(MENAFN– ecpulse)
Asian stocks fell for a second day as investors were disappointed by the quarterly corporate earnings which offset the optimism felt following the robust economic data from the US and Europe when US home sales advanced and eurozone’s PMI rose to an 18-month high.
- The MSCI Asia Pacific Index fell 0.7% to 136.03 as of 15:23 in Tokyo
“US data right now is good, but whether it’s good enough for the Fed to stop buying assets, the market will still need to see”, said strategist Linus Yip. Data later today may show that US jobless claims fell by 89,000 in the week to July 13, which could support sentiment.
In Japan Nissan fell 1% ahead of its second quarter results expected to weaken since its sales look is less impressive compared to Toyota and Honda. Canon also fell as the company lowered its full-year earnings forecasts due to weakening economic conditions in Europe and China.
- Nikkei 225 closed 1.14% lower at 14562.93
- Topix closed 1.44% lower at 1202.32
In China, focus returned to the money markets after the 7-day repurchase rate jumped to 6.5% before falling back as the central bank abstained from injecting funds into the market, sparking concerns about a possible return of the credit crunch.
- China’s CSI 300 Index closed 0.51% lower at 2237.68
- Hong Kong’s Hang Seng closed 0.31% lower at 21900.96
As gold prices extended losses Australian stocks retreated from a two months high at 5,053, with gold miners leading the losses. Macquarie Group, Australia’s top investment bank, fell 2.3% after indicating that its tax rate would remain near last year`s high.
- The S&P/ASX 200 closed 0.01% higher at 5035.61
- New Zealand’s NZX 50 closed 0.49% lower at 4576.80
In South Korea, the benchmark index closed only a few points below the new six-week high at the 1,915. The central bank reported that the economy grew by 2.3%, a two year high, in the second-quarter from the year before, topping expectations.
- Kospi closed 0.13% lower at 4576.80
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