Stocks in Asia sag led by financials

Stocks in Asia sag led by financials

On Wednesday, Asian shares declined because dismal earnings overnight for Goldman Sachs carried over into bank as well as financial stocks in Asia.

In Japan, the Nikkei 225 went down 0.18%, while in Australia the S&P/ASX 200 lost 0.43%. As for Hong Kong's Hang Seng Index, it headed south 0.47%, the Shanghai Composite dropped 0.37%.

In Australia, Westpac Bank dipped 1.16%, Japan's Mitsubishi UFJ sagged 1.27%, while in Singapore DBS lost 1.16%.

Overnight, American equities closed lower, after weaker than expected earnings from Goldman Sachs along with ongoing geopolitical jitters suppressed market sentiment.

On Wall Street, the flight to safety trade continued, as market participants mulled over geopolitical tensions in North Korea, Russia and Syria, while British Prime Minister Theresa May shocked the financial markets by simply announcing her decision to call an early election.

Although British opinion surveys suggested PM Theresa May would considerably lift her parliamentary majority of 17 during the election, the decision to call an early election, after she told that the next general election would be held as scheduled in 2020, is quite risky. 

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