Tue, 14 Jul 2020

Asian shares fall across board on Apple earnings fears

Lola Evans
18 Feb 2020, 16:21 GMT+10

SYDNEY, Australia - Sentiment soured on Asian bourses on Tuesday with all the major indices heading south.

Apple weighed on markets as the world giant advised it would not meet its 31 March quarter estimates due to slowing demand out of China, due to the coronavirus.

"Apple is saying its recovery could be delayed, which could mean the impact of the virus may go beyond the current quarter," Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities told Reuters Thomson Tuesday.

"If Apple shares were traded cheaply, that might not matter much. But when they are trading at a record high, investors will be surely tempted to sell."

The Benchmark Japanese index, the Nikkei 225, was down 323.04 points or 1.37% at 23,200.20 at the close Tuesday.

The Australian All Ords declined 12.90 points or 0.18% at 7,208.30.

In Hong Kong, the Hang Seng plummeted 429.40 points or 1.54% to 27,530.20.

China's Shanghai Composite, which traded in the red most of the day, managed to eke out a tiny gain at the close to finish flat. The key index was up 1.35 points or 0.05% at 2,984.97.

Stocks in the U.S. were set to re-open later Tuesday, after a 3day' break including a national holiday on Monday.

The euro and British pound both eased a few points, closing out the Asian day Tuesday around 1.0831 and 1.2996 respectively.

The Japanese yen inched higher to 109.74, while the Swiss franc firmed a tad to 0.9804.

The Canadian dollar remained friendless at 1.3246. The Australian dollar fell sharply to 0.6689.

The New Zealand dollar was unchanged at 0.6416.

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