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Asian stock markets follow Wall Street lower | |
(about 1 hour later) | |
Stock markets in Asia were in negative territory on Wednesday, following declines on Wall Street after the Dow Jones closed down 1%. | Stock markets in Asia were in negative territory on Wednesday, following declines on Wall Street after the Dow Jones closed down 1%. |
Japan's Nikkei 225 index dropped 1.1% to 20,618.4 points. | |
However, Toshiba shares continued to rise after chief executive Hisao Tanaka resigned on Tuesday following an accounting scandal. | However, Toshiba shares continued to rise after chief executive Hisao Tanaka resigned on Tuesday following an accounting scandal. |
Shares were up 1.7% after a 6% rise the previous day when the details of the scandal were revealed. | |
An independent investigation had found the company overstating its profits by a total of 151.8bn yen ($1.22bn, £780m) over the past six years. | An independent investigation had found the company overstating its profits by a total of 151.8bn yen ($1.22bn, £780m) over the past six years. |
In Australia, low commodity and gold prices helped pull the ASX 200 index down 1.1% to 20,618.4 points. | |
BHP Billiton fell 0.6% despite the company saying it exceeded its production guidance for iron ore. | BHP Billiton fell 0.6% despite the company saying it exceeded its production guidance for iron ore. |
In its operational review, the mining giant also said it was on track for additional growth in the current year. | In its operational review, the mining giant also said it was on track for additional growth in the current year. |
Meanwhile, the Australian Bureau of Statistics said that inflation in the second quarter came in slightly below expectations at 1.5%. | |
In Seoul, South Korea's benchmark Kospi also was in negative territory, down 0.7% to 2,069.40 points. | |
Despite the won being at its weakest level against the dollar in two years, export-focused companies failed to benefit. | |
Car makers Kia and Hyundai were both unable to consolidate Tuesday's gains. | |
In China, the Shanghai Composite remained flat in early trade at 4,017.3 points. | |
Hong Kong's Hang Seng fell by 0.7% to 25,344.8 points in line with the Asia-wide sell-off. |