China Construction Bank Corp. (939) retreated 2.5 percent in Hong Kong even as investment slipped at about half the rate forecast by economists. HSBC Holdings Plc, Europe’s largest lender by market value, dropped 0.5 percent as Spain prepares to sell bonds later today. Apple Inc. suppliers fell amid concern demand for the company’s products will slow. Gree Inc. (3632), a Japanese social-network game operator, rose 7.7 percent in Tokyo after Bank of America Merrill Lynch said its domestic revenue growth is accelerating.
The MSCI Asia Pacific Index declined 0.3 percent to 123.82 as of 12:42 p.m. in Tokyo, headed for its lowest close since April 11. About five stocks fell for every four that rose. Australia’s central bank said weaker economic growth flowing through to slower inflation would increase prospects for the first interest-rate cut this year, minutes of its April 3 meeting showed today. Members had lowered their assessment of the pace of expansion, according to the minutes.
“We won’t see a major upturn or downturn unless we see some external catalyst from the U.S. or Europe,” said Pauline Dan, Hong Kong-based chief investment officer at Samsung Asset Management Co., which manages $100 billion. With uncertainties about Europe’s debt crisis and U.S. economic growth, investors are taking a wait-and-see approach, she said. “People are feeling relieved because even though China’s data is showing that its economy is slowing, it’s still decent. People with long-term positions should be accumulating stocks.”
Japan, Singapore
The Asia-Pacific gauge, which includes companies from some emerging markets, advanced 9.1 percent this year through yesterday, compared with a 1.4 percent drop for the same period a year earlier, as central banks moved towards easing policies and as the U.S. showed signs of economic strength.
Japan’s Nikkei 225 Stock Average was little changed, while Singapore’s Straits Times Index retreated 0.4 percent.
Hong Kong’s Hang Seng Index (HSI) declined 0.7 percent, while China’s Shanghai Composite Index retreated 0.2 percent. Foreign direct investment in China fell 6.1 percent in March from a year earlier to $11.76 billion, the Ministry of Commerce said today in Beijing, after a 0.9 percent decline the previous month and a 32.9 percent jump in March last year. Economists had predicted a 14 percent drop, according to data compiled by Bloomberg.
Australia’s S&P/ASX 200 Index slid 0.1 percent. South Korea’s Kospi Index declined 0.3 percent, falling for fifth trading in six. Bank of Korea Governor Kim Choong Soo urged major central banks to plan an orderly withdrawal of excess liquidity and said further easing may hurt emerging economies and the global economic recovery.
Retail Sales
Stocks in the MSCI Asia Pacific Index (MXAP) are valued at 12.6 times estimated earnings on average, compared with 13.1 times for the S&P 500 and 10.6 times for the Stoxx Europe 600 Index.
Futures on the Standard & Poor’s 500 Index (SPXL1) were little changed today after the index slipped less than 0.1 percent in New York yesterday. Most U.S. shares rose after a report showed retail sales gained 0.8 percent in March, exceeding economists’ projections.
Yields on Spain’s 10-year notes reached a four-month high as Prime Minister Mariano Rajoy said the country must cut its budget deficit to maintain access to financing. The cost of insuring Spain’s securities against default advanced to a record, while Portuguese 10-year rates rose for an 11th day. Spain will sell 12-month and 18-month bills today, followed by auctions of debt due in 2014 and 2022 on April 19.
“We are at a point where you can easily see some seasonal weakness,” said Angus Gluskie, managing director at White Funds Management in Sydney who manages more than $350 million. “Asian markets were being sold off a bit recently, yet there’s some growing confidence and we are starting to see some turnaround. We are in a much better position to head off any crisis than we were 12 months ago. Added to that, I think the U.S. has come a long way.”
To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
http://www.bloomberg.com/news/2012-04-17/asia-stocks-swing-between-gain-loss-on-u-s-data-europe.html
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