The Nikkei Index dropped on Tuesday, with the Yen strengthening against the Dollar and hurting exporters such as Toyota Motor Corp, which lost 1.6%, while Honda Motor Co slipped 0.8% lower.
The Hang Seng Index in Hong Kong has dropped lower on Tuesday, after index heavyweight HSBC lost 4.7% on disappointing first half earnings, while the Shanghai Composite Index has also edged lower.
According to Reuters, European markets are expected to open lower on Tuesday, ending a six day advance, with investors following the weaker trend on Wall Street overnight and Asian markets this morning.
Reuters reports that U.S markets ended down on its lowest trading volume this year yesterday, with no major macroeconomic data to drive the market, while the earnings season is expected to slow down quickly this week, despite 100 companies on the S&P 500 index still expected to report earnings.
Business Day reports that the JSE ended in positive territory on Monday, lifted by platinum and resources shares but gold mining shares dropped on a lower gold price, while micro-lender ABIL surged 5.14% higher after announcing a rights issue, but construction company Aveng’s shares lost 11.44% on its worse0than expected trading statement.
The Rand was last trading slightly weaker at R9.8416 against the Dollar, stronger at R13.0366 against the Euro, but weaker at R15.0602 against the British Pound.
The gold price struggled to stay above the $1 300 level in Asian trade on Tuesday, as strong global economic data spoilt its safe-haven appeal, while physical demand from India and China was slow. Gold was last trading at $1 291.80, with the platinum price quoted at $1 439.25, while the palladium price was at $725.75
Brent crude oil was last trading slightly lower at $108.42 a barrel.