APAC markets in red; Nissan shares crash 13%

Summary

  • All APAC shares are trading in red, with Taiwan being the worst hit market.
  • ASX200 is down by 1.14%, a day after the Federal Budget.
  • Growing concerns over inflation have dampened investor sentiment.
  • Nissan shares crumble by 13% on back of weak guidance.

All the share markets in the Asia-Pacific (APAC) region were trading in red on Wednesday, as concerns over growing inflation spooked investors.

The shares in Taiwan were the worst hit, as Taiwan Weighted Index crashed by 6.02% at the time of filing this copy.

On the other hand, the Mainland Chinese markets were subdued during the day with Shanghai Composite down by paltry 1 basis point.

The South Korean KOPSI was also down by a sizeable 1.96%.

The Japanese stocks were also in deep red, as Nikkei225 corrected by 1.91%. The shares of Japanese automaker Nissan Motor Co Ltd (TYO:7201) tumbled 12.94% to hit a four-month low after the third largest automaker in the far-eastern country delivered a weaker-than-expected guidance for the current fiscal year.

Meanwhile in Australia, benchmark index ASX200 fell 1.14% after major banking stocks were hammered in the day’s trade. Yesterday, the country’s treasurer, Josh Frydenberg tabled the Federal Budget 2021-22 in the House of Representative.

In India, which has been crippled by the raging COVID-19 pandemic, the 30-share benchmark – BSE Sensex – was down by 65 bps.

Earlier on Tuesday, the region’s largest economy, China released data revealing that wholesale prices in the country rose at the highest rate in three and a half years for the month of April. This dampened the spirit of the markets.


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