Tag Archives: Asian Index

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FOMC Minutes Cause Slide in Asian Stocks

The release of the minutes from the FOMC’s last meeting in late October drove Asian stocks down for a third day in a row and caused the China manufacturing gauge to slip more than expected on speculation that Quantitative Easing will be reduced “in coming months.”

With the prospect of stimulus tapering lessening demand of safe-haven assets, metal prices took a hit with Perseus (AS51) leading the decline of gold miners as it recorded a 10-percent drop. The producer of baby-care products Prince Frog International Holdings Ltd. dove 20 percent in Hong Kong, after it resumed trading following a suspension when a short-seller put the company’s accounting under scrutiny. The Japanese auto-maker Honda Motor Co. rose 3.4 percent as the yen fell, as over 80 percent of its business comes from abroad.

The Asian indices also recorded overall declines with the MSCI Asia Pacific Index falling 0.6 percent to 141.38 as of 2:38 p.m. in Hong Kong as only one of its ten industry drop avoided a slide. At the exclusion of the Japan Index which saw the Topic (TPX) gain 1 percent, the MSCI Asia Pacific Index fell 1.2 percent.

Hong Kong’s Hang Seng Index lost 0.4 percent, while the Hang Seng China Enterprises Index of mainland companies listed in Hong Kong fell 0.9 percent. China’s Shanghai Composite Index dropped 0.5 percent. China’s factory activity showed signs of decline in November to 50.4 form 50.9 in October in a preliminary gauge by the HSBC Holdings Plc and Markit Economics.

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East Asia Stock Markets

Asian Indices Slide before Fed Cuts Stimulus

Asian stocks decline after the president of the Federal Reserve Bank of Dallas, Richard Fisher, said the U.S. central bank should curb its record stimulus as soon as possible.

Financial companies in South Korea including Shinhan Financial Group Co., Mirae Asset Securities Co. and Hana Financial Group Inc. fell more than 3 percent. Coca-Cola Amatil Ltd. (CCL), Australia’s largest listed drinks company, declined 4.7 percent after predicting 2013 earnings to drop. MStar Semiconductor Inc., an electronics component maker, advanced 7 percent to close at a record in Taipei.
The MSCI Asia Pacific excluding Japan Index dropped 0.3 percent to 478.22 after rising as much as 0.2 percent. Nearly twice as many stocks fell as rose on the index.

The Fed began changing its rhetoric after its last meeting last month mentioning signs of “underlying strength” in American economy that have people talking about the cost of quantitative easing and the possibility of its curbing sooner than previously anticipated.

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Shanghai stock exchange

Asian Stocks fall before delayed U.S. NFP data

Asian stocks took a hit, with regional benchmark index falling from a five-months high, as investors everywhere await the release of the delayed U.S. payrolls data to gauge when the Federal Reserve will proceed with its stimulus-cutting plan.

The MSCI Asia Pacific Index fell 0.1 percent to 143.53 yesterday as nine out of ten industry groups on the measure retreated.

The Chinese Shanghai Composite Index (SHCOMP) dropped 0.7 percent, while Hong Kong’s Hang Seng Index fell 0.5 percent. South Korea’s Kospi index and Taiwan’s Taiex also fell 0.1 percent each.

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