Hong Kong's Hang Seng index hits 13-year low;  yen inches near 150 against US dollar

An worker is effective at the Tokyo Inventory Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 13, 2022.

Toru Hanai | Bloomberg by means of Getty Photos

Shares in the Asia-Pacific traded lower on Thursday as financial fears weigh.

the Hold Seng index in Hong Kong fell 2.7% right after briefly dropping 3% in early trade, the least expensive amount since May perhaps 2009. The Hang Seng Tech index fell extra than 4%.

Kelvin Tay, regional chief financial commitment officer at UBS, claimed the steep fall in Hong Kong markets is because of to the Chinese government’s “unparalleled silence on essential financial indicators.”

“It truly is largely mainly because of fears above the financial outlook and a increase of Covid cases in the middle of the bash congress in Beijing,” he reported.

In Japan, the Nikkei 225 shed 1.2% and the Topix shed .68%. the S&P/ASX 200 in Australia declined 1.13%.

Mainland Chinas Shanghai Composite fell .94% and the Shenzhen Component slipped 1.265%.

South Koreas Kospic dipped 1.27% and the Kosdaq was 1.55% decreased. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.68%.

The offshore yuan touched a file small from the US dollar overnight, weakening to 7.2745 for each greenback. It past traded at 7.2690. the Japanese yen reached nevertheless a further fresh new 32-12 months very low of 149.95 from the greenback.

US stocks fell as Treasury yields climbed on Wednesday stateside, with the benchmark 10-yr produce touching 4.138%, the highest degree because July 23, 2008.

The Nasdaq Composite shed .85% to close at 10,680.51, even though the S&P 500 declined .67% to 3,695.16. The Dow Jones Industrial Ordinary shed 99.99 details, or .33%, to end the working day at 30,423.81.

— CNBC’s Chery Kang, Jesse Pound and Tanaya Macheel contributed to this report.

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