Japanese stocks lead Asian markets lower
24 May 2016
- From the section Business
Japanese shares lost ground following falls on Wall Street ahead of weak US economic data expected this week.
Expectations that the US Federal Reserve might raise interest rates in June was also weighing down Asian investor sentiment.
The region’s largest market, Tokyo’s Nikkei 225, fell by 0.6% to 16,555.19 points.
Nissan shares fell 0.8% after reports suggested the company might sell its stake in auto supplier Calsonic Kansei.
The sale would generate cash to help develop electric cars and artificial intelligence, the Nikkei newspaper reported.
Last month Nissan took a 34% stake in Mitsubishi Motors to support the embattled company after it admitted falsifying fuel consumption figures.
Major foreign car parts makers, as well as US and European investment funds, appear to be interested in the stake, the Nikkei reported.
In China, the mainland Shanghai Composite lost 0.3% to 2,837.39 points, while Hong Kong’s Hang Seng was flat at 19,783.56 points.
South Korea’s Kospi also fell slightly, losing 0.4% to 1,946.95 points.
In Australia, the ASX/200 traded flat at 5,312.5 points.