Major Asian stocks were seen declining on Tuesday. While data for China’s industrial production came in lower than expected after three Federal Reserve (Fed) policymakers signaled tapering might start as soon as next week.
Some indices within the region were fluctuating between gains and losses during the session. While traders focused on the most important data of session, China’s industrial production; which came in below expectations.
Both Japan and Australia saw some under-forecasted reading during the session. With global stocks, European stocks closed the market flat, while Asian advanced in the previous session, after China posted its biggest trade surplus in almost five years.
The Japanese benchmark, the Nikkei closed the market 0.25% lower to 15,611.31 while Tokyo’s Topix index edged up 0.08% to 1,256.33 at the time of writing.
The yen dropped 0.01% lower against the US dollar at ¥103.27 at the time of writing, after Japan’s business sector showed a slowdown in the fourth quarter.
The nation’s Business Outlook Survey Index came in at 9.7 for the fourth quarter, down from 15.2 recorded in the previous quarter. The domestic economic conditions climbed over the quarter, with the sub-index edging 25.5 higher. The Employment condition for all industries rose from 11.4 to 16.5 points.
Household confidence for November came in 42.5 points higher, up from 41.2 registered in the previous month, the Cabinet Office confirmed.
Yahoo! Japan was the market main movers of the session on the Nikkei 225, as stocks came in at 5.5%. Shares in anti-virus software developer Trend Micro, declined 2.6%.
Hong Kong’s Hang Seng index ticked down 0.36% at the time of writing, at 23,733.66, while the mainland major gauge in Shanghai rose 0.18% higher to 2,234.19, clearing gains from the previous session after the release of the nation’s downbeat data.
The country’s industrial production came in below expectations, the official data revealed on Tuesday. The report released by the National Bureau of Statistics of China showed that the industrial production had dropped to a 10.0% rise from a 10.3% rise in the previous month and below analysts’ forecast of 10.1%.
A separate data from the bureau showed that China’s retail sales rose 13.7% higher at an annual rate, from 13.3% recorded in the previous month.
The Chinese Academy of Social Sciences (CASS) said tightening the monetary policy may not be the key to control inflation, if it surpasses 3.5% which could affect the economic recovery.
Crude & natural gas driller, Kunlun Energy saw the most gains in Hong Kong as it rose 4.0% higher. While China Coal Energy slipped 2.6% during the session.
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