SINGAPORE — Shares in Asia-Pacific dropped in Monday morning trade, with China keeping its benchmark lending rate unchanged.
Japanese stocks led losses regionally, with the Nikkei 225 falling 3.18%. The Topix index shed 2.44%.
Losses were seen in most sectors in Japan, with shares of automakers such as Nissan and Honda falling more than 3% each. Shares of Fanuc slumped nearly 5%. Meanwhile among financials, Mitsubishi UFJ Financial Group shares fell 2.36% and Mizuho Financial Group declined 2.09%.
Markets in Asia-Pacific slip
Elsewhere in Asia-Pacific, Hong Kong's Hang Seng index dropped 1.45%. Mainland Chinese stocks fell in early trade as the Shanghai composite declined 0.43% and the Shenzhen component shed 0.717%.
South Korea's Kospi declined 0.71%. Shares in Australia slipped, with the S&P/ASX 200 shedding 1.69%.
MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.97% lower.
"Markets continue their post-FOMC slump as concerns over rate normalisation continues to keep a lid on risk sentiment," analysts at Singapore's OCBC Bank wrote in a note dated Monday.
Last week, the U.S. Federal Reserve raised its expectations for inflation and moved forward the timeline of its interest rate hikes, setting off a surge in the dollar index against a basket of its peers.
The U.S. dollar index was at 92.26 after a recent climb from levels below 91.2.
China on Monday announced that the one-year Loan Prime Rate (LPR) was kept unchanged at 3.85% while the five-year LPR was also held steady at 4.65%. That was in line with expectations of majority of analysts in a snap Reuters poll, who had predicted no change to the one-year Loan Prime Rate as well as the five-year LPR.
Currencies and oil
The Japanese yen traded at 110.15 per dollar, stronger than levels above 110.5 against the greenback seen last week. The Australian dollar changed hands at $0.7506, still struggling to recover after its fall last week from above $0.768.
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.68% to $74.01 per barrel. U.S. crude futures advanced 0.8% to $72.21 per barrel.
— CNBC's Patti Domm contributed to this report.
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June 21, 2021 at 06:35AM
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Japan's Nikkei 225 drops more than 3%, leading losses across major markets in Asia - CNBC
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