Asian shares decline after China injects cash into economy

Published: October 08, 2018 10:45:03 | Updated: October 09, 2018 14:38:06


File Photo (Collected)

Asian stocks declined Monday after China injected extra money into its cooling economy.

The Shanghai Composite Index lost 3.0 per cent to 2,738.04 and Hong Kong's Hang Seng was off 0.9 per cent at 26,345.90. Seoul's Kospi lost 0.4 per cent 2,258.72.

Sydney's S&P-ASX 200 shed 1.2 per cent to 6,113.60. Japanese markets were closed for a holiday. Benchmarks in New Zealand and Singapore gained while Jakarta declined, reports Reuters.

Wall Street fell amid uncertainty about US interest rates. The S&P Index lost 0.6 per cent to 2,885.57. The Dow Jones Industrial Average dipped 0.7 per cent to 26,447.05.

The Nasdaq composite skidded 1.2 per cent to 7,788.45. The yield on the 10-year Treasury note jumped to 3.23 per cent, its highest since May 2011, from 3.19 per cent.

Benchmark US crude tumbled 65 cents to $73.69 per barrel in electronic trading on the New York Mercantile Exchange. The contract shed 1 cent to $74.34 on Friday.

Brent crude, used to price international oils, dropped 90 cents to $83.26. It lost 42 cents the previous session to $84.16.

The dollar gained to 113.85 yen from Friday's 113.71 yen. The euro declined to $1.1515 from $1.1523.

Share if you like