Asian shares hit fresh one-year lows in early trading on Thursday, while oil and precious metal prices also tumbled as Turkey’s currency crisis and fears of an economic slowdown in China fanned worries about global growth. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.0 percent, while Japan’s Nikkei and the Australian benchmark dropped 1.2 percent and 0.4 percent, respectively. Chinese stocks continued to sag, with the Shanghai Composite Index and Hong Kong’s Hang Seng index shedding 1.1 percent and 0.9 percent.
Tech shares came under pressure after China’s Tencent Holdings Ltd reported its first quarterly profit fall in nearly 13 years on weak gaming revenue. The knock to the rest of the sector sent South Korea’s Samsung Electronics to a one-year low. Wall Street’s major indexes closed lower on Wednesday, with the S&P 500 down 0.8 percent, its biggest percentage drop since late June, amid disappointing earnings and escalating global trade worries. For more information please visit : www.dollaradvisory.com and call : 9111179961
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