Stocks in the Asian region began the week trading lower after markets in the US were shut on Friday in celebration of Independence Day and comments from the International Monetary Fund (IMF) chief Christine Lagarde over the weekend on forecasts that the global economy will expand at a slower pace in 2014 than initially expected.
IMF Comments
“We are seeing global activity pick up, but the momentum could be less robust than expected because potential growth is weaker [and] investment remains lackluster,” International Monetary Fund (IMF) Chief Christine Lagarde said in a speech in France over the weekend, according to reports.
The IMF previously forecasted the global economy would grow by 3.6% in 2014 and 3.9% in 2015, however following recent reports such as the US gross domestic product (GDP) growth figures for the first quarter, the IMF have suggested the global economy would grow at a slower pace.
Japan
The Japanese benchmark Nikkei 225 index added 0.05%, trading at 15,445.01 points, while Tokyo’s Topix index slid 0.01% lower at 1,285.12 points. The Japanese yen weakened 102.15 yen against the greenback, versus 102.00 yen on Friday.
Pioneer Corp fell 2.3%, while shares in Panasonic slid 1.2% lower, meanwhile Mazda Motor added 2%, and Isuzu Motor gained 1.3%. Tokyo electric Power added 1.8%, while Chubu Electric Power was up 0.8%.
China
Hong Kong’s Hang Seng index edged 0.03% lower at 23,539.82 points, while China’s Mainland Shanghai Composite lost 0.08% to 2,057.82 points at the time of writing.
According to the International Monetary Fund (IMF), the world’s second-largest economy grew at a stable pace this month.
The South Korean Kospi index retreated 0.06% to 2,008.46 points.
Australia
Australia’s S&P/ASX 200 index gained 0.04%, trading at 5,527.10 points, slightly boosted by gains in financial stocks.
National Australia Bank and ANZ rose 0.3% during the early trading hours, while Commonwealth Bank of Australia saw losses, falling 0.1% lower.
Beadell Resources added 0.8%, while Evolution Mining gained 0.7% in shares, Fortescue Metals slid 1% lower and BHP Billiton rose 0.2%.
Wotif.com holdings climbed 25% to A$3.29 after Expedia said it would purchase the Australian travel agency for A$703 million.
European Stocks
European stocks were seen trading lower on Monday, dragged lower by the weak German industrial data and the IMF’s global growth comments.
The European Euro Stoxx 50 slid 0.29% lower to 3,261.50 at the time of writing, while the German DAX fell 0.17% to 9,990.50. The French CAC 40 added 0.41%, trading at 4,450.30, while UK’s benchmark FTSE 100 lost 0.05% to 6,862.30.
Industrial Production Data
Germany industrial production fell 1.8% in May on a monthly basis, compared to the fall seen in the previous month, a report from the Federal Statistics showed.
The industrial production for the region’s largest economy on an annual basis advanced 1.3%, unchanged from the previous month.
In Spain, the industrial production rose 2.5% on year-on-year in May, following the 4.1% growth recorded in the previous month on a seasonally-adjusted basis.
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Asian Stocks
Stocks in the Asian region began the week trading lower after markets in the US were shut on Friday in celebration of Independence Day and comments from the International Monetary Fund (IMF) chief Christine Lagarde over the weekend on forecasts that the global economy will expand at a slower pace in 2014 than initially expected.
IMF Comments
“We are seeing global activity pick up, but the momentum could be less robust than expected because potential growth is weaker [and] investment remains lackluster,” International Monetary Fund (IMF) Chief Christine Lagarde said in a speech in France over the weekend, according to reports.
The IMF previously forecasted the global economy would grow by 3.6% in 2014 and 3.9% in 2015, however following recent reports such as the US gross domestic product (GDP) growth figures for the first quarter, the IMF have suggested the global economy would grow at a slower pace.
Japan
The Japanese benchmark Nikkei 225 index added 0.05%, trading at 15,445.01 points, while Tokyo’s Topix index slid 0.01% lower at 1,285.12 points. The Japanese yen weakened 102.15 yen against the greenback, versus 102.00 yen on Friday.
Pioneer Corp fell 2.3%, while shares in Panasonic slid 1.2% lower, meanwhile Mazda Motor added 2%, and Isuzu Motor gained 1.3%. Tokyo electric Power added 1.8%, while Chubu Electric Power was up 0.8%.
China
Hong Kong’s Hang Seng index edged 0.03% lower at 23,539.82 points, while China’s Mainland Shanghai Composite lost 0.08% to 2,057.82 points at the time of writing.
According to the International Monetary Fund (IMF), the world’s second-largest economy grew at a stable pace this month.
The South Korean Kospi index retreated 0.06% to 2,008.46 points.
Australia
Australia’s S&P/ASX 200 index gained 0.04%, trading at 5,527.10 points, slightly boosted by gains in financial stocks.
National Australia Bank and ANZ rose 0.3% during the early trading hours, while Commonwealth Bank of Australia saw losses, falling 0.1% lower.
Beadell Resources added 0.8%, while Evolution Mining gained 0.7% in shares, Fortescue Metals slid 1% lower and BHP Billiton rose 0.2%.
Wotif.com holdings climbed 25% to A$3.29 after Expedia said it would purchase the Australian travel agency for A$703 million.
European Stocks
European stocks were seen trading lower on Monday, dragged lower by the weak German industrial data and the IMF’s global growth comments.
The European Euro Stoxx 50 slid 0.29% lower to 3,261.50 at the time of writing, while the German DAX fell 0.17% to 9,990.50. The French CAC 40 added 0.41%, trading at 4,450.30, while UK’s benchmark FTSE 100 lost 0.05% to 6,862.30.
Industrial Production Data
Germany industrial production fell 1.8% in May on a monthly basis, compared to the fall seen in the previous month, a report from the Federal Statistics showed.
The industrial production for the region’s largest economy on an annual basis advanced 1.3%, unchanged from the previous month.
In Spain, the industrial production rose 2.5% on year-on-year in May, following the 4.1% growth recorded in the previous month on a seasonally-adjusted basis.
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