Overseas Trading: Exporters, Miners Lead Global Rout

Japan's Nikkei fell for its fifth session out of the last six

by Alex Eppstein

Published on Feb 9, 2016 at 8:35 AM

While most Asian markets remained closed for the Lunar New Year, Japan's Nikkei once again tumbled on the heels of a brutal day on Wall Street. Specifically, the Tokyo-based index fell 5.4%, as a stronger yen took a toll on automakers and other exporters. It was another bad day for banking stocks, too, with concerns persisting that the Bank of Japan's negative interest rate policy could negatively impact profitability. All in all, it was the Nikkei's fifth loss in the past six sessions.

Worries about global economic growth are weighing on European stocks, with the basic resources sector especially hard-hit after Goldman Sachs on Monday cut its price forecast for several metals. In Germany, the DAX is down 1.5% after the nation's industrial output unexpectedly slid 1.2% -- its worst decline since August 2014 -- while exports and imports also fell. Elsewhere, France's CAC 40 has plunged 2.6% and London's FTSE 100 is off 1.1%.


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