Following a rocky week featuring particularly volatile swings in Tokyo, Asia’s markets were mostly down in early trade on Friday.

Japan’s Nikkei opened 0.75% lower but was later down just 0.3% at 18,246.8.

After surging almost 8% on Wednesday, the Nikkei closed down on Thursday 2.5% at 18,299.6 – among Asia’s big losers.

Investors are showing signs of concern over whether the US Federal Reserve will raise interest rates next week.

They have also been concerned over the strength of China’s economy, which is the world’s second-biggest after the United States.

Japan’s investors seem to shrug off news that Japan Post is seeking to raise as much as 1.39tn yen ($11.5bn, £7.4bn) in a stock market listing that would be one of the world’s biggest this year.

The plan for the state-owned giant would be one of Japan’s largest public share sales in more than 30 years.

Sydney falls

In Australia, the benchmark S&P/ASX 200 was down 0.4% at 5,075.3 points despite gains on Wall Street overnight.

Analysts said energy stocks could give the Australian market a boost after oil prices rose by 4%.

The US Energy Information Agency said oil production had fallen to a one-year low in August and was likely to keep falling into 2016.

“This seemed to shroud out the higher than expected growth in oil inventories, seeing WTI (West Texas Intermediate crude) rise 4%,” said Angus Nicholson of IG Markets.

“This may see some boost to the energy sector after a bit of a sell-off yesterday as buyout speculation calmed,” he added.

After being the one bright spot in Asia yesterday, South Korea’s benchmark Kospi was down 0.9% at 1,945.1 points.

Source: BBC News


Please enter your comment!
Please enter your name here