Asian shares ended mixed on Monday as investors appeared to shrug off news of an attempted political coup in Turkey The failed coup came just one day after a terrorist attack in Nice, France, another unsettling development for Europe. Both events combined have claimed the lives of about 350 people.
Tokyo’s Nikkei 225 rose 0.7 percent to end at 16,498, while Hong Kong’s Hang Seng gained 0.7 percent to finish at 21,803. Shanghai’s SSE dipped down 0.4 percent to close at 3,044.
The failed coup in Turkey, which took place on Friday, is expected to severely impact the Turkish economy, as the government arrested thousands and U.S. airlines suspended flights to and from the country’s two major airports. But Asian indices’ performance on Monday seemed to indicate that investors see limited global repercussions from the Turkey situation.
Fast Retailing, which last week cut its full-year net profit forecast on a strong yen but saw improved earnings in the third quarter, saw its shares surge 18.1 percent to end at 32,660 yen. Isetan Mitsukoshi jumped 1.4 percent to end at 1,000 yen.
Meanwhile, the Nice attack on Thursday was the third major attack in France since the start of last year, following the January 2015 attacks on satirical newspaper Charlie Hebdo and a kosher grocery store in Paris, and the November 2015 incident at the city’s Bataclan concert hall. The fallout from those events have contributed to severely denting the country’s visitor levels thereby negatively impacted restaurant frequentation, hotel occupancy and retail spend. The Nice attack is expected to place additional pressure on tourism and retail spending in France.
In the first quarter of this year in the Paris region, the number of Japanese tourists dropped by 56 percent; Italians, 24 percent, and Russians, 35 percent. In the period, the number of Chinese visitors decreased 13.9 percent, versus their 49 percent increase in full-year 2015. In late May, the Regional Tourism Committee of Paris said a near-term uptick was not expected.