid intensifying risk-off moods. Meanwhile, USD/JPY slides-0.44% and accelerates further below 111 levels.
The Australian markets also followed suit as worse-than expected Australian trade balance data combined with the nervousness ahead of the RBA decision weighed on the sentiment. The benchmark S&P/ASX 200 index loses -1.53% to 4,918 points. The trade deficit expanded from $3.16 billion in January to $3.41 billion in February, against expectations of a $2.44 billion gap.
Whilst the Chinese equities re-opened the week on the weaker footing, and now trades mixed, with the benchmark Shanghai Composite index trading almost unchanged at 3,010. The CSI300 index drops -0.10%, while Hong Kong’s Hang Seng sinks -1.84% to 20,121.
(Market News Provided by FXstreet)