Asian shares fall amid interest rate, earnings worries

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Asian shares declined Monday after U.S. stocks ended last week on a tumble as global markets' expectations for higher interest rates continued to set the tone.

Japan's benchmark Nikkei 225 lost 1.9% in morning trading to 26,583.70. South Korea's Kospi slipped 1.6% to 2,661.94. Hong Kong's Hang Seng dropped 2.8% to 20,064.32, while the Shanghai Composite shed 2.4% to 3,012.93. Trading was closed in Australia for Anzac Day, a national holiday.

But a significant show from contender Marine Le Pen, a populist and nationalist, served as a reminder of how fragile that situation might be, analysts said. Le Pen pledged to dilute French ties with the EU, NATO and Germany, and spoke out against EU sanctions on Russian energy supplies. Investors are also watching profit reports from companies, including Japanese big names that are coming in weeks ahead. Several reports from U.S. companies, which have already been released, have been disappointing, contributing to the fall that ended last week on Wall Street.

The S&P 500 fell 2.8% Friday to 4,271.78, marking its third losing week in a row. The Dow dropped 2.8% to 33,811.40, its biggest drop in 18 months. The Nasdaq lost 2.6%, closing at 12,839.29. The Dow and Nasdaq also posted losses for the week.“Coming after the heavy sell-off in Wall Street to end last week, overall risk appetite in the region may come under pressure as well,” said Yeap Jun Rong, market strategist at IG in Singapore.

 

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