Asian stocks end in red amid sell off ahead of US jobs report; China data ignored .. . . . . . . . . . . Asian stocks slipped on Friday ending the trading session in red as a sell-off on Wall Street overshadowed the bigger-than-expected rebound in China’s exports. Caution is rising ahead of the US non-farm payrolls report later in the day. The stronger-than-expected third-quarter growth data in the US fueled fears of an early reduction in monetary stimulus; therefore, today’s jobs report will be closely watched as it will clear the outlook for the Fed plans over the monetary stimulus. - The MSCI Asia Pacific Index slid 0.4% to 139.78 as of 14:07 in Hong Kong China’s trade data showed that exports rose by 5.6% in October from a year earlier well above expectations for a rise of 3.2% suggesting economy has found stability, yet investors stayed on the sidelines ahead of the Communist Party`s policy meeting during the weekend. - China’s CSI 300 Index closed 1.39% lower at 2307.95 - Hong Kong’s Hang Seng closed 0.60% lower at 22744.39 Japan’s benchmark fell to a one-month low, weighed down by weak earnings reports while exporters were hurt by the stronger yen which moved off Thursday`s multi-week low against the dollar after a surprise interest rate cut by the European Central Bank. - Nikkei 225 closed 1.00% lower at 14086.80 - Topix closed 0.70% lower at 1176.42 In Australia stocks pared some losses after the Reserve Bank of Australia maintained its easing bias in its quarterly monetary policy report while in South Korean stocks hit to a two-month closing low as Samsung continued to weigh on the index after falling 2%. - The S&P/ASX 200 closed 0.39% lower at 5400.67 - New Zealand’s NZX 50 closed 0.58% higher at 4951.36 - Kospi closed 0.96% lower at 1984.87 In the Philippine the benchmark index fell 1% to a one-month low as one of the strongest storms ever recorded, typhoon Haiyan, slammed into the nation early Friday with sustained winds of 235 kilometers (147 miles) per hour. #egyptyard
Posted on: Fri, 08 Nov 2013 13:10:28 +0000