Market Overview

Asia Pacific Markets Take A Plunge After Another Brexit Delay

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Asia Pacific Markets Take A Plunge After Another Brexit Delay

Markets across Asia Pacific saw a decline late on Wednesday after another Brexit deal delay was announced.

What Happened

In Japan, where the market reopened after the emperor enthronement day on Wednesday, Nikkei 225 (OTC: JPX) (NDEXNIKKEI: NI225) saw a decline of 0.27%, after the Brexit news and Tokyo Electron (TYO: 8035) fell by 3.6%. Australia’s S&P/ASX reacted with a 0.51% drop. 

The South Korean market (KOSPI) took a hit as well. SK Hynix (KRX: 000660) went down 1%, Kospi (KRX: KOSPI) is down 0.28%, and Apple supplier LG Display (KRX: 034220) fell 2.41%.

Hong Kong’s Hang Seng Index saw a 0.6% fall, as did Singapore’s Straits Times Index (STI) – by 0.26%.

Thailand’s market was closed for Chulalongkorn Memorial Day.

Why It Matters

The UK Members of Parliament rejected Prime Minister Boris Johnson’s proposal to fast-track his Withdrawal Agreement Bill through the House of Commons. According to the BBC, Johnson has hit the pause button on his legislation following the vote and could be seeking an election. It means that Britain’s exit from the European Union is unlikely to happen by the anticipated Oct. 31 deadline.

What Next

Pound Sterling (GBP) is trading at $1.2854 down at 0.17% post the Parliament session after it hit a five-month high on Monday at $1.3012.

At press time, Nikkei 225 has recovered but still trading at 0.043% drop. S&P/ASX (OTC:STW) in Australia is trading at 0.35% down. Singapore’s STI is still down 0.45%. South Korean markets SK Hynix and Kospi have not shown any signs of recovery yet.

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