Asian shares fall, trading muted with Good Friday holidays

TOKYO (AP) — Asian shares fell in muted trading as markets were closed for Good Friday and other holidays.

Benchmarks declined in Tokyo, Seoul and Shanghai. Sydney, Manila, Bangkok and Hong Kong were among markets observing holidays on Friday. U.S. and European markets also were closed.

Shutdowns in major Chinese cities due to coronavirus outbreaks and the war in Ukraine are weighing on sentiment.

“The Russia-Ukraine conflict inflation effects are now more meaningful than direct military developments in a market sense. These consequences have fabricated an uncertain environment that could keep investors wary,” Stephen Innes of SPI Asset Management said in a commentary.

“It should be a quiet session given the Good Friday holidays,” he added.

The head of the International Monetary Fund warned Thursday that Russia’s war against Ukraine was darkening the outlook for most countries and reaffirmed the danger high inflation presents to the global economy.

Japan's benchmark Nikkei 225 lost 0.3% to finish at 27,093.19. South Korea's Kospi dipped 0.8% to 2,696.06. The Shanghai Composite lost 0.5% to 3,211.24.

Stocks closed lower on Wall Street on Thursday as investors gave mixed reviews to earnings from four of the nation’s largest banks. The S&P 500 fell 1.2% to 4,392.59, ending a shortened trading week with a 2.1% decline.

The Dow Jones Industrial Average dropped 0.3% to 34,451.23. The Nasdaq fell 2.1% to 13,351.08. Smaller company stocks also lost ground. The Russell 2000 fell 1% to 2,004.98.

A quartet of big banks reported noticeable declines in their first-quarter profits as the latest earnings season kicks into gear. Volatile markets and the war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought mortgages.

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