Economic news

Asian shares dip to one-year trough, despite easing worries over Turkey

Asian shares slid to a one-year weak point on Wednesday as bearish China's markets hit investor sentiment already affected by extended Turkey’s financial crisis.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped more than 1 percent to its weakest level since August 2017, after recovering 0.4 percent in the previous session when the Turkish lira appeared to stabilize.

Hong Kong's Hang Seng fell 1.5 percent, touching an almost one-year nadir, and the Shanghai Composite Index dropped 1.3 percent.

Japan's Nikkei lost 1 percent after gaining more than 2 percent in the previous session. South Korean markets were shut due to a public holiday.

The Turkish lira which tumbled to a record trough of 7.24 to the dollar at the week's start, was near 2 percent lower at 6.47 after recovering more than 8 percent overnight.

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