Asia stocks drop amidst US political uncertainty

HONG KONG — Asian stock markets were mostly lower Friday as investors remained cautious amid U.S. political uncertainty. Weak U.S. retail data added to worry over consumer spending.

KEEPING SCORE: Japan’s benchmark Nikkei 225 index lost 0.7 percent to 19,823.28 and South Korea’s Kospi fell 0.4 percent to 2,288.39. Hong Kong’s Hang Seng edged 0.1 percent higher to 25,141.13 and the Shanghai Composite Index in mainland China was 0.4 percent higher at 3,072.01. Australia’s S&P/ASX 200 shed 0.7 percent to 5,836.90.

TRUMP’S TROUBLES: The continuing fallout over President Donald Trump’s unprecedented firing of FBI Director James Comey is making investors wary of taking on more risk and raises questions about whether he can follow through on his business-friendly agenda, analysts said.

QUOTEWORTHY: “The political noise continues to escalate over Trump’s firing of FBI Director Comey,” said Stephen Innes, senior trader at OANDA. “This storyline has clearly rattled equity investors, given this political cloud could cripple the fragile support for Trump’s tax policy.”

The Washington Post

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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