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
 May 4 2015 - Dubai tourism shows 8.2 percent increase in 2014MENAFN
(MENAFN) The emirate of Dubai welcomed a total of 13.2 million tourists in 2014, marking an 8.2 percent increase when compared to the same period a year earlier, Arabian Business reported.The yearly ...

 May 4 2015 - Saudi- Education Minister signs agreement with UNESCOSaudi Press Agency
(MENAFN - Saudi Press Agency) The Minister of Education and Chairman of the Board of Directors of Regional Centre for Quality and Excellence in Education, Dr. Azzam Al-Dakhil, and Director of ...

 May 4 2015 - Saudi- Custodian of the Two Holy Mosques condoles Gabon's PresidentSaudi Press Agency
(MENAFN - Saudi Press Agency) The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable condolences to President Ali Bongo Ondimba of Republic of Gabon on the death of ...

 May 4 2015 - Saudi- Crown Prince condoles Gabon's PresidentSaudi Press Agency
(MENAFN - Saudi Press Agency) Crown Prince Mohammed bin Naif bin Abdulaziz, Deputy Premier and Minister of Interior has sent a cable condolences to President Ali Bongo Ondimba of Republic of Gabon on ...

 May 4 2015 - Saudi- Competition Council participates in Exhibition of Arab Forum for Combating Commercial FraudSaudi Press Agency
(MENAFN - Saudi Press Agency) The Competition Council is participating through a special pavilion in the activities of the exhibition of the fourth Arab Forum to combat commercial fraud and ...

 May 4 2015 - Egypt's Orascom to construct USD1.5b monorail in EgyptMENAFN
(MENAFN) Orascom, the Egyptian Construction firm, and the Canadian Bombardier Inc are set to construct a USD1.5 billion monorail close to Cairo, according to Egypt's housing minister, Reuters ...

 May 4 2015 - Kuwait- Bill Seeks Free Education For All At Government SchoolsArab Times
(MENAFN - Arab Times) MP Faisal Al-Kandari has presented a draft bill to amend Article One of Compulsory Education Law Number 11/1965 to grant free education to everyone residing in Kuwait, not just ...

 May 4 2015 - Kuwait- MOE Facing Problems Related To Ranks For ExpatsArab Times
(MENAFN - Arab Times) The Ministry of Education is currently facing problems related to the occupational ranks for non-Kuwaiti teachers, because the Civil Service Commission (CSC) has refused to ...

 May 4 2015 - Kuwait- 'Citizens, Expats Must Take Measures To Prevent Fires'Arab Times
(MENAFN - Arab Times) Citizens and expatriates must take all the necessary measures to prevent fire incidents which are common during summer, says Colonel Khalel Al-Ameer from the Public Relations ...

 May 4 2015 - Kuwait- Reduce 'Mandoubs', Pay Hike Not More Than KD 50Arab Times
(MENAFN - Arab Times) The Ministry of Interior and its social affairs and labor counterpart have agreed to lay down new regulations to prevent manipulation of work permit and driving license ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

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

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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