Asian markets are assimilating news from Apple that their Q4 reports are likely to disappoint investors’ expectations. Apple is the first company to signal the seriousness of the economic consequences of a coronavirus.
Shares in Tokyo, Seoul and Hong Kong are down more than 1%. In Sydney and Shanghai, reductions are more limited. The Australian dollar leads to losses on the FX front after it became clear that the RBA was considering cutting interest rates two weeks ago. Apple parts suppliers are leading the loss. TDK Corp. and Tokyo Electron are down 4% and 5% respectively.
Topix traded down 1.2%;
ASX200 is down 0.3%;
Kospi is in negative territory with a decrease of 1.4%
Shanghai Composite traded lower 0.4% lower;
Hang Seng is also under pressure with a 1.3% decrease
Elsewhere, the Japanese yen is strengthening its position, the pound, the euro and the Australian dollar are lagging currencies.
Gold rose by 0.4%.
Trader Martin Nikolov