Asian Markets extend Last Week’s Selloff

Asian stocks and financial markets fell lower Monday morning as Asian traders remain cautious. This down day extends the losses of last week’s global equity rout.

The benchmark in Japan, the Nikkei 225 was sharply lower today. Shares shed 1.48 percent during early trade hours. In Tokyo, the broader Topix index also fell lower. This index lost 1.17 percent. Most sub-sectors were trading lower.

Shares of Softbank tanked almost 5.5 percent. There are concerns of the company’s relationship to Saudi Arabia. The Middle Eastern Kingdom is under increasing political pressure since the disappearance of a prominent journalist. This journalist was very critical of the Kingdom and its rulers.

Across the Korean Strait the South Korean Kospi composite index was also lower. Shares lost almost 0.5 percent. Blue-chip Samsung Electronics was down 1.02 percent.

Asian Markets in China and Australia also see Red Monday Morning

In the Chinese sphere of influence, the equity and financial markets also traded down. In Hong Kong, the Hang Seng Index (HSI) was down 0.9 percent this morning. On the mainland, the Shanghai composite was down. Shares lost 0.33 percent. The smaller Shenzhen composite gained ground. This exchange was up this morning by 0.4 percent.

Elsewhere in the Asian and Pacific Rim, the Australian ASX 200 was also down. Shares lost 1.25 percent this morning. Most of the sub-sectors fell lower.

The heavily weighted financial sub-index was down 1.81 percent. The country’s major banks all saw losses today. Shares of Commonwealth Bank lost 2.16 percent. The Australian and New Zealand Bank (ANZ) shed over two percent. Shares of Westpac fell 1.51 percent and shares of National Australia Bank (NAB) were down 1.58 percent.