Asian shares decline on concerns over global, China slowdown

An investor monitors shares prices at a brokerage house in Beijing, Tuesday, Jan. 22, 2019. Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. This came after China said its economy grew at the slowest pace in 30 years. (AP Photo/Andy Wong)
An investor places his computer showing shares index under his seat as he takes a nap at a brokerage house in Beijing, Tuesday, Jan. 22, 2019. Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. This came after China said its economy grew at the slowest pace in 30 years. (AP Photo/Andy Wong)
A man checks stock prices through his smartphone at a brokerage house in Beijing, Tuesday, Jan. 22, 2019. Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. This came after China said its economy grew at the slowest pace in 30 years. (AP Photo/Andy Wong)
An investor places his computer showing shares index under his seat at a brokerage house in Beijing, Tuesday, Jan. 22, 2019. Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. This came after China said its economy grew at the slowest pace in 30 years. (AP Photo/Andy Wong)
A man monitors shares prices at a brokerage house in Beijing, Tuesday, Jan. 22, 2019. Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. This came after China said its economy grew at the slowest pace in 30 years. (AP Photo/Andy Wong)

SINGAPORE — Asian markets were mostly lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came after China said its economy grew at the slowest pace in 30 years in the last quarter of 2018. Wall Street was closed for a holiday on Monday.

KEEPING SCORE: Japan's Nikkei 225 index shed 0.7 percent to 20,573.28 and the Kospi in South Korea sank 0.7 percent to 2,110.62. Hong Kong's Hang Seng lost 1.0 percent to 26,921.49. The Shanghai Composite index fell 0.7 percent to 2,591.37. Australia's S&P ASX 200 slipped 0.6 percent to 5,852.50. Shares fell in Taiwan and Singapore but rose in the Philippines.

GLOBAL GROWTH: On Monday, the International Monetary Fund cut its 2019 global growth estimate to 3.5 percent from 3.7 percent, citing trade tensions and rising interest rates. It also revised its estimate for 2020 to 3.6 percent, down from 3.7 percent. IMF Managing Director Christine Lagarde, who presented the forecasts at the World Economic Forum in Davos, Switzerland, said the global economy was growing more slowly than expected amid rising risks. Earlier in the day, China reported its economy expanded by 6.6 percent in 2018. This was the slowest pace of growth since 1990 and it fueled fears a trade dispute with Washington is putting a drag on the world's second largest economy.

ANALYST'S TAKE: "Against the backdrop of refreshed woes over growth and U.S. markets having been away for the Martin Luther King Jr. Day, there leaves little to inspire Asia markets," Jingyi Pan of IG said in a commentary.

ENERGY: U.S. crude lost 34 cents to $53.70 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 3.3 percent to $54.04 per barrel in New York. Brent crude, used to price international oils, dropped 47 cents to $62.27 per barrel. It closed at $62.74 per barrel in London.

CURRENCIES: The dollar eased to 109.44 yen from 109.65 yen late Monday. The euro slipped to $1.1361 from $1.1366.

Must Read

China launches second space station, Tiangong 2

Sep 15, 2016

China has launched its second space station in a sign of the growing sophistication of its...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...

Argentine soccer star Carlos Tevez signs $40M...

Dec 29, 2016

Argentine striker Carlos Tevez has signed to play for Shanghai Shenhua, becoming the latest in a...

South Korean cinema leads nominees at Asian Film...

Jan 11, 2017

South Korean cinema has fared well in the nominations for the Asian Film Awards

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

Sign up now!

Advertisement