Asian stocks fall on weak corporate earnings

The ongoing oil rout also dampened sentiment.

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By :  ,  Financial Analyst

Disappointing corporate earnings and a rise in crude oil stocks led Asian shares to dive down today (January 29th). The Nikkei fell 1.1 per cent to 17,606.22 and the broader Topix also fell 1.1 per cent to 1,413.58 after several companies issued profit warnings.

Nintendo was down over eight per cent, while Hitachi Construction and Komatsu lost 10.9 and 8.6 per cent respectively, after disappointing corporate reports. Signs that Fed officials are on track to raise short-term interest rates also weighed on sentiment.

Meanwhile, fresh data showed US crude oil stocks rose by almost nine million barrels last week to reach 407 million, the highest level on record. US crude futures fell nearly four per cent to end below $45 (£28) yesterday.

China's benchmark Shanghai Composite index closed 1.3 per cent today, the Hang Seng index fell 1.1 per cent and Australia's S&P ASX 200 gained 0.3 per cent to finish at 5,569.5.

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