Asian stocks were seen falling on Tuesday after China reported poor services industries figures and the Reserve Bank of Australia (RBA) announced its monetary policy statement.
The Japanese Nikkei 225 index slid 1.00% lower at 15,320.31 points, while Tokyo’s Topix index declined 0.99%, ending at 1,263.53 points.
In Japan, Isuzu Motors climbed 3.2% to 731.1 yen after the truck makers posted its first quarter net income, coming in at 21.4 billion yen, higher than analysts forecast of 19.3 billion yen. While on the downside, Japan Steel Works fell 8.62% after its second-quarter operating profit dropped 68.8%.
Hong Kong hang Seng index slid 0.17% to 24,558.16 points, while the Chinese mainland Shanghai Composite lost 0.47% to 2,212.84 points.
China
The Chinese steel producer Citic Pacific and oil and gas company china Resources enterprise saw gains and shares went up 1.79% and 1.50%, respectively. Property developer Greentown china tumbled 13% to HK$8.45 after the company said its first-half profit may fall by more than 65% from the previous year.
China’s services sector by HSBC Holdings and Markit Economics fell to 50 in July, compared to the previous reading of 53.1 seen in June. The reading for July market the lowest since the index began in November 2005. A separate report released over the weekend showed that the government’s non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.2 points from 55 in June.
“The weakness in the headline number likely reflects the impact of the ongoing property slowdown in many cities as property related activity, such as agencies and residential services, see less business,” chief Asian economist at HSBC Hongbin Qu commented.
“In the coming months, we think the service sector may get some support from the recovery in investment. But today’s data points to the need of continued policy support to offset the drag from the property correction and consolidate the economic recovery,” Hongbin added.
Australia
In Sydney, the benchmark S&P/ASX 200 dropped 0.42% lower to 5,517.60 points.
The Australian hearing implants maker Cochlear climbed 10.39% after the company reported its full-year profit came in at A$93.7 million from A$132.6 million recorded in the previous year. Medusa Mining saw losses on the index, with shares falling 15.21%.
Australia’s trade deficit narrowed to A$1.68 billion in June from $2.04 recorded in the previous month, the Australian Bureau of statistics said.
The Reserve Bank of Australia (RBA) maintained its cash rate at 2.5% at the central bank’s meeting and continued to comment on the strength of the Australian dollar.
“The exchange rate remains high by historical standards, particularly given the declines in key commodity prices, and hence is offering less assistance than it might in achieving balanced growth in the economy,” RBA Governor Glenn Stevens said.
European Stocks
Stocks in the European region were seen trading higher as the market focus on the final PMIs reports from the region’s major economies due later in the day.
The European Euro Stoxx 50 climbed 0.58% to 3,088.29 at the time of writing, with the German DAX gained 0.56% to 9,205.79. at the same time the French CAC 40 index edged 0.62% trading at 4,243.39, while UK’s benchmark FTSE 100 added 0.45% to 6,706.22.
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Asian Stocks
Asian stocks were seen falling on Tuesday after China reported poor services industries figures and the Reserve Bank of Australia (RBA) announced its monetary policy statement.
The Japanese Nikkei 225 index slid 1.00% lower at 15,320.31 points, while Tokyo’s Topix index declined 0.99%, ending at 1,263.53 points.
In Japan, Isuzu Motors climbed 3.2% to 731.1 yen after the truck makers posted its first quarter net income, coming in at 21.4 billion yen, higher than analysts forecast of 19.3 billion yen. While on the downside, Japan Steel Works fell 8.62% after its second-quarter operating profit dropped 68.8%.
Hong Kong hang Seng index slid 0.17% to 24,558.16 points, while the Chinese mainland Shanghai Composite lost 0.47% to 2,212.84 points.
China
The Chinese steel producer Citic Pacific and oil and gas company china Resources enterprise saw gains and shares went up 1.79% and 1.50%, respectively. Property developer Greentown china tumbled 13% to HK$8.45 after the company said its first-half profit may fall by more than 65% from the previous year.
China’s services sector by HSBC Holdings and Markit Economics fell to 50 in July, compared to the previous reading of 53.1 seen in June. The reading for July market the lowest since the index began in November 2005. A separate report released over the weekend showed that the government’s non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.2 points from 55 in June.
“The weakness in the headline number likely reflects the impact of the ongoing property slowdown in many cities as property related activity, such as agencies and residential services, see less business,” chief Asian economist at HSBC Hongbin Qu commented.
“In the coming months, we think the service sector may get some support from the recovery in investment. But today’s data points to the need of continued policy support to offset the drag from the property correction and consolidate the economic recovery,” Hongbin added.
Australia
In Sydney, the benchmark S&P/ASX 200 dropped 0.42% lower to 5,517.60 points.
The Australian hearing implants maker Cochlear climbed 10.39% after the company reported its full-year profit came in at A$93.7 million from A$132.6 million recorded in the previous year. Medusa Mining saw losses on the index, with shares falling 15.21%.
Australia’s trade deficit narrowed to A$1.68 billion in June from $2.04 recorded in the previous month, the Australian Bureau of statistics said.
The Reserve Bank of Australia (RBA) maintained its cash rate at 2.5% at the central bank’s meeting and continued to comment on the strength of the Australian dollar.
“The exchange rate remains high by historical standards, particularly given the declines in key commodity prices, and hence is offering less assistance than it might in achieving balanced growth in the economy,” RBA Governor Glenn Stevens said.
European Stocks
Stocks in the European region were seen trading higher as the market focus on the final PMIs reports from the region’s major economies due later in the day.
The European Euro Stoxx 50 climbed 0.58% to 3,088.29 at the time of writing, with the German DAX gained 0.56% to 9,205.79. at the same time the French CAC 40 index edged 0.62% trading at 4,243.39, while UK’s benchmark FTSE 100 added 0.45% to 6,706.22.
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