(menafn – ecpulse)
Asian stocks fell for the first time in three sessions after China’s data weighed on sentiment, while the better-than expected employment report from the US lowered the case for easing by the Feds this week. The MSCI Asia Pacific Index fell by 0.3% at 13:19 in Tokyo.
On Saturday, China reported the biggest trade deficit in at least 22 years, after exports rose only 18.4% in February from 31.1% expected, while imports rose by 39.6% from -15.3% previous, igniting worries that the country’s economic slowdown may damage demand on exports from country’s around Asia.
Meanwhile India unexpectedly cut the cash reserve ratio on March 9 to 4.75% from 5.5% on March 9, the lowest since 2004, to be the first such action outside a policy meeting since July 2010. The country also decided to lift the ban on cotton exports on rising pressures from farmers and China (the biggest buyer).
On Friday, the US released a robust jobs data, lowering the chances for more easing ahead of this week's Federal Reserve meeting, while South Korea’s Finance Minister Bahk Jae Wan said today that the “disturbingly high” oil prices will keep the global economic growth subdued.
Cautious is also adding to the downside pressures on markets today, as the euro-zone’s finance ministers will gather in Brussels today to decide on the second package for Greece, worth 130 billion-euro, after bondholders agreed last week to participate in the country’s debt swap deal.
In Japan the consumer confidence fell to 39.5 in Feb. from 40.8 expected. Other economic data today include the wholesale prices from Germany and the monthly budget from the US. Meanwhile Germany and France will hold short-term debt auctions.