Asian Shares Mostly Lower, Nikkei Gets Boost From Weak Yen

TOKYO (AP) -
A man cycles in front of electronic boards showing Japan's Nikkei average (R) and the Dow Jones average (L top) outside a brokerage in Tokyo, Japan, November 10, 2016. REUTERS/Toru Hanai
A man cycles in front of electronic boards showing Japan’s Nikkei average (R) and the Dow Jones average (L top) outside a brokerage in Tokyo, Japan. (Reuters/Toru Hanai)

Asian shares were mostly lower Monday but Japan’s benchmark got a boost from a weaker yen. Other regional bourses have gradually steadied after a bout of turmoil following the U.S. presidential election.

Japan’s benchmark Nikkei 225 added 1.7 percent to finish at 17,672.62 and the Shanghai Composite rose 0.2 percent to 3,203.38, but most other markets fell. Australia’s S&P/ASX 200 slipped 0.5 percent to 5,345.70 and South Korea’s Kospi lost 0.4 percent to 1,976.31. Hong Kong’s Hang Seng slipped 1.5 percent to 22,196.66.

Donald Trump’s victory over Hillary Clinton has set off a rally on Wall Street, as jitters gave way to hopes. Investors are now betting that Trump and a Republican-controlled Congress will boost infrastructure spending, cut taxes and relax regulations that affect energy, finance and other businesses.

Data for Japan’s gross domestic product showed the economy had grown faster than expected in the July-September quarter, rising 2.2 percent in annualized terms, on the back of healthy exports. The dollar being sought as a safe haven after the U.S. election is also good news for Japan Inc.’s giant exporters.

The Dow lost 0.2 percent on Friday to 18,847.66. The S&P 500 index edged 0.1 percent lower to 2,164.45. The Nasdaq composite index gained 0.5 percent to 5,237.11.

“Global risk assets unexpectedly rebounded on Donald Trump’s victory in the U.S. presidential election last week, along with a fast sell off in safe-haven assets including gold and the Japanese yen,” says Margaret Yang Yan, a market analyst at CMC Markets in Singapore. “No more surprises before [the end of 2016], please.”

Benchmark U.S. crude fell 6 cents to $43.35 a barrel in New York. It fell $1.25 on Friday to 43.41. Brent crude, used to price international oils, gained 3 cents to $44.78 a barrel in London.

The dollar rose to 107.56 yen from 106.67 yen late Friday in Asia. The euro slid to $1.0793 from $1.0886.