Asian equity markets picked up where they left off yesterday, all ending the day in negative territory.
- The Australian All Ordsfinished down 52.2 pts at 3,412.20, a loss of 1.51% for the day with the financials bearing the brunt of the losses. Talk of more interest rate cuts after the release or the minutes of the RBA board meeting combined with fresh concerns about the stability of banks helped weigh the market down.
- In Tokyo, the Nikkei ended the day down 104.66 pts at 7,645.51, a loss of 1.35% with concerns over growth still weighing heavily on the market. The only sector in the positive today was the Tech Sector, with Industrials and Non Cyclical Consumers bearing the brunt of the market selling.
- The Hang Sengwas the worst performer out of the three ending the day down 3.8% at 12,951, a loss of 504.68 pts. Financials, Communications and Consumer Cyclical’s were the hardest hit although all sectors ended the day in the red.