Asian equities were mixed on the last trading day of the week as concerns over Ebola and China offset gains on Wall Street. A doctor in New York tested positive for the Ebola virus, the New York Times reported early on Friday, after returning from West Africa last week. Speaking at a press conference, New York Mayor de Blasio said officials believe very few people had contact with the doctor since his return. Markets reacted quickly to the news, with the Japanese yen strengthening 0.3 percent against the greenback and Dow futures dropping over 70 points before paring losses. Meanwhile, attention in Asia was on China where official data showed new home prices falling 1.3 percent on year in September, the first annual drop in nearly two years. The report heightened concerns over the countrys property market, which many experts say poses the single biggest risk to the economy. U.S. stocks surged on Thursday, with all three major indices climbing over 1 percent each, following strong third-quarter results from Caterpillar, 3M and General Motors. Data showing the flash composite purchasing managers index (PMI) for the euro zone rose to 52.2 in October, from 52 in September, helped to ease some of the global growth concerns that recently plagued markets. Japanese shares rose to a two-week high, rebounding following Thursdays 0.4 percent decline, despite the yen moving off a two-week low against the greenback. A stronger currency usually pressurizes exporter shares. For the week, the benchmark Nikkei rose 5 percent, making it the best performer among Asian indices. Chinas benchmark Shanghai Composite index ended at a one-month low for the fourth straight day after a choppy session of trade. Hong Kong shares extended losses into a second day, down 0.3 percent. Australias S&P ASX 200 closed at a new one-month high after snapping a seven-day winning streak on Thursday. For the week, the index closed up 1.7 percent. South Korean shares reversed early gains as investors weighed the latest earnings. Before the market open, data showed gross domestic product rising 0.9 percent on quarter in the July-September period, in line with estimates.
Posted on: Fri, 24 Oct 2014 09:36:14 +0000
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