After the best week in years for a number of Asian stock markets — following the worst month in years for many — the region’s equities started Monday on a down note amid profit-taking after Friday’s surges.
slid 1.3% after its best week since mid-2016, following Friday’s declines in the U.S. and amid persistent concerns about rising borrowing costs, U.S.-China trade conflicts and their effects on corporate results. Subaru
fell about 5% and Uniqlo parent Fast Retailing
was off 4.7%.
Read: Bank of Japan’s Kuroda says large-scale monetary easing no longer the best policy
Chinese stocks were off even after President Xi Jinping praised globalization and China’s commitment to free trade as he kicked off a trade expo in Shanghai. The Shanghai Composite
fell about 1% while the smaller-cap Shenzhen Composite
was of 0.6%.
See: Xi touts free trade, China’s massive market at import expo
Hong Kong stocks were among the region’s biggest decliners. After ending last week with a 4.2% gain, the most in seven years, the Hang Seng Index
was down 2.7%. Trade worries persisted, as did concerns about the mainland economy, after a new report found China’s service-sector growth fell to a 13-month low in October. Tencent
was down 4% while automaker Geely
fell 5% and smartphone-component maker AAC
shed 1.5% after its 3.5% surge Friday, its best day in seven years. Index heavyweight Samsung
was down almost 2%. Benchmarks in Taiwan
posted losses around 1%.
Australia’s ASX 200
, working a six-day winning streak, was off 0.2% and New Zealand’s NZX 50
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