Nikkei 225 leads the fall in Asian stocks, down over 1%
The stocks on the Asian bourses traded in a sea of red on the final trading day of the week, tracking the losses on Wall Street overnight, after the US Senate Republicans confirmed a delay in the timing of a corporate tax cut in its tax plan unveiled in the US last session.
Senate tax bill to delay corporate tax cut until 2019, dollar to deflate?
Among the Asian indices, the Japanese benchmark, the Nikkei 225 index extended its sell-off, after having witnessed a brutal reversal from the highest levels since 1992 yesterday. The uncertainty on the US tax reform plan spooked market sentiment, boosting the safe-haven yen across the board, which weighed heavily on the exporters’ stocks.
The Japanese equities led the sell-off across the Asian markets, with the Australian stocks dragged lower by resource and mining stocks. The Mining giant Rio Tinto was down 2.26% and BHP lost 2.30%.Meanwhile, the mainland Chinese stocks traded mixed amid reports of China is considering expansion of the corporate tax cuts. The Shanghai Composite edged down 0.10% and the Shenzhen Composite traded 0.30% higher.