Article by ForexTime
Markets across Asia were down on Tuesday as equities were impacted by a deepening of the global commodities rout at the start of the week. Australia’s S&P/ASX 200 was down 0.8 per cent and Hong Kong’s Hang Seng was down 1.7 per cent. In mainland China the Shanghai Composite was down 1.3 per cent and the Shenzhen Composite was down 1 per cent. Japan’s Nikkei 225 was down 1 per cent, even as fresh data suggested the world’s third largest economy is no longer in a technical recession.
Japan reported GDP expanded at an annualised pace of 1 per cent in the third quarter, much better than the 0.8 per cent contraction that was initially reported. The reading also beat economists’ estimates for a rise of 0.2 per cent.
Other economic data came from China which showed a slump in imports, which means that the world’s second largest economy will reduce its imports of iron ore, copper, oil and other commodities. This reduced demand will impact prices in commodities. China’s imports extended to a record 13 months while exports fell for a fifth month.
The yen was flat at Y123.15 against the US dollar and the Aussie dollar was also flat at $0.7261 against the greenback. The euro was trading at $1.09, having lost 0.2 per cent in early trading.
Gold was down 0.2 per cent to $1069.39 an ounce.
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Oil pared some of its losses early on Tuesday having fallen to its lowest level since 2009 on Monday. Brent Crude was up 0.6 per cent to $40.98 a barrel and West Texas Intermediate up 0.4 per cent to $37.81.
Article by ForexTime
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