Asian shares mostly lower, Nikkei gets boost from weak yen

AP News
Posted: Nov 14, 2016 1:47 AM
Asian shares mostly lower, Nikkei gets boost from weak yen

TOKYO (AP) — Asian shares were mostly lower Monday but Japan's benchmark got a boost from a weaker yen. Other regional bourses have gradually steadied after a bout of turmoil following the U.S. presidential election.

KEEPING SCORE: Japan's benchmark Nikkei 225 added 1.7 percent to finish at 17,672.62 and the Shanghai Composite rose 0.2 percent to 3,203.38, but most other markets fell. Australia's S&P/ASX 200 slipped 0.5 percent to 5,345.70 and South Korea's Kospi lost 0.4 percent to 1,976.31. Hong Kong's Hang Seng slipped 1.5 percent to 22,196.66.

TRUMP FACTOR: Donald Trump's victory over Hillary Clinton has set off a rally on Wall Street, as jitters gave way to hopes. Investors are now betting that Trump and a Republican-controlled Congress will boost infrastructure spending, cut taxes and relax regulations that affect energy, finance and other businesses.

JAPAN HOPES: Data for Japan's gross domestic product showed the economy had grown faster than expected in the July-September quarter, rising 2.2 percent in annualized terms, on the back of healthy exports. The dollar being sought as a safe haven after the U.S. election is also good news for Japan Inc.'s giant exporters.

WALL STREET: The Dow lost 0.2 percent on Friday to 18,847.66. The S&P 500 index edged 0.1 percent lower to 2,164.45. The Nasdaq composite index gained 0.5 percent to 5,237.11.

THE QUOTE: "Global risk assets unexpectedly rebounded on Donald Trump's victory in the US presidential election last week, along with a fast sell off in safe-haven assets including gold and the Japanese yen," says Margaret Yang Yan, a market analyst at CMC Markets in Singapore. "No more surprises before Christmas, please."

ENERGY: Benchmark U.S. crude fell 6 cents to $43.35 a barrel in New York. It fell $1.25 on Friday to 43.41. Brent crude, used to price international oils, gained 3 cents to $44.78 a barrel in London.

CURRENCIES: The dollar rose to 107.56 yen from 106.67 yen late Friday in Asia. The euro slid to $1.0793 from $1.0886.


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