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theglobeandmail / Monday November 20, 2017
Asian stocks falter as weakness in China markets dim mood
Asian shares eased on Monday, with investor sentiment hurt by a retreat on Wall Street and sliding Chinese stocks, while the euro skidded after German coalition talks hit an impasse. MSCI's broadest index of Asia-Pacific shares outside Japan extended losses and was down 0.2 per cent. Australian shares were down 0.1 per cent, while Japan's Nikkei stock average was 0.6 per cent lower. China stocks fell sharply after Beijing set sweeping new guidelines to regulate asset management products. Analysts said that could dampen investor appetite for riskier assets. The Shanghai Composite index was down 0.8 per cent, while China's blue-chip CSI300 Index fell 0.7 per cent. "The new guideline is not the last shoe to drop, or the last piece of bad news," said Li Huiyong, an economist at Shenwan Hongyuan Securities. "The era of tough financial supervision has just begun." On Friday, the Dow Jones Industrial Average shed 0.4 per cent, the S&P 500 lost 0.3 per cent and the Nasdaq Composite was down 0.2 per cent. The U.S. House of Representatives on Thursday passed their version of a tax overhaul bill that would cut corporate taxes, but the Senate continued to wrangle over its rival tax bill, with investors uncertain...Read More