The Australian share market is trading over 2% lower today after a run up into yesterday’s end of financial year buying. Traders are reporting light volume. End of year buying has been know to prop up shares in the past and without any real institutional orders today, the market has given back some. Banks and resources seem to be driving the stockmarket lower today, with BHP and RIO down 2.5% and 2.2% respectively. The banks are all lower, well over 2% with NAB the worst of the bunch down 2.9%.
In Tokyo, the Tankan, slightly weaker than expected seems to have had very little impact to the Nikkei. It currently is trading up 0.5%. Nippon Airways down 5.9% after talk that it will raise 150 bio yen. Orix also lower on capital raising talk, down 5.7%.
Elsewhere, construction and property shares were leading the Taiwan market after the government lefted a long-standing ban on Chinese investments in Taiwanese companies. Taiwan+1.9%.
