News Column

Asian stocks extend global slump after disappointing data, Nikkei down 1.9%

January 24, 2014

Asian stocks extended losses ending Friday's session mostly in red, hit by weak Chinese manufacturing data pointed to a mild slowdown in 2014 and with analysts expecting the U.S. Federal Reserve to further trim its bond buying in its meeting next week. - Hong Kong's Hang Seng fell 1.16 percent to end session at 22,470.86 - Japan's Nikkei closed 1.94 percent lower at 15,391.56 The regional index was on track for its longest run of weekly losses in more than 18 month. Japan`s benchmark index extended losses to close in negative territory near 1 and week low as the yen advanced against the dollar following weak jobs data released yesterday. The number of people who filed for unemployment assistance in the U.S. last week rose to 326,000, up from the previous week's revised total of 325,000. The number of people filing continuing unemployment claims rose to 3.056 million up from 3.022 million in the week to January 11 . Meanwhile, investors are expected to remain cautious, ahead of the release of next week's trade data for December that is expected to show a further widening of Japan's deficit amid rising import costs. - Nikkei 225 closed 1.94% lower at 15,391.56 - Topix closed 1.78% down at 1,264.60 Chinese equities underperformed on Friday still weighed by the unexpected contraction in China's manufacturing sector for January, where HSBC's flash Chinese Purchasing Managers' Index (PMI) dropped to a six-month low. Conversely, a euro-area PMI data released in the previous session showed manufacturing- and service-sector growth accelerated in January. Euro zone's composite output index rose to a 31-month high of 53.2 in January, as growth picked up in Germany and the rate of decline eased in France . - Shanghai Composite ended higher by 0.60% at 2,054.39 - The S&P/ASX 200 was 0.42% lower at 5,240.93 - New Zealand's NZX 50 dipped 0.76% to close at 4,873.70 - Kospi dropped 0.36% lower to trade at 1,940.56 Singapore shares have been the worst performers this week followed by Malaysia and Thailand , amid weeks of political unrest in Bangkok . Philippine share index was the best performer for the week along with Vietnam .

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Financial Markets

Story Tools