Asian equities kicked off the week with sharp losses as emerging markets remained under pressure on fears over a tightening in U.S. monetary policy and credit conditions in China. Investors took their cues from Fridays rout in global markets when emerging-market currencies from Turkey to Argentina took a beating ahead of Tuesdays Fed meeting. Nikkei 2.5% lower. Japans benchmark index fell to its weakest levels since November, extending Fridays sharp 2 percent fall, after the yen briefly hit a new seven-week high at 101.77 per dollar in early trade. Hong Kong down 2%. Hong Kong shares tumbled to a four-month low while the benchmark Shanghai Composite eased 0.7 percent after Forbes reported that the Peoples Bank halted bank cash transfers. Kospi falls 1.4%. South Korean shares hit their lowest levels since August while the won hit a four-month low. -CNBC
Posted on: Mon, 27 Jan 2014 05:48:31 +0000
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