Alahednews
english.alahednews.com.lb
Al-Ahed Telegram
Suhaila Ibrahim Zakzaky: My Parents are Detained at a Security Apparatus Facility Andrew Green: UK Should ’Move In the Direction of Friendship’ With Al-Assad Indian Scientist Finds Way to See Wormholes in Space-Time Netanyahu: At Least 6 Countries In ‘Serious’ Talks To Move Embassies To Al-Quds Lavrov: Putin, Trump Will Never Allow US-Russia Armed Conflict Al-Assad Returns Legion of Honor Award to ’US Slave’ France after Syria Strikes Zarif Vows Strong Retaliation If US Kills Iran’s Nuke Deal Even Stars Tell The Truth! ’Israeli’ Regime Denies 11-Yo Wounded Palestinian’s Passage for Medical Treatment, Causes Loss of His Leg Skripal Case: Russia’s OPCW Envoy Exposes ’Eight UK Lies’ #Putin, #Trump Will Never Allow US-Russia Armed Conflict, #Lavrov Says #Syria: "Jaish al-Islam" terrorists in al-Dmair town continue to hand over their arms before leaving for #Jarablus Magnitude 5.5 quake strikes southern #Iran; felt in #Bahrain US & allies' 'aggression' in #Syria is a violation of international law - #Putin to Merkel #Merkel claims #Russia shares responsibility for #Syria's actions as its ally Leader of #Daesh Cell in Russia Blows Himself Up During Detention - FSB #Russian, #French Ambassadors Arrive for #OPCW Meeting on #Douma #Russia: Response to #US #Sanctions Will Not Be Delay Sayyed #Nasrallah: Some #Gulf countries have worked and offered millions of dollars to strike #Syria and its institutions Sayyed #Nasrallah: The #US with its institutions, knows that any broad aggression against #Syria can’t end without consequences, but will blow the entire region
Guestbook mailinglist.php arabic site french site spanish site facebook twitter rss page
News Categories » NEWS » Asia-Pacific » Asia-Pacific...

Decrease Font Size Increase Font Size  Print Page
After Tripartite Syria Strike, Asia Stocks Mostly Down
Local Editor

Most Asian markets fell on Monday after a US-led strike on Syrian targets fueled fresh concerns over the tinderbox Middle East, though analysts said investors were hopeful the crisis would not escalate.

China stock market

The US, Britain and France carried out attacks at the weekend on alleged chemical weapons facilities, in response to what they alleged was a toxic gas attack a week before.

While there was broad support for the mission, Moscow condemned it as illegal and warned it would provoke "chaos" in international relations.

The Syria crisis, which has seen the West's relationship with Russia grow increasingly frosty, has encompassed other regional players including Iran, Saudi Arabia and "Israel", and led to talk of a military standoff.

It also comes against the backdrop of a trade dispute between the United States and China. Many fear this could hammer the global economy if the two sides push through threatened tit-for-tat tariffs on billions of dollars' worth of goods.

Most markets were down on Monday but the losses were limited.

Hong Kong fell 1.6 percent, while Shanghai had slipped 1.5 percent at the close, with traders there awaiting the release Tuesday of first-quarter Chinese growth data.

Property firms in Hong Kong took a hit on fears of an end to the era of low interest rates as the city's de facto central bank was forced to support the local dollar, which is at 7.85 to the greenback, the lowest end of its band with the US unit.

The Hong Kong Monetary Authority has spent about US $1.7 billion boosting the currency, which has been hit by a flow of cash out of the city to the United States in search of higher interest rates.

Chang Liu, China economist at Capital Economics, warned there was a concern that the HKMA's move would raise interest rates in the city, which could hammer the property market - among the world's most expensive - and have a knock-on effect for the economy.

Singapore fell 0.2 percent, while Wellington and Taipei also declined.

However, Tokyo ended in positive territory, up 0.3 percent, while Sydney edged up 0.2 percent and Seoul 0.1 percent.

"The markets are taking the surgical strike at the heart of Syria's chemical weapon program in their stride as traders had priced in this outcome with a high degree of probability," Stephen Innes, head of Asia-Pacific trade at OANDA, said in a note.

"Given the universal condemnation [of the chemical attack] and overwhelming support for this military action, it's improbable there will be retaliation from Russia or Iran, Syria's principal backers, and for the time being, the US-UK-France alliance is considering this a mission accomplished."

And Callum Henderson, a Eurasia Group managing director in Singapore, told Bloomberg TV: "There was a significant fear of potential escalation: that hasn't happened so far."

But he added that "it remains to be seen how long this market rally lasts on the back of this specific factor - whether or not, or when, Russia retaliates".

The troubles in the oil-rich Middle East have helped push the price of crude to highs not seen since the end of 2014, though both main contracts slipped in early trade Monday.

And the dollar managed to hold its own against the safe haven yen despite the uncertainty, while gold - another go-to asset in times of turmoil - is sitting near two-year highs.

Source: News Agencies, Edited by website team

16-04-2018 | 13:33


Name
E-Mail
Comment Title
Comment
Human Verification


News Coverage

Related News

Search
To Top