Asian Stocks
The Asian stock market kicked off the week trading lower after a data from Japan showed that the nation’s economy contracted for a second-consecutive quarter. Stocks in China were boosted on the official opening of the Shanghai-Hong Kong Stock Connect trading link.
A report from Japan’s Cabinet Office showed that the nation’s gross domestic product (GDP) declined 0.4% in the July- September period, compared to forecast of 0.5% growth. The economy shrank an annualized 1.6% for the third quarter, after a revised 7.3% fall recorded in the previous quarter. Capital Spending fell 0.2% in the quarter.
The Japanese yen weakened against the greenback on Monday, falling to a fresh seven-year low of 117.04 after the release of the nation’s GDP figures.
The Japanese Nikkei 225 index slumped 1.48% lower to 17,232.64 points during the early trading hours, while Tokyo’s Topix index fell 1.26% lower to 1,382.75 points.
Some of the session’s losers included Central Japan Railway sliding 4.6% to 17,120 yen, Kawasaki Heavy Industries fell 2.7%, Mitsui Engineering & Shipbuilding was down 3.7% and Toyota declined 2.1%.
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On the positive side, Mitsubishi UFJ Financial rose 3% after reporting a 9.1% climb in its net income for the six months ended September 30.
Hong Kong’s Hang Seng index rallied 0.88% to 24,298.96 points, while the Chinese mainland Shanghai Composite climbed 1.16% to 2,507.66 points as today was the official opening of the trading link between Hang Seng and SSE.
The South Korean Kospi index edged 0.11% higher to 1,947.29 points, while the benchmark S&P/ASX 200 index slid 0.51% lower to 5,426.60 points.
In Sydney, banking stocks were dragged lower, with Commonwealth Bank of Australia eased 0.7%, ANZ slumped 1.1%, National Australia Bank and Westpac each lost 1%.
Europe Stocks
Stocks in the European region opened lower on Monday, after Europe and Japan released downbeat economic reports. Meanwhile, France’s economic growth is expected to surpass the Organization for Economic Co-operation and Development’s (OECD) forecast of 0.4% this year, according to the French Finance Minister Michel Sapin.
The European Central Bank (ECB) President Mario Draghi and Bank of England Mark Carney are scheduled to give speeches later in the day.
Europe’s Euro Stoxx 50 declined 0.98% to 3,031.50, while the UK’s FTSE 100 fell 0.40% to 6,627.00. The French benchmark CAC 40 slumped 0.72% to 4,170.50 after a report released showed that the French economy expanded 0.3% in the July-September quarter and grew 0.4% at an annual rate.
The German DAX 30 index dropped 0.99% to open at 9,162.00 as the nation’s gross domestic product (GDP) for the third quarter grew 0.1%.
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