Nissan does not work, shares evaporate 12%

The red color covered the Asia-Pacific stock market in the morning session of May 12 as investors were cautious about increasing inflation concerns.

The Nikkei 225 index decreased by 0.71% in the morning session of May 12. Documentary photo: AFP

In Japan, the Nikkei 225 this morning fell 0.71% while the Topix index lost 1.08%. Japanese car stocks this morning “tinged with red”. Nissan’s shares, in particular, plunged 11.86 percent after the company announced its annual operating loss ended on March 31, 2021, to a staggering 150.65 billion yen ( equivalent to 1.38 billion), from a deficit of 40 billion yen the previous year, according to Reuters.

Red overwhelmed mainland Chinese stock markets early in the session, with the Shanghai Composite Index flat and the Shenzhen Component Index falling 0.45%. On Hong Hong market, Hang Seng Index was trading sideways.

In Korea, the Kospi index recorded a decline of 0.79% while the Australian stock market was also in the red, with the ASX 200 index falling 1.11% by shares of major banks. Overall, the MSCI Asia-Pacific (excluding Japan) fell 0.59%.

Technology stocks received the strongest sell-off wave that started from the US market on May 10 night and spread to Asia-Pacific and European markets.

Mr. Rodrigo Catril, senior foreign exchange expert at Australia National Bank (NAB) said: “Concerns about inflation in the context of rising commodity prices are believed to be the cause of US technology stocks being sold. on the night of May 10. That is reflected in data released over the past 24 hours, one can argue that we have at least one more new evidence that inflation is on the rise. “

Accordingly, China announced on May 11 that the producer price index in April increased at the fastest rate in more than 3 years, while the consumer price index increased at a more modest rate. This raises some fears that a rapidly rising inflation could force central banks to raise interest rates and take other tightening measures.

US stocks last night continued to “red fire”. The Dow Jones Industrial Average last night experienced its worst session since February after “evaporating” 473 points (or 1.4%) due to a series of stocks Home Depot, Chevron, and Goldman Sachs. slide deeply.

Meanwhile, the S&P 500 continued to fall by 0.9% after the previous 1% decline. The Nasdaq Composite’s slump was dragged down to a 0.1 percent drop, compared with a drop of more than 2 percent earlier in the same session.

On the money market, the greenback this morning inched up with the US dollar index against other strong currencies rose to 90,291. Japanese yen also strengthened and changed hands 108.82 JPY for 1 USD, compared with the 109.00 JPY / USD set up last week, while the Australian dollar traded sideways at 1 AUD for 0.7819 USD.

Oil prices traded by Asian time this morning inched slightly. Crude oil futures delivery of the US increased 0.1% to 65.35 USD / barrel while Brent oil futures traded sideways at $ 68.60 / barrel.