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Asian shares lower on negative Japan GDP | Asian shares lower on negative Japan GDP |
(about 4 hours later) | |
Asian markets traded lower on Monday on news that Japan's economy contracted for a second consecutive quarter, marking a recession. | Asian markets traded lower on Monday on news that Japan's economy contracted for a second consecutive quarter, marking a recession. |
Gross domestic product (GDP) fell 1.6% from July to September, compared with the same period last year, below forecasts of a 2.1% rise. | |
That followed a revised 7.3% contraction in the second quarter. | That followed a revised 7.3% contraction in the second quarter. |
The benchmark Nikkei index closed down almost 3% to 16,973.80 after hitting a seven-year high of 17,490.83 on Friday. | |
Monday's finish was the biggest one-day drop for the Nikkei since August. | |
The dollar briefly rose above 117 yen before it eased to 115.69 yen. | |
Chinese shares traded mixed as investors cheered the first day of trading of the landmark Shanghai-Hong Kong stock connect scheme. | |
The trading link will let international investors trade Shanghai-listed shares directly for the first time from the Hong Kong Stock Exchange. | |
Also under the scheme, investors on the Chinese mainland will be able to trade in Hong Kong shares from the Shanghai Stock Exchange. | Also under the scheme, investors on the Chinese mainland will be able to trade in Hong Kong shares from the Shanghai Stock Exchange. |
The Hang Seng index was down 0.6% to 23,932.68, while the Shanghai Composite was up 0.5% at 2,490.61. | |
In Australia, shares fell to three-and-a-half week lows despite news that Australia has reached a free trade deal with China and an agreement would be signed later in the day. | |
China is Australia's largest trading partner. | China is Australia's largest trading partner. |
The benchmark S&P/ASX 200 index closed down 0.8% to 5,412.5 - its lowest since 24 October. | |
South Korean shares were down 0.1%, with the Kospi at 1,943.63 points. |