BIG Losses In Asian Stocks Following Chinese Reserve Requirement Hike

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Plenty of major markets have the day off today, but the ones open this Monday took it on the chin.Following China’s reserve requirement hike, Asia was down across the board.

Shanghai Daily:

Hong Kong’s Hang Seng index led decliners, falling 256.24 points, or 1.2 per cent, to 20,855.21 while South Korea’s benchmark dropped 1.2 per cent to 1,721.21.

Singapore slid 1.0 per cent, India fell 0.6 per cent and Australia skidded 0.5 per cent after the government said it would impose a new tax on the profits of mining companies. Malaysia’s stock index was steady while Indonesia rose 0.2 per cent.

The Nikkei and Shanghai are among those markets not to trade.

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