Market Updates
Asian Markets Drop, LDP In Japan Won Super Majority to Revise Constitution
Arjun Pandit
11 Jul, 2022
New York City
Asian markets closed broadly lower after the strong U.S. jobs report in June rekindled the fears of faster rate hikes and resumption of mass testing in a few areas of Shanghai with the resurgence of coronavirus infections.
The Nikkei 225 Index gained 1.1% to 26,812.30, while the broader Topix finished 1.4% higher to close at 1,914.66.
The ruling Liberal Democratic Party won more than 75 of the 125 seats in the upper house election paving the way for the redrafting of the pacifist constitution, the key goal of the recently assassinated former prime minister Shinzo Abe.
Separately, the Bank of Japan revised higher its economic assessment of seven of the nine country's regions, adding the pandemic impact on consumer spending is easing.
China's Shanghai Composite Index fell 1.27% to 3,313.58 ahead of exports and imports data scheduled on Wednesday.
Hong Kong's Hang Seng Index plunged 2.8% to 21,124.20, tech stocks led the decliners after Chinese authorities fined Alibaba and Tencent Holdings for not reporting past transactions.
The Sensex and Nifty indexes trimmed the losses of the day and Tata Consultancy reported flat income on 11% increase in quarterly revenues to $6.8 billon.
Discount retailer Avenue Supermarts said June quarter sales doubled and net income soared six-fold after all 294 stores were open for the first time post pandemic.
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