Asian shares weaker

Asian shares fell on Monday as markets reacted to the failure last week of U.S. President Donald Trump to overhaul U.S. healthcare and what it may portend for planned tax cuts and infrastructure spending.

Japan’s Nikkei 225 dropped more than 1.50%, while Australia’s S&P/ASX ASX 200 dipped 0.17%.

In Australia, BHP Billiton (LON:BLT) dropped 2.72% after the resolution of the Escondida copper mine strike in Chile, for now, left the Australian miner with a loss of about $1 billion and in a weaker negotiation position, Reuters reported.

The Shanghai Composite fell 0.39%, while Hong Kong’s Hang Seng index eased 0.17%.

Last week, U.S. stocks closed mixed on Friday, after the House of Representatives’ withdrew a health care bill to repeal and replace Obamacare, as chances of passing the bill appeared slim amid a lack of votes.

House Speaker Ryan, added to fears that the setback in health care reform could dampen the success of future legislation being passed, after he admitted that “it [the withdrawal of the health care bill] does make tax reform more difficult but it does not make it impossible.”

The Dow offered the biggest reaction, as it moved sharply off the lows but eventually closed in negative territory.

The Dow Jones Industrial Average slumped 59 points, or 0.29%, to close at 20,596. The S&P 500 gained 0.11% and the Nasdaq Composite closed at 5,828 up 0.19%.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.