Asian shares mixed on US partial shutdown, Wall Street slump


SINGAPORE (AP) — Asian stocks were mostly lower with light trading on Monday as a Wall Street slump and a partial U.S. government shutdown stemmed holiday cheer.

KEEPING SCORE: South Korea’s Kospi dropped 0.2 percent to 2,058.19 while the Shanghai Composite index rose 0.1 percent to 2,519.71. Hong Kong’s Hang Seng lost 0.7 percent to 25,572.50. Australia’s S&P ASX 200 added 0.2 percent to 5,475.90. Stocks fell in Taiwan and Singapore. Markets in Japan, Indonesia and the Philippines were closed.

WALL STREET: The U.S. market ended its worst week in more than seven years on Friday, with major indexes plunging 7 percent. They’ve given up more than 12 percent in December. Sentiment was dampened by a range of factors, including expectations for slower U.S. growth and the country’s long-running trade dispute with China. The S&P 500 index slipped 2.1 percent to 2,416.62 and the Dow Jones Industrial Average was down 1.8 percent at 22,445.37. The Nasdaq composite tumbled 3 percent to 6,332.99. The Russell 2000 index of smaller-company stocks lost 2.6 percent to 1,292.09. All of the major indexes are 16 to 26 percent lower from their highs this summer and fall.

PARTIAL SHUTDOWN: The U.S. federal government was partially shut down on Saturday after Democrats rejected President Donald Trump’s demands for $5 billion to erect a border wall with Mexico. They are offering to keep funding at $1.3 billion, which will be used for security instead. It is unclear how long the shutdown will last with the upcoming Christmas holidays. Almost every essential government agency remains open, but hundreds of thousands of federal workers will be forced off the job and some services will be shut.

ANALYST’S TAKE: “Holiday thinned trade is to be expected for the markets open this Monday with the risk aversion set to continue,” Jingyi Pan of IG said in a commentary. “There appears to be a whole lot of happenings on the political side of things in the U.S., not cutting any slack for the battered stock market,” she added.

Lindsey Graham Ties Border Funding to Ukraine Aid, Has Tough Message for Anyone Who Doesn't Like It

ENERGY: Benchmark U.S. crude added 46 cents to $46.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 0.6 percent to settle at $45.59 in New York on Friday. Brent crude, used to price international oils, gained 54 cents to $54.36 a barrel. It lost 1 percent to $53.82 a barrel in London.

CURRENCIES: The dollar weakened to 111.07 yen from 111.22 yen in late trading Friday. The euro rose to $1.1387 from $1.1372.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →

We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
New York City