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Stocks around Asia were mostly lower on Tuesday following a flat lead from Wall Street and as momentum following the French presidential election faded.
Emmanuel Macron, the independent centrist, was elected France’s president in the country’s election at the weekend, beating far-right candidate Marine Le Pen.
Although Mr Macron’s victory was a cause for relief in markets and is seen as a broad positive for European stocks and the single currency, it had been widely expected, and moves in stocks and currencies were relatively muted. France’s benchmark Cac 40 opened at a nine-year high but ended 0.9 per cent lower on Monday. German stocks dropped 0.2 per cent and London’s FTSE 100 edged 0.1 per cent higher, while the S&P 500 closed flat in New York.
Japan’s Topix was down 0.2 per cent, easing after a 2.3 per cent jump on Monday as the the benchmark opened after a five-day long weekend. Hong Kong’s Hang Seng was up 0.3 per cent, while China’s Shanghai Composite shed 0.5 per cent.
Australia’s S&P/ASX 200 was down 0.5 per cent, with large declines among the heavyweight banks offsetting gains for materials and energy stocks. Commonwealth Bank, the country’s biggest lender, reported a third-quarter profit in line with analysts’ estimates, but a decline in its net interest margin – a closely-watched indicator of profitability.
South Korea’s market was closed for its presidential election.
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