Asia-Pacific Stocks Fall As Shares of Japan’s Automakers Slip
Nov 17, 2021
By Wednesday's close, Asian markets had fallen across the board, with data indicating Japan's export growth had fallen to an eight-month low. Markets in the United States, on the other hand, were buoyed by better-than-expected retail sales figures.
Losses in the area were led by Australia and South Korea. The S&P/ASX 200 index in Australia declined 0.68 percent to 7,369.90. Financial equities were down, with the Commonwealth Bank of Australia leading the way with a more than 8% drop in its stock price.
According to a Reuters report, New Zealand's Prime Minister announced that the country's largest city, Auckland, will reopen its domestic borders for fully vaccinated people and those with negative Covid test results starting Dec. 15 for fully vaccinated people and those with negative Covid test results.
The Kospi in South Korea fell 1.16 percent to 2,962.42.
Mainland The stock market in China defied the regional trend. The Shanghai Composite closed at 3,537.37, up 0.44 percent, while the Shenzhen Component closed at 14,711.18, up 0.67 percent. The Hang Seng index in Hong Kong fell 0.4 percent in the last hour of trading.
Baidu, the Chinese computer behemoth, is expected to release its third-quarter profits later this week.
Japan's exports fall to eight-month low; auto shares slip
The Nikkei 225 index in Japan declined 0.40 percent to 29,688.33, while the Topix index sank 0.61 percent to 2,038.34.
According to Reuters, Japan's exports increased 9.4% in October, citing figures from the country's finance ministry. This was the smallest gain since a decrease in February, following a 13% increase the previous month. Shipments of automobiles plummeted by 36.7 percent.
Japanese automakers' stock prices have fallen. Nissan was down over 2%, Honda was down 1.57 percent, and Mitsubishi Motors was down 1.75 percent.