Asia markets tumble, with Nikkei dropping nearly 4%, ASX off 1.2% – CNBC

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The Japanese yen traded at 106.49 against the dollar on Monday as of 11:00 a.m. HK/SIN, up 0.14 percent from an earlier low of 106.14. But that still marks a significantly stronger Japanese currency, as the pair traded at the lower range of the 107 level on Friday afternoon Asia time and at levels above 111 last week.

Sony shares tumbled 4.50 percent after the company reported a loss of 88.3 billion yen for the fiscal fourth quarter on Thursday after the market close.

Airbag maker Takata saw its shares tumble 9.98 percent, after Reuters reported more than 100 million vehicles globally are likely to be subject to recalls over the company’s problematic airbag inflators.

Panasonic dropped 7.48 percent after Reuters reported the company said its profit is likely to fall this fiscal year.

Down under, Australia’s major banks dropped, with shares of Westpac down 4.06 percent. The bank announced results for the six months ended March 31, 2016 on Monday morning, with cash earnings up 3 percent to 3.9 billion Australian dollar ($2.96 billion) on-year, missing the forecast for A$4.07 billion from six analysts polled by Reuters.

In a statement to the Australian Securities Exchange, Westpac said cash earnings growth was lower due to higher impairment charges.

The country’s other major banks also sold off, with shares of ANZ down 3.13 percent, Commonwealth Bank of Australia down 2.64 percent and National Australia Bank dropping 2.57 percent.

The Australian dollar was up 0.08 percent at $0.7608, after falling from levels above $0.77 last week on the back of weaker-than-expected inflation data. The Aussie will be in focus this week as the Reserve Bank of Australia meets on Tuesday, with some analysts expecting further easing of its monetary policy.

Shares of Virgin Australia gave up gains to trade down 3.57 percent, following the company’s announcement that it will cut capacity by 5.1 percent in the fiscal fourth quarter, citing uncertainties around the upcoming Federal election, weak consumer demand and the downturn in the resources sector.

In the currency market, the dollar index, which measures the dollar against a basket of currencies, was down 0.14 percent at 92.956, compared with touching levels near 95 in the previous week.

Oil prices retreated during Asian hours, with U.S. crude futures down 0.74 percent to $45.58 a barrel, while Brent futures dropped 0.80 percent to $46.99.

Energy plays were mixed in Asia, with shares of Santos down 1.04 percent, Woodside Petroleum up 0.99 percent and Inpex dropping 4.76 percent.

On Friday, major U.S. indexes closed lower, with the Dow Jones industrial average finishing down 0.32 percent, the S&P 500 off by 0.51 percent and the Nasdaq composite down 0.62 percent.

Asia markets tumble, with Nikkei dropping nearly 4%, ASX off 1.2% – CNBC}