Friday September 21st, 2018 6:07PM

Asian shares tumble after Tillerson exit, Wall Street drop

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian shares fell Wednesday, taking their cue from a dip on Wall Street after the abrupt departure of U.S. Secretary of State Rex Tillerson. Concern over tariff hikes announced by President Donald Trump was weighing on sentiment.

KEEPING SCORE: Japan's benchmark Nikkei 225 lost 0.9 percent to close at 21,777.29. Australia's AS&P/ASX 200 dipped 0.7 percent to 5,935.30. South Korea's Kospi fell 0.3 percent to 2,486.57. Hong Kong's Hang Seng dropped 1.3 percent to 31,182.84, while the Shanghai Composite slipped 0.4 percent to 3,296.28. Shares also fell in Southeast Asia.

TILLERSON EXIT: U.S. President Donald Trump fired Tillerson and picked CIA Director Mike Pompeo to shift from America's spy chief to its top diplomat. The abrupt announcement ended the turbulent tenure of the man who reportedly called the president a "moron" but wanted to stay, and deepened the disarray in the Trump administration.

THE QUOTE: "Over and above the reflection of chaos within the U.S. administration, the removal of another balancing voice in the White House shortly after ex-economic adviser Gary Cohn's departure certainly induced jitters within the market," said Jingyi Pan, market strategist at IG in Singapore.

WALL STREET: The S&P 500 index lost 0.6 percent to 2,765.31. The Dow Jones industrial average slid 0.7 percent to 25,007.03. The Nasdaq composite fell 1 percent to 7,511.01, its first decline after seven straight gains. The Russell 2000 index of smaller-company stocks sank 0.6 percent, to 1,592.05.

BLOCKED DEAL: Behind the Wall Street drop was Trump's blocking of Singapore-based chipmaker Broadcom's effort to buy Qualcomm, one of the biggest makers of processors that power smartphones and other mobile devices. The deal would have been the largest in the history of the technology industry and Broadcom's offer came as other countries are also getting ready to build faster "5G" wireless networks.

ENERGY: Benchmark U.S. crude added 2 cents to $60.73 a barrel in electronic trading on the New York Mercantile Exchange. It slumped 65 cents to $60.71 a barrel in overnight. Brent crude, used to price international oils, shed 14 cents to $64.50 per barrel.

CURRENCIES: The dollar fell to 106.52 yen from 106.58 yen late Tuesday. The euro rose to $1.2397 from $1.2388.

____

AP Markets Writer Marley Jay contributed to this report. He can be reached at http://twitter.com/MarleyJayAP

His work can be found at https://apnews.com/search/marley%20jay

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Saccone says race vs. Lamb isn't over
Republican Rick Saccone says his campaign will be working through the night as votes are counted in his Pennsylvania congressional race against Democrat Conor Lamb, which remains too close to call
11:54PM ( 13 minutes ago )
Titans agree to terms with pair of Patriots' free agents
The Titans are kicking off free agency by agreeing to deals with a pair of Patriots in cornerback Malcolm Butler and running back Dion Lewis
11:48PM ( 20 minutes ago )
Westbrook's 100th triple-double, Thunder beat Hawks 119-107
Westbrook gets 100th career triple-double as Oklahoma City Thunder beat Atlanta Hawks 119-107
11:46PM ( 21 minutes ago )
Associated Press (AP)
3 rural Illinois men charged with Minnesota mosque bombing
Three rural central Illinois men charged with the bombing of a Minnesota mosque last year; federal authorities say one of the men told an investigator the goal of the attack was to 'scare' Muslims out of the United States
9:44PM ( 2 hours ago )
Paul Posluszny retires after 11 seasons with Jaguars, Bills
Jacksonville Jaguars linebacker Paul Posluszny retires from NFL after 11 seasons
9:23PM ( 2 hours ago )
Feds probing helicopter crash examine passenger restraints
Investigators have recovered a flight data recorder and a GoPro camera from a helicopter that crashed into New York City's East River as officials try to piece together why it went down
9:14PM ( 2 hours ago )
AP Business
Britain could be paying into EU coffers until 2064
The agency that compiles forecasts for Britain's government says the country is set to pay into the European Union's coffers for another 50-odd years
6:47PM ( 5 hours ago )
Stocks sink as technology rally fades; Qualcomm drops
US stocks fall as a seven-day rally for technology companies ends after President Donald Trump blocked Broadcom's effort to buy chipmaker Qualcomm
4:57PM ( 7 hours ago )
Anti-wall crowd shouts at border crossing before Trump visit
Dozens of demonstrators protested President Donald Trump's proposed U.S.-Mexico border wall by shouting and holding signs at the busiest U.S. border crossing
3:47PM ( 8 hours ago )
AP Business - Economy
World shares mixed amid concerns about trade barriers
Global stock markets are mixed, with Wall Street set for a cautious open, as investors gauge how far countries could go in setting up barriers to trade
8:05AM ( 16 hours ago )
World shares mixed on trade outlook, tighter China oversight
World shares mixed on uncertainty over trade, China regulatory revamp
4:47AM ( 19 hours ago )
China merges bank, insurance regulators to tackle risk
China plans to merge its banking and insurance regulators into a more powerful agency to control scandal-plagued finance industries that are struggling with debt
2:10AM ( 21 hours ago )
AP Business - Financial Markets
The Latest: Saccone says race vs. Lamb isn't over
Republican Rick Saccone says his campaign will be working through the night as votes are counted in his Pennsylvania congressional race against Democrat Conor Lamb, which remains too close to call
11:54PM ( 13 minutes ago )
Titans agree to terms with pair of Patriots' free agents
The Titans are kicking off free agency by agreeing to deals with a pair of Patriots in cornerback Malcolm Butler and running back Dion Lewis
11:48PM ( 20 minutes ago )
Westbrook's 100th triple-double, Thunder beat Hawks 119-107
Westbrook gets 100th career triple-double as Oklahoma City Thunder beat Atlanta Hawks 119-107
11:46PM ( 21 minutes ago )
The Latest: 3,900 absentee ballots yet uncounted in Pa. race
State officials say there are about 3,900 absentee ballots still to be counted in the Pennsylvania congressional race between Democrat Conor Lamb and Republican Rick Saccone, which remains too close to call late Tuesday
11:44PM ( 23 minutes ago )
Trump views designs for border wall while bashing California
President Donald Trump has inspected eight towering prototypes for his long-sought wall at the U.S.-Mexico border
11:44PM ( 24 minutes ago )