Asian stocks are having a session to forget

CHRISTCHURCH, NEW ZEALAND – JULY 05: Tony Woodcock of the Blues grimaces in pain during the round 18 Super Rugby match between the Crusaders and the Blues at AMI Stadium on July 5, 2014 in Christchurch, New Zealand. (Photo by Martin Hunter/Getty Images)

After a promising start Asian stocks, with the exception of the ASX 200 in Australia and Hang Seng index in Hong Kong, are having a session to forget on Monday.

Losses are being led by Chinese stocks with the benchmark Shanghai Composite index falling to 3097.71 at the lunchtime break, a loss of 3.20%. The declines in Shanghai are being repeated in other mainland bourses with small cap stocks under particular selling pressure.

Over the weekend, China’s government released plans to reform state-owned enterprises which may be contributing to the substantial declines seen today.

On the back of the sharp selloff in Chinese stocks, regional markets are also under pressure. The Nikkei 225 in Japan sits down 1.50% while stocks in Singapore, South Korea and Taiwan are down by between 0.54% to 0.8%.

The ASX 200 in Australia and Hang Seng in Hong Kong are the exception to the rule, although both indices have trimmed their initial opening advances.

The risk-off mentality is also impacting currency markets with the Australian and New Zealand dollars now weaker having risen to multi-week highs earlier in the session. The Japanese yen is also strengthening, reflective of souring investor sentiment.

Commodity markets are also weaker with the exception of gold which is up modestly on increased risk aversion.

Stocks

  • ASX 200 5074.90 , 3.82 , 0.08%
  • Nikkei 225 17989.47 , -274.75 , -1.50%
  • Shanghai Composite 3097.71 , -102.53 , -3.20%
  • Hang Seng 21512.12 , 7.75 , 0.04%
  • KOSPI 1925.83 , -15.54 , -0.80%
  • Straits Times 2875.09 , -12.94 , -0.45%
  • S&P 500 Futures 1966.50 , 6.25 , 0.32%

Forex

  • USD/JPY 120.33 , -0.22 , -0.18%
  • USD/CNY 6.3703 , -0.0032 , -0.05%
  • AUD/USD 0.7087 , 0.0000 , 0.00%
  • NZD/USD 0.6315 , 0.0005 , 0.08%
  • AUD/JPY 85.28 , -0.12 , -0.14%
  • EUR/USD 1.1351 , 0.0012 , 0.11%
  • GBP/USD 1.5443 , 0.0016 , 0.10%
  • USD INDEX 95.070 , -0.1240 , -0.13%

Commodities

  • Gold $1,108.40 , $0.90 , 0.08%
  • Silver $14.55 , -$0.06 , -0.41%
  • WTI Futures $44.50 , -$0.13 , -0.29%
  • Copper Futures $2.440 , -$0.02 -0.91%
  • Iron Ore Futures ¥405.00 , -¥5.50 , -1.34%

10-Year Bond Yields

  • Australia 2.715%
  • New Zealand 3.290%
  • Japan 0.344%
  • Germany 0.659%
  • UK 1.833%
  • US 2.187%

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