Asian stocks tumble on concern about upcoming corporate earnings
October 21, 2014 7:18 am
Asian stocks declined following yesterday’s record high last seen in 2012 as investors weighed concerns about the upcoming US corporate earnings and Chinese economic data.
The MSCI Asia Pacific Index shed 0.1% to 136.49, 10:06 am, Tokyo time. The index added 2.2% in yesterday’s trading session to be the biggest increase of the gauge since September 2012. Japan’s Nikkei 225 Index and South Korea’s KOSPI Index declined by 2.03% or 306.95 points to 14,804.28 and 0.77% or 14.78 points to 1915.28 respectively. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index lost 0.37% and 83.78 points to 22,986.48 and 0.77% or 18.17 points to 2,338.80 respectively. Australia’s S&P/ASX 200 rose by 0.10%or 5.56 points to 5325.00.
In Japan, Toyota Motor Corp. and Inpex Corp. declined by 1.1% and 2.6% respectively while Japan Steel Works Ltd. and Takata Corp. tumbled by 4.5% and 22% respectively. China’s China CSSC Holdings Ltd. and China Mobile Ltd. lost 4.5% and 2.2% respectively while Zhejiang Zheneng Electric Power Co. jumped by 9.9%. South Korea’s LG Electronics and Samsung Electronics were down at least 2% each. Qantas in Australia added 1.5%.
Chinese gross domestic product showed that the in the period from July to September, the GDP climbed by 7.3%. While the data is positive, surpassing the 7.2% median estimate of Bloomberg, the 7.3% increase is also the weakest expansion since 2009. Meanwhile, US stocks advanced for a third day in a row with the S&P 500 and the Nasdaq leading the market as corporate earnings optimism stimulate a rebound from last week’s slump. A slew of corporations will be reporting corporate earnings in the following days.
The material has been provided by InstaForex Company – www.instaforex.com
Asian stocks declined following yesterday’s record high last seen in 2012 as investors weighed concerns about the upcoming US corporate earnings and Chinese economic data.
The MSCI Asia Pacific Index shed 0.1% to 136.49, 10:06 am, Tokyo time. The index added 2.2% in yesterday’s trading session to be the biggest increase of the gauge since September 2012. Japan’s Nikkei 225 Index and South Korea’s KOSPI Index declined by 2.03% or 306.95 points to 14,804.28 and 0.77% or 14.78 points to 1915.28 respectively. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index lost 0.37% and 83.78 points to 22,986.48 and 0.77% or 18.17 points to 2,338.80 respectively. Australia’s S&P/ASX 200 rose by 0.10%or 5.56 points to 5325.00.
In Japan, Toyota Motor Corp. and Inpex Corp. declined by 1.1% and 2.6% respectively while Japan Steel Works Ltd. and Takata Corp. tumbled by 4.5% and 22% respectively. China’s China CSSC Holdings Ltd. and China Mobile Ltd. lost 4.5% and 2.2% respectively while Zhejiang Zheneng Electric Power Co. jumped by 9.9%. South Korea’s LG Electronics and Samsung Electronics were down at least 2% each. Qantas in Australia added 1.5%.
Chinese gross domestic product showed that the in the period from July to September, the GDP climbed by 7.3%. While the data is positive, surpassing the 7.2% median estimate of Bloomberg, the 7.3% increase is also the weakest expansion since 2009. Meanwhile, US stocks advanced for a third day in a row with the S&P 500 and the Nasdaq leading the market as corporate earnings optimism stimulate a rebound from last week’s slump. A slew of corporations will be reporting corporate earnings in the following days.
The material has been provided by InstaForex Company – www.instaforex.com
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