Asian Shares Lower Monday 09/23 06:14
Shares were mostly lower in Asia on Monday as investors kept a wary eye on
tensions with Iran and on prospects for a resolution of the tariffs war between
China and the U.S.
BANGKOK (AP) -- Shares were mostly lower in Asia on Monday as investors kept
a wary eye on tensions with Iran and on prospects for a resolution of the
tariffs war between China and the U.S.
The Shanghai Composite index skidded 1.0% to 2,977.00, while Hong Kong's
Hang Seng fell 0.8% to 26,236.64 after yet another weekend of violent protests.
Fosun Tourism Group, the biggest shareholder in Thomas Cook, fell 4.4% in
Hong Kong after the 178-year-old British tour company filed for bankruptcy.
Bookings for more than 600,000 global vacationers were canceled Monday as a
result. Shanghai-based Fosun International dropped 1.2%.
Britain's Civil Aviation Authority said Thomas Cook's four airlines would be
grounded and its 21,000 employees in 16 countries, including 9,000 in the UK,
will lose their jobs.
In South Korea, the Kospi was flat at 2,091.70, while the S&P ASX 200 in
Sydney advanced 0.3% to 6,749.70. Shares fell in Taiwan and in Southeast Asia.
India's Sensex continued a rally that began Friday with an announcement of
fresh tax incentives for businesses. It climbed 3.3% to 39,255.91. Tokyo's
markets were closed for a holiday.
Wall Street ended last week with losses, snapping a 3-week winning streak
for the S&P 500 after reports emerged that Chinese officials canceled a planned
trip to farms in Montana and Nebraska.
That sparked concern that trade talks due to resume next month might be in
trouble after U.S. and Chinese envoys met last week for preliminary discussions
to lay the groundwork for later, more formal negotiations.
President Donald Trump's remarks to reporters Friday that he wants a
complete deal with China and won't accept one that only addresses some
differences between the two nations added to the unease.
However, officials said the talks would go ahead next month, somewhat
alleviating that concern.
The S&P 500 fell 0.5% to 2,992.07 and the Dow Jones Industrial Average
dropped 0.6%, to 26,935.07.
The Nasdaq lost 0.8% to 8,117.67, weighed down by declining technology
sector stocks. The Russell 2000 index of smaller company stocks slid 0.1% to
Oil prices rose after Trump, arriving in New York for the meeting of the
United Nations General Assembly, said he intended to seek support for a
coalition to confront Iran after the U.S. blamed it for last week's strike on a
Saudi Arabian oil facility.
Iran's president on Sunday urged Western powers to leave the security of the
Persian Gulf to regional nations led by Tehran. He criticized a new U.S.-led
coalition patrolling the region's waterways as nationwide parades showcased the
Islamic Republic's military arsenal.
Hassan Rouhani also promised to propose a regional peace plan at this week's
The U.S. alleges Iran carried out the Sept. 14 attack on Saudi Aramco's
largest oil processor, which caused oil prices to spike by the biggest
percentage since the 1991 Gulf War. While Yemen's Iranian-allied Houthi rebels
claimed the assault, Saudi Arabia says it was "unquestionably sponsored by
For its part, Iran denies being responsible and has warned any retaliatory
attack targeting it will result in an "all-out war."
With all that percolating, U.S. crude oil added 62 cents to $58.71 a barrel
in electronic trading on the New York Mercantile Exchange. On Friday, it lost
10 cents to $58.09 a barrel.
Brent crude, the international standard, picked up 70 cents to $63.90 per
In currency trading, the dollar was at 107.74 Japanese yen, up from 107.55
yen on Friday. The euro slipped to $1.1015 from $1.1020.