Stocks in Asia fell on Wednesday, tracking losses in the US overnight while the market focus on the ongoing tensions in Iraq.
Japan
The Japanese benchmark Nikkei 225 index slid 0.71%, closing at 15,266.61 points, while Tokyo’s Topix gauge edged 0.43% lower, closing at 1,262.90 points. Shares in the material manufacturing company Unitika climbed 4.26% higher, while Pioneer slid 3.06% lower. Prime Minister Shinzo Abe said deflation in Japan had ended; a sign of unexpected growth in the country by discouraging consumption. “Through bold monetary policy, flexible fiscal policy and the growth strategy we have reached a stage where there is no deflation,” Abe said in an interview in Tokyo. Abe’s ruling party will request to pass a law in the next session of parliament to legalize casinos as part of a plan to increase tourism before the Tokyo Olympics in 2020, the premier said on Tuesday.
China
Meanwhile, Hong Kong’s Hang Seng index lost 0.05% at 22,871.22 points, while China’s benchmark Shanghai Composite declined 0.51% to 2,023.07 points. China Resources Power rose 3.16% higher; while Ping An insurance fell 1.98% and China Overseas slid 1.78% in shares. The South Korean benchmark Kospi index slid 0.63% lower, ending the session at 1,981.77 points.
Australia
In Sydney, the benchmark S&P/ASX 200 index fell 0.44% to 5,408.90 points, while New Zealand’s NZX 50 index closed 0.33% to 5,104.54 points. Treasury Wine Estate climbed 5.59%, while gold miners Resolute Mining and Newcrest mining dropped 7.75% and 2.4% respectively. Resources exports from Australia are forecasted to show a climb this year as the Bureau of Resources and Energy Economics predicts exports of mineral and energy commodities will advanced 2.6% in the year to June 2015.
US Economy
Data released on Monday showed that existing home sales in the US climbed 4.9% to 4.89 million annualized rate in May, up from the previous figure of 4.65 million recorded in the previous month while analysts forecasted a rise of 4.73 million. The Conference Board’s index of US consumer confidence climbed to 85.2 in June, compared to the previous reading of 82.2 seen in May. A separate report from Markit Economics showed that the flash Managers Index for the US manufacturing sector grew to 57.5 points in June from 56.4 recorded in the previous month. The third revision for the US government’s gross domestic product reading due later in the day is forecasted to show a contraction of 1.8% in the first quarter, according to analysts. A separate report on US durable goods for May is also expected to be released later in the day.
Europe
European stocks dropped for a fourth day on Wednesday, the longest losing streak in seven weeks. The European Euro Stoxx 50 slid 0.53% lower, opening at 3,267.34 and the German DAX lost 0.55% to 9,883.24 at the time of writing. At the same time the French CAC 40 fell 0.53% to 4,494.24, while UK’s benchmark FTSE 100 declined 0.39% to 6,760.49. European Central Bank governing council members Luis Maria Linde, Carlos Costa and Jen Weidmann are expected to give speeches later in the day.
Iraq
Sentiment on global equity markets was hampered after media reported Syrian airstrikes in the western region of Iraq, while US Secretary of State John Kerry called on Iraqi leaders to team up against the ISIS group, whom are responsible for the violence in Iraq.
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Stocks – Asia
Stocks in Asia fell on Wednesday, tracking losses in the US overnight while the market focus on the ongoing tensions in Iraq.
Japan
The Japanese benchmark Nikkei 225 index slid 0.71%, closing at 15,266.61 points, while Tokyo’s Topix gauge edged 0.43% lower, closing at 1,262.90 points. Shares in the material manufacturing company Unitika climbed 4.26% higher, while Pioneer slid 3.06% lower. Prime Minister Shinzo Abe said deflation in Japan had ended; a sign of unexpected growth in the country by discouraging consumption. “Through bold monetary policy, flexible fiscal policy and the growth strategy we have reached a stage where there is no deflation,” Abe said in an interview in Tokyo. Abe’s ruling party will request to pass a law in the next session of parliament to legalize casinos as part of a plan to increase tourism before the Tokyo Olympics in 2020, the premier said on Tuesday.
China
Meanwhile, Hong Kong’s Hang Seng index lost 0.05% at 22,871.22 points, while China’s benchmark Shanghai Composite declined 0.51% to 2,023.07 points. China Resources Power rose 3.16% higher; while Ping An insurance fell 1.98% and China Overseas slid 1.78% in shares. The South Korean benchmark Kospi index slid 0.63% lower, ending the session at 1,981.77 points.
Australia
In Sydney, the benchmark S&P/ASX 200 index fell 0.44% to 5,408.90 points, while New Zealand’s NZX 50 index closed 0.33% to 5,104.54 points. Treasury Wine Estate climbed 5.59%, while gold miners Resolute Mining and Newcrest mining dropped 7.75% and 2.4% respectively. Resources exports from Australia are forecasted to show a climb this year as the Bureau of Resources and Energy Economics predicts exports of mineral and energy commodities will advanced 2.6% in the year to June 2015.
US Economy
Data released on Monday showed that existing home sales in the US climbed 4.9% to 4.89 million annualized rate in May, up from the previous figure of 4.65 million recorded in the previous month while analysts forecasted a rise of 4.73 million. The Conference Board’s index of US consumer confidence climbed to 85.2 in June, compared to the previous reading of 82.2 seen in May. A separate report from Markit Economics showed that the flash Managers Index for the US manufacturing sector grew to 57.5 points in June from 56.4 recorded in the previous month. The third revision for the US government’s gross domestic product reading due later in the day is forecasted to show a contraction of 1.8% in the first quarter, according to analysts. A separate report on US durable goods for May is also expected to be released later in the day.
Europe
European stocks dropped for a fourth day on Wednesday, the longest losing streak in seven weeks. The European Euro Stoxx 50 slid 0.53% lower, opening at 3,267.34 and the German DAX lost 0.55% to 9,883.24 at the time of writing. At the same time the French CAC 40 fell 0.53% to 4,494.24, while UK’s benchmark FTSE 100 declined 0.39% to 6,760.49. European Central Bank governing council members Luis Maria Linde, Carlos Costa and Jen Weidmann are expected to give speeches later in the day.
Iraq
Sentiment on global equity markets was hampered after media reported Syrian airstrikes in the western region of Iraq, while US Secretary of State John Kerry called on Iraqi leaders to team up against the ISIS group, whom are responsible for the violence in Iraq.
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