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28 March 2018
 |
| South korea financial markets (The Total Investment & Insurance
Solutions) |
Shares fell in Europe and Asia on Wednesday as tech stocks extended
losses following sell-offs of their U.S. peers overnight. Investors are selling
technology-related shares on concern governments might tighten scrutiny over
Facebook after it was revealed that users' data was shared with a consulting
firm affiliated with President Donald Trump. The Total Investment & Insurance Solutions
KEEPING SCORE: Britain's FTSE 100 dropped 1
percent to 6,930.51. France's CAC 40 slid 1.4 percent to 5,043.96 and Germany's
DAX lost 1.6 percent to 11,784.17. Futures augured weak starts on Wall Street.
Dow futures fell 0.3 percent while S&P futures also retreated 0.3 percent.
ASIA'S DAY: Japan's Nikkei 225 sank 1.3
percent to 21,031.31 and South Korea's Kospi slid 1.3 percent to 2,419.29. Hong
Kong's Hang Seng index sank 2.5 percent to 30,022.53 while China's Shanghai
Composite Index dropped 1.4 percent to 3,122.29. Australia's S&P/ASX 200
retreated 0.7 percent to 5,789.50. Stocks in Taiwan, Singapore and other
Southeast Asian countries also fell.
BAD DAY FOR TECH: Investors cut their
holdings of Asian tech stocks after a series of incidents sent their U.S. peers
lower again. One of those cases is a report that authorities will investigate a
fatal crash that involved a Tesla electric SUV equipped with a semi-autonomous
control system. In Asia, Samsung Electronics Co. fell 2.6 percent and Sony
Corp. lost 1.1 percent. Softbank Group Corp. slumped 4 percent. Tencent
Holdings Ltd. was down 4.6 percent.
ANALYST VIEWPOINT: "So what spooked
markets? Well, it looks like the rearing of the (ugly) Facebook privacy
infringement was a convenient excuse to sell-off ahead of the long
weekend," Mizuho Bank said in a commentary.
OIL: Benchmark U.S. crude lost 68 cents to
$64.57 per barrel in electronic trading on the New York Mercantile Exchange.
The contract declined 30 cents to settle at $65.25 a barrel on Tuesday. Brent
crude, used to price international oils, fell 52 cents to $68.94 per barrel in
London.
CURRENCIES: The dollar rose to 105.64 yen
from 105.34 yen. The euro fell to $1.2386 from $1.2404. The Total Investment & Insurance Solutions
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