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Sunday July 15th, 2018 3:21PM

Asian markets extend losses after dismal session on Wall St

By The Associated Press
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TOKYO (AP) — Asian share benchmarks skidded Wednesday, tracking Wall Street's overnight decline after another afternoon fizzle for stocks that left the Standard & Poor's 500 index with its third straight loss. Warnings of tighter regulation of China's financial markets added to gloom in Shanghai and Hong Kong.

KEEPING SCORE: Tokyo's Nikkei 225 index lost 2.0 percent to 22,177.04 and the Hang Seng in Hong Kong slumped 1.9 percent to 28,301.18. The Shanghai Composite index gave up 1.2 percent to 3,264.82 while South Korea's Kospi dropped 1.3 percent to 2,477.88. The S&P ASX 200 in Australia fell 0.4 percent to 5,946.10. Shares were mostly lower in Southeast Asia.

WALL STREET: Technology stocks recovered but then lost momentum on Tuesday, as losses for telecom stocks and utilities helped cement the S&P 500's longest losing streak in nearly four months. The S&P 500 fell 0.4 percent to 2,629.57. The Dow Jones industrial average lost 0.5 percent to 24,180.64, and the Nasdaq composite declined 0.2 percent to 6,762.21. Losers outnumbered winners on the New York Stock Exchange by nearly two to one.

ANALYST'S TAKE: "The sell-off into Tuesday's U.S. session provides weak leads for Asian markets midweek and futures have certainly pointed us in the direction of further pressure for the region," Jingyi Pan of IG said in a commentary.

CHINA CRACKDOWN: Chinese shares fell after a senior China Banking Regulatory Commission official warned of tougher oversight over financial markets and illegal financial dealings, according to state media reports. A CBRC vice chairman, Wang Zhaoxing, said risks to markets "should not be taken lightly," the state-run China Daily newspaper reported.

CURRENCIES: The dollar slipped to 112.12 Japanese yen from 112.60 yen late Tuesday. The euro rose to $1.1843 from $1.1825, and the British pound fell to $1.3427 from $1.3444.

ENERGY: Benchmark U.S. crude gave up 22 cents to $57.40 per barrel in electronic trading on the New York Mercantile Exchange. It rose 15 cents to settle at $57.62 per barrel on Tuesday. Brent crude, the international standard, shed 24 cents to $62.62 a barrel in London.

___

AP Business Writer Stan Choe in New York contributed.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Financial Markets
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Asian markets extend losses after dismal session on Wall St
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