Asian markets were lower on Tuesday after the International Monetary Fund trimmed its global outlook for 2019 and 2020. The downgrade came after China said its economy grew at the slowest pace in 30 years in the last quarter of 2018. Wall Street was closed for a holiday on Monday.

Japan’s Nikkei 225 index

NIK, -0.71%

  shed 0.5% and the Kospi

SEU, -0.68%

  in South Korea was down 0.6%. Hong Kong’s Hang Seng

HSI, -1.01%

  lost 0.9%. The Shanghai Composite index

SHCOMP, -0.73%

  fell 0.7%, as did the smaller-cap Shenzhen Composite

399106, -0.73%

 . Australia’s S&P ASX 200

XJO, -0.60%

  slipped 0.4%. Shares fell in Taiwan

Y9999, -0.24%

  and Singapore

STI, -0.36%


Among individual stocks, convenience store chain FamilyMart

8028, +3.00%

  surged in Tokyo while Dai-ichi Life

8750, -2.58%

  and Uniqlo parent Fast Retailing

9983, -1.15%

  fell. In Hong Kong, real estate investment companies Wharf

1997, +1.87%

  and Link

0823, +1.14%

  led gainers while tech companies such as AAC

2018, -4.58%

 , Sunny Optical

2382, -3.44%

  and Tencent

0700, -1.88%

  dropped. In South Korea, Samsung Electronics

005930, -1.99%

  fell, along with chip maker SK Hynix

000660, -1.79%

 . In Australia, banking stocks took a hit, with Australia and New Zealand Banking Group

ANZ, -1.68%

 , Westpac

WBC, -2.06%

  and National Australia Bank

NAB, -1.57%


On Monday, the International Monetary Fund cut its 2019 global growth estimate to 3.5% from 3.7%, citing trade tensions and rising interest rates. It also revised its estimate for 2020 to 3.6%, down from 3.7%. IMF Managing Director Christine Lagarde, who presented the forecasts at the World Economic Forum in Davos, Switzerland, said the global economy was growing more slowly than expected amid rising risks. Earlier in the day, China reported its economy expanded by 6.6% in 2018. This was the slowest pace of growth since 1990 and it fueled fears a trade dispute with Washington is putting a drag on the world’s second largest economy.

“Against the backdrop of refreshed woes over growth and U.S. markets having been away for the Martin Luther King Jr. Day, there leaves little to inspire Asia markets,” Jingyi Pan of IG said in a commentary.

U.S. crude

CLG9, -0.69%

  was 28 cents lower at $53.76 per barrel in electronic trading on the New York Mercantile Exchange. The contract added 3.3% to $54.04 per barrel in New York. Brent crude

LCOH9, -0.83%

 , used to price international oils, dropped 47 cents to $62.27 per barrel. It closed at $62.74 per barrel in London.

The dollar

USDJPY, -0.18%

  eased to 109.44 yen from 109.65 yen late Monday.

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