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30 Sep 2013
Asian bourses tumble as US shutdown looms
FXstreet.com (Athens) – The Asian bourses are heavily wounded at the start of the week, due to the fact that a US government closure on the US loomed large.
The Asian bourses fell on Monday as the risk-sentiment hit the “risk-off” button. The major drivers for the change to “risk-off” mode is not only the probable foreclose of the US government, but as well the planned sales tax-hike in Japan. Elaborating on, Japanese stocks fell sharply on Monday dragging down the Asian bourses, leading Asian stocks to a massive and sharp sell-off. The Nikkei Stock Average declined 2.1%, while in Sydney the S&P/ASX200 fell 1.3%, more than the shedding gains added last week when the index hit levels not seen since 2008. Elsewhere in the region, South Korea’s benchmark Kospi Composite fell 0.8%, while Singapore’s Starits Time index lost 0.7%.
The Asian bourses fell on Monday as the risk-sentiment hit the “risk-off” button. The major drivers for the change to “risk-off” mode is not only the probable foreclose of the US government, but as well the planned sales tax-hike in Japan. Elaborating on, Japanese stocks fell sharply on Monday dragging down the Asian bourses, leading Asian stocks to a massive and sharp sell-off. The Nikkei Stock Average declined 2.1%, while in Sydney the S&P/ASX200 fell 1.3%, more than the shedding gains added last week when the index hit levels not seen since 2008. Elsewhere in the region, South Korea’s benchmark Kospi Composite fell 0.8%, while Singapore’s Starits Time index lost 0.7%.