Asian stock markets on the defensive Monday, greenback revives

Lola Evans
21 Nov 2022, 16:42 GMT+10

Stocks in Asia were mostly lower on Monday.
The U.S. dollar, meantime, staged a modest recovery after relentless selling last week.
The Australian All Ordinaries slumped 19.60 points or 0.27 percent to 7,335.10.

SYDNEY, NSW, Australia - Stocks in Asia were mostly lower on Monday.

The U.S. dollar, meantime, staged a modest recovery after relentless selling last week.

The Australian All Ordinaries slumped 19.60 points or 0.27 percent to 7,335.10.

South Korea's Kospi Composite dived 29.49 points or 1.21 percent to 2,414.99.

China's Shanghai Composite retreated 12.30 points or 0.39 percent to 3,085.04.

The Hang Seng in Hong Kong shed 336.63 points or 1.87 percent to 17,655.91.

Going against the trend in New Zealand, the S&P/NZX 50 advanced 59.79 points or 0.53 percent to 11,040.40. "Many borrowers have yet to feel the impact of higher interest rates. That will change a great deal over the next six to twelve months as they come due for refixing," Westpac's Acting Chief Economist in New Zealand, Michael Gordon, said Monday. "Consequently, we expect to see a softening in consumer spending and the demand for workers over the next year or so, with growth effectively stalling by 2024," he added.

In Japan, the Nikkei 225 also gained ground, adding 45.02 points or 0.16 percent t to 27,944.79.

On foreign exchange markets, the euro dropped to 1.0279 by the Sydney close Monday. The British pound was sold off to 1.1827. The Japanese yen fell to 140.67. The Swiss franc was unwanted at 0.9559.

The Canadian dollar weakened to 1.3415. The Australian dollar crumbled to 0.6645. The New Zealand dollar eased to 0.6126.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.

More Information

21 ℃

Partly Cloudy in Hong Kong Intl

China

Section

Myanmar ethnic group alliance captures trade gate on Chinese border

NAYPYIDAW, Myanmar: Kyar Win, spokesperson for the Myanmar National Democratic Alliance Army, which launched a surprise offensive last month against ...

China pledges to deepen bilateral trade relations with Vietnam

BEIJING, China: The country's commerce ministry said that during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho ...

Survey nominates world's most expensive cities

Singapore, Zurich, and New York topped the Economist magazine's ranking this yearSingapore and Zurich are the world's most expensive cities ...

Philippines: China Executed 2 Filipinos Convicted of Drug Trafficking

MANILA, PHILIPPINES - China has executed two Filipinos for drug trafficking despite high-level Philippine government appeals to commute their death ...

One App To Rule Them All: Coming Soon To Russia's Internet

You'll be able to pay your taxes. You'll be able to share, and like, cute cat videos. You'll be able ...

Give weapons-industry money to the hungry Pope Francis

The pontiff also told the COP28 summit that ?the destruction of the environment is an offense against God?The Pope has ...

Business

Section