Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Asian shares slip as China manufacturing data weighs  Join our daily free Newsletter

MENAFN - Arab News - 22/08/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) HONG KONG: Asian markets mostly fell with downbeat Chinese manufacturing data dragging down Hong Kong and Shanghai as concerns grew about the pace of recovery in the world's second-largest economy.

But Tokyo bucked the trend gaining 0.85 percent or 131.75 points to 15586.20 after US Federal Reserve minutes suggested interest rates may be hiked sooner than expected.

Seoul dropped 1.38 percent or 28.57 points to 2044.21 Hong Kong lost 0.66 percent or 165.66 points to 24994.1 Shanghai slid 0.44 percent or 9.75 points to 2230.46 while Sydney ended flat edging up 4.3 points to 5638.9.

Traders were focused on China as the HSBC preliminary purchasing managers index (PMI) which tracks activity in the country's factories and workshops slipped to 50.3 in August.

The figure was down from a final reading of 51.7 in July and was the lowest for three months the British banking giant said in a statement.

The indicator is a closely watched gauge of the health of the Asian economic powerhouse with a reading above 50 indicating the sector is expanding.

'Today's data suggest that the economic recovery is still continuing but its momentum has slowed again' HSBC economist Qu Hongbin said in the statement.

The downward trend in Asian markets came despite a positive lead from Wall Street where the Dow Jones Industrial Average closed up 0.35 percent at 16979.13 on Wednesday.

Minutes from the July 29-30 Fed meeting showed policy makers increasingly at odds over how strong the US labor market is and what that means for inflation a key issue in planning rate hikes next year.

The intensifying debate signalled an increased albeit still measured level of hawkish sentiment in the Fed that could speed up any rate hike.

Easing fears about the geopolitical crisis in Ukraine has fueled investor optimism ahead of a speech by the head of the US Federal Reserve.

Slow growth low interest rates and tepid inflation on both sides of the Atlantic will be in focus when heads of the US and European central banks meet in Jackson Hole Wyoming.

All eyes will focus on Janet Yellen the Federal Reserve chair and Mario Draghi her counterpart at the European Central Bank with observers looking and listening for signs of what they plan for interest rates.

Yellen is facing calls to begin raising interest rates soon after US measures aimed at stimulating the world's biggest economy are wound up in October.

In forex markets the dollar was at 103.86 yen in afternoon Asian trade up from 103.76 yen in New York late Wednesday.

The euro fetched 1.3244 and 137.55 yen against 1.3258 and 137.57 yen in US trade.

In oil markets US benchmark West Texas Intermediate for October delivery was down 27 cents at 93.18 while Brent for October eased 26 cents to 102.02 in afternoon trade.

Gold traded at 1282.27 an ounce at 1045 GMT compared to 1294.76 an ounce late Wednesday.

In other markets:

Mumbai eased 0.17 percent or 45.82 points to end at 26360.11 points.

Bhushan Steel fell 4.97 percent to 130.85 rupees while Amara Raja Batteries fell 4.38 percent to 571.00 rupees.

Bangkok rose 0.04 percent or 0.64 points to 1551.41.

Telecoms company True Corp. lost 4.55 percent to 10.50 baht while power giant Electricity Generating Public Co. gained 4.75 percent to 165.50 baht.

Jakarta ended up 0.31 percent or 15.97 points at 5206.14.

Lender Bank Negara Indonesia gained 1.89 percent to 5400 rupiah while palm oil firm Astra Agro Lestari slipped 0.66 percent to 26175 rupiah.

Kuala Lumpur lost 0.22 percent or 4.08 points to close at 1874.81.

Malayan Banking fell 0.2 percent to 10.06 ringgit while plantation giant Sime Darby shed 0.2 percent to 9.48. SapuraKencana Petroleum added 1.5 percent to 4.19 ringgit.

Singapore rose 0.01 percent or 0.44 points to 3324.09.

United Overseas Bank was down 0.04 percent to Sg22.86 while Singapore Airlines declined 0.40 percent to Sg10.00.

Wellington rose 0.24 percent or 12.58 points to 5152.92.

Air New Zealand was up 0.71 percent at NZ2.13 and Spark lifting 0.34 percent to NZ2.91.

Taipei fell 0.37 percent or 34.67 points to 9253.38.

HTC fell 1.55 percent to Tw127.0 while TSMC was 0.8 percent lower at Tw124.5.


Arab News

  MENA News Headlines
 Oct 4 2015 - Qatar's Central Bank governor cuts hopes of rate hikeMENAFN
(MENAFN) Qatar's central bank governor sought to cut expectations for rising interest rates after a jump in local bill yields suggested liquidity in the Qatari banking system was beginning to ...

 Oct 4 2015 - Jordan- UAE delegation visits the Mrajeeb Al Fhood campJordan News Agency
(MENAFN - Jordan News Agency) A delegation from the UAE Ministry of Development and International Cooperation visited on Friday the Mrajeeb Al Fhood camp for Syrian refugees to check on services ...

 Oct 4 2015 - Russian airstrikes in Syria will strengthen Daesh, ObamaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama said on Friday that Russia's airstrikes in Syrian that started last Wednesday, will ultimately empower Daesh terrorist group.Speaking from the ...

 Oct 4 2015 - Jordan- Border guards receive 209 new Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 209 Syrian refugees from various age groups, entered the Kingdom through various crossing points during the last 72 hours, according to a military source on ...

 Oct 4 2015 - Israeli forces kill Palestinian young man in JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces Sunday morning shot dead a Palestinian teen near Damascus Gate in occupied Jerusalem.Eyewitnesses said that Israeli forces opened fired on 19 ...

 Oct 4 2015 - Israel prevents Palestinians from entering JerusalemJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation police on Sunday banned Palestinians from entering the old city in East Jerusalem for two days, after two attacks against Israelis occurred in less ...

 Oct 4 2015 - First Gulf offers start-up financeThe Arabian Post
(MENAFN - The Arabian Post) FGB claims to be the first bank in the UAE to offer a one-stop financing solution to start-ups. The bank's new 'Startup Proposition' offers new businesses a range of ...

 Oct 4 2015 - Dubai Holding net up 24% to AED2.6bThe Arabian Post
(MENAFN - The Arabian Post) Dubai Holding Commercial Operations Group (DHCOG) announced a net profit of AED 2.6 billion for the first half of this year ending 30th June 2015, an increase of 24 ...

 Oct 4 2015 - Qatar to improve rank in Competitiveness Index-QBAThe Peninsula
(MENAFN - The Peninsula) Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar's economy is moving in the right direction and ...

 Oct 4 2015 - Mall of Qatar signs mega deal with Alshaya to open 30 storesThe Peninsula
(MENAFN - The Peninsula) Qatar's largest leisure, entertainment and shopping complex, Mall of Qatar has signed a leasing agreement with M.H. Alshaya Co., one of the world's leading retail franchise ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help