News Column

Japan tumbles on weak China data

August 5, 2014



Japanese stocks on Tuesday tumbled to their weakest closing level in more than a week, after HSBC's China services purchasing manufacturers' index fell to record low.

The Nikkei 225 in Tokyo plummeted 154.19 points, or 1%, to 15,320.31. The benchmark index has fallen for a fourth day in a row. The yen was little changed at ¥102.58 to the U.S. dollar from ¥102.55 in the previous session.

The Hang Seng Index in Hong Kong moved up 48.18 points, or 0.2%, to 24,648.26

In Japan's markets, top underperformers included IT services provider Fujitsu, sliding 3.2%, semiconductor company Renesas Electronics Corp., declining 2.3%, electronics giant Sharp Corp., down 1.9%, and auto maker Mazda Motor, off 1.7%.

Index heavyweight HSBC Holdings advanced 1.8%, after its first-half earnings came roughly in line with market expectations.

Meanwhile, the world's largest pork producer, WH Group, surged 7.4% on its trading debut, after having previously pulled its IPO only to re-launch it with a lower valuation price.

CHINA

The Shanghai CSI 300 index dipped 6.27 points, or 0.3%, to 2,369.35

The HSBC China services Purchasing Managers' Index in July dropped to 50 from 53.1 in June, marking the lowest reading since November 2005 when the bank started releasing the data. Earlier, China's official non-manufacturing PMI also fell, to 54.2 in July from 55.0 in June.

In other markets;


In Singapore, the Straits Times STI added 9.27 points, or 0.3%, to 3,327.67

In Korea, the Kospi index fell 14.16 points, or 0.7%, to 2,066.26

The Taiex Index in Taiwan dumped 188.75 points, or 2%, to 9,141.44

In New Zealand, the NZX 50 gained 13.48 points, or 0.3%, to 5,104.16

Australia's S&P/ASX 200 backtracked 22.32 points, or 0.4%, to 5,518.56


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Source: Baystreet Foreign Markets Wrap (Canada)


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