Asian shares plummet after largest weekly loss since 2012
March 17, 2014 9:13 am
Asian stocks plunged, with the regional benchmark prolonging its worst weekly loss since May 2012, as Western countries denounced Crimea’s vote to be annexed by Russia and China loosened controls on yuan.
Aeon Co. tumbled 4.4% in Tokyo following the Japan’s largest retailer reported earnings that traced estimates. Softbank Corp., a Japanese phone carrier that owns portion of Alibaba Group Holding Ltd., leaped 5.6% following China’s largest e-commerce firm commenced the process for what might be the biggest US initial public offering in two years.
The MSCI Asia Pacific Index erased 0.3% to 133.98 as of 10:06 a.m. in Tokyo, stretching last week’s 3.5% decline. Initial results showed over 95% of Crimeans voted to leave Ukraine and become part of Russia in a referendum viewed as illegal by the European Union and the US.
Starting today, China will double the limit for the yuan’s daily moves versus the dollar, slacking controls on the exchange rate as appreciation stakes declined despite slower economic growth. Japan’s Topix index slipped 0.5%. Australia’s S&P/ASX 200 Index dropped 0.1%. New Zealand’s NZX 50 Index fell 0.3 percent. South Korea’s Kospi index gained 0.2%. China and Hong Kong markets are yet to resume. The Hang Seng Index last week listed its largest decrease since May 2012.
Economists at UBS AG, Bank of America Corp., JPMorgan Chase & Co. and Nomura Holdings Inc. have trimmed forecasts for Chinese growth following a disappointing data which ignited speculation the nation might not meet its 7.5% economic-expansion aim for 2014.
The MSCI Asia Pacific Index slid 5% this year through last week, gliding the value of the shares on the gauge to 12.6 times assumed earnings, as compared to a multiple of 15.7 for the Standard & Poor’s 500 Index and 14 for the Stoxx Europe 600 Index.
The material has been provided by InstaForex Company – www.instaforex.com
Asian stocks plunged, with the regional benchmark prolonging its worst weekly loss since May 2012, as Western countries denounced Crimea’s vote to be annexed by Russia and China loosened controls on yuan.
Aeon Co. tumbled 4.4% in Tokyo following the Japan’s largest retailer reported earnings that traced estimates. Softbank Corp., a Japanese phone carrier that owns portion of Alibaba Group Holding Ltd., leaped 5.6% following China’s largest e-commerce firm commenced the process for what might be the biggest US initial public offering in two years.
The MSCI Asia Pacific Index erased 0.3% to 133.98 as of 10:06 a.m. in Tokyo, stretching last week’s 3.5% decline. Initial results showed over 95% of Crimeans voted to leave Ukraine and become part of Russia in a referendum viewed as illegal by the European Union and the US.
Starting today, China will double the limit for the yuan’s daily moves versus the dollar, slacking controls on the exchange rate as appreciation stakes declined despite slower economic growth. Japan’s Topix index slipped 0.5%. Australia’s S&P/ASX 200 Index dropped 0.1%. New Zealand’s NZX 50 Index fell 0.3 percent. South Korea’s Kospi index gained 0.2%. China and Hong Kong markets are yet to resume. The Hang Seng Index last week listed its largest decrease since May 2012.
Economists at UBS AG, Bank of America Corp., JPMorgan Chase & Co. and Nomura Holdings Inc. have trimmed forecasts for Chinese growth following a disappointing data which ignited speculation the nation might not meet its 7.5% economic-expansion aim for 2014.
The MSCI Asia Pacific Index slid 5% this year through last week, gliding the value of the shares on the gauge to 12.6 times assumed earnings, as compared to a multiple of 15.7 for the Standard & Poor’s 500 Index and 14 for the Stoxx Europe 600 Index.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: