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Global Stocks Sink Tuesday 11/20 05:51
Asian stocks slid Tuesday after tech losses dragged down Wall Street and
Nissan's chairman was arrested on financial charges.
BEIJING (AP) -- Asian stocks slid Tuesday after tech losses dragged down
Wall Street and Nissan's chairman was arrested on financial charges.
KEEPING SCORE: In early trading, Germany's DAX index lost 0.8 percent to
11,156.08 points and France's CAC 40 shed 0.7 percent to 4,951.75. London's
FTSE 100 retreated 0.4 percent to 6,969.74. On Monday, the DAX dropped 0.9
percent, the CAC gave up 0.8 percent and the FTSE 100 slipped 0.2 percent. Wall
Street looked set for a lower opening, with the future for the benchmark
Standard & Poor's 500 index off 0.6 percent and that for the Dow Jones
Industrial Average down 0.4 percent.
ASIA'S DAY: The Shanghai Composite Index fell 2.1 percent to 2.645.88 and
Tokyo's Nikkei 225 lost 1.1 percent to 21,583.12. Hong Kong's Hang Seng shed 2
percent to 25,840.34 and Seoul's Kospi retreated 0.9 percent to 2,082.58.
Sydney's S&P-ASX 200 was 0.4 percent lower at 5,671.80 and India's Sensex
declined 0.6 percent to 35,559.08. Benchmarks in Taiwan, New Zealand and
Southeast Asia retreated.
WALL STREET: Apple, Microsoft and Amazon sustained some of the worst losses
as technology companies tumbled again, leading to broad losses. The Dow briefly
fell 512 points. The S&P 500 fell 1.7 percent. The Dow closed down 1.6 percent.
The Nasdaq composite skidded 3 percent. Boeing, a major exporter, gave up 4.5
percent. Apple fell 4 percent and Amazon gave back 5.1 percent.
NISSAN: Nissan said Chairman Carlos Ghosn, who engineered a turnaround at
the automaker, was arrested on charges he underreported his income and misused
company funds and will be fired. Nissan said Ghosn and another senior
executive, Greg Kelly, were accused of offenses discovered during an
investigation set off by a whistleblower. Kelly also was arrested. The
Renault-Nissan-Mitsubishi alliance sold 10.6 million cars last year, more than
any other manufacturer. U.S.-traded shares of Nissan lost 5.8 percent, while
Renault shares dropped 8.4 percent in Paris.
U.S.-CHINA TRADE: Investors focused on simmering trade tension between
Washington and Beijing after the two governments clashed at a weekend
conference. The two countries have raised tariffs on billions of dollars of
each other's goods in a fight over China's technology policy. Presidents Donald
Trump and Xi Jinping are due to meet this month at a gathering of the Group of
20 major economies. At the weekend meeting in Papua New Guinea, Trump's vice
president, Mike Pence, criticized Beijing for intellectual property theft,
forced technology transfers and unfair trading practices.
ANALYST'S QUOTE: "The conviction for a bounce back into the year end for
equity markets can be seen slowly diminishing as worries across a variety of
issues entrench themselves," Jingyi Pan of IG said in a report. Pan said
investors are shifting to safe havens amid uncertainty ahead of the G20 meeting.
ENERGY: Benchmark U.S. crude lost 37 cents to $56.83 per barrel in
electronic trading on the New York Mercantile Exchange. The contract gained 52
cents on Monday to $57.20. Brent crude, used to price international oils, fell
54 cents to $66.25 per barrel in London. It added 3 cents the previous session
to $66.79.
CURRENCY: The dollar edged down to 112.45 yen from Monday's 112.53 yen. The
euro gained to $1.1470 from $1.1454.
(BE)
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