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Market Digest Nigeria

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Shares in Asia weaker as Brexit, Trump concerns hit sentiment

Asian shares fell on Monday as investors took cover on a mix of currency turmoil for the pound and concerns that President-elect Donald Trump may roil markets ahead of his inaguration on January 20.
U.S. markets are closed for a holiday on Monday. Initial speculation was that Trump’s inaugural speech should be positive for the market if he focuses it on the pro-growth agenda that has driven stocks higher., but an interview with London’s Sunday Times covering nuclear weapons to Brexit and continued sniping via Twitter has weighed on that view.
Sentiment in the Asian region was also hit as the British pound tumbled from levels above $1.2176 to about $1.2026 on Monday during Asian hours on concerns of a ‘hard Brexit” to be announced on Tuesday by Prime Minister Theresa May.
The Shanghai Composite Index fell 1.40%, while Hong Kong’s Hang Seng Index edged down 0.99%.
The Nikkei 225 was down 0.87% after Japan’s core machinery orders fell in November at the fastest pace in seven months by 5.1% in November from the previous month, data showed on Monday, more than the median estimate for a 1.7% decline.
As well, Takata shares were down 9.33 percent, retracing slightly from earlier losses of nearly 11 percent, after the airbag maker reached a settlement agreement on Friday with the U.S. Department of Justice on an ongoing investigation for about $1 billion related to sales of faulty airbags in cars.
U.S. stocks were mixed after the close on Friday, as gains in the Industrials, Financials and Technology sectors led shares higher while losses in the Oil & Gas, Basic Materials and Utilities sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average declined 0.03%, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.48%.

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