Market Report – Asia Stocks Tumble After GE Fall

Posted by admin as shares and stocks

HANG: Asia stocks tumbled on Monday, with investors worried ahead of a heavy week of earnings and data.

Japan’s Nikkei fell 3 percent (12,918) in a broad-based sell-off that tracked Friday losses on Wall Street.

A nasty earnings surprise from U.S. giant General Electric and data showing U.S. consumer sentiment hit a 26-year low rattled investors across the globe.

China shares were also hurt, with Shanghai property firms among the biggest losers. Shanghai A shares lost 5.6 percent.

Worries about rising inflation have been spooking China investors, and fresh inflation data is due out later this week.

In Hong Kong, China plays such as China Mobile slumped after authorities stopped them from listing their shares in Shanghai amid weak sentiment. The Hang Seng index fell by 3.5 percent.

A slip in oil prices was one of the few bright spots for investors in the region. Oil slid below $110 a barrel after the dollar gained. The dollar rose following a warning on currency fluctuations from the G7 finance ministers.

Looking ahead, investors are eagerly awaiting earnings reports from big U.S. banks such as Citigroup, which will be released later in the week.

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