Asia stocks drop on China economy jitters

MANILA, Philippines — Asian stock markets mostly fell Monday after a slower increase in Chinese property prices added to jitters about the strength of the world’s No. 2 economy.

China’s Shanghai Composite Index slid 2 percent to 2,070.70 and Hong Kong’s Hang Seng shed 1.3 percent to 22,278.95. Japan’s Nikkei 225 stock average was down 0.7 percent at 14,770.17.

In China’s 70 biggest cities, average price increases in January for new housing were down 0.7 percentage points from December’s rise, while that for secondhand homes declined by 0.4 percentage points. Year-on-year price increases remain substantial, however, at over 20 percent for the eight cities with fastest growth in prices.

Still, the figures sparked a sell-off in mainland developer shares and come on top of a HSBC survey last week that showed a second straight month of contraction in China’s manufacturing. An official manufacturing survey is due later this week.

“There will be plenty of nerves that this release could also disappoint,” said Stan Shamu, strategist at IG Markets in Melbourne, Australia.

Elsewhere in Asia, South Korea’s Kospi was off 0.4 percent at 1,949.86 and Australia’s S&P/ASX 200 dropped 0.2 percent to 5,430.10. Markets rose in Singapore, New Zealand and the Philippines.

Wall Street fell Friday as investors assessed the latest round of company earnings.

The S&P 500 fell 3.53 points, or 0.2 percent, to 1,836.25. The index lost 2.38 points for the week and is now 12 points below its record close of 1,848.38, set Jan. 15.

The Dow Jones industrial average dropped 29.93 points, or 0.2 percent, to 16,103.30.

Benchmark U.S. oil for April delivery up 27 cents at $102.47 in electronic trading on the New York Mercantile Exchange. The contract fell 55 cents on Friday to close at $102.20.

In currencies, the euro dipped to $1.3735 from $1.3737 late Friday. The dollar dropped to 102.31 yen from 102.53 yen late Friday.

More in Herald Business Journal

Tesla rolls out the design for its 500-mile electric big rig

The truck will have an Autopilot system, which can maintain a set speed and slow down in traffic.

How Airbus’s A380 deal with Emirates evaporated in Dubai

It came down to concern by Emirates that Airbus might shut down the jumbo program.

Equipment rental and sales business H&E opens Mukilteo shop

Company hopes to capitalize on construction occuring in northwest Washington.

New Chick-fil-A draws dozens of campers in Bothell

A second restaurant of the popular chain is opening on Thursday.

Tulalip Resort Casino to feature locally grown hazelnuts

The resort wanted to put a focus on meals created with the nut.

Alderwood Water general manager named president of state association

Alderwood Water & Wastewater District General Manager Jeff Clarke has been installed… Continue reading

Boeing earns top marks for LGBTQ workplace policies

Boeing was one of 609 businesses nationwide to earn a 100-point score… Continue reading

Aerospace workers adjust to changing industry

The number of Boeing workers dropped almost 10 percent since last year

Derided by critics, trickle-down economics gets another try

The concept — also known as supply-side economics — has frequently drawn ridicule.

Most Read