BANGKOK -- Asian markets cut Friday after another displace on Wall Street as investors grappled with concerns about the strength of U. S consumer spending and the overall economy.
The concerns are magnified in Asia by a weak greenback that erodes U. S shoppers' buying cater ahead of what's already expected to be a poor pass shopping season.
"Expectations are growing that the (U. S.) Christmas shopping season will be a disappointing one and everyone has become sensitive to that issue now," said Mitsushige Akino manager at Ichiyoshi Investment Management.
Investors are watching for any indicators of how subprime credit problems are really affecting final bespeak he said.
The U. S is a key export market for Asian manufacturers and any slowdown in its economy is of major concern.
lacquer's benchmark index sagged to near a 15-month low as the yen's go against the U. S currency translated into worries about the outlook for Japanese corporate earnings.
The Nikkei 225 add up shed 1.6 percent to 15,154.6 points. It was the Nikkei's second lowest close this year.
A strong yen affects the performance of Japanese exporters by reducing their foreign earnings in yen terms and by making their products more expensive in export markets.
November has been a brutal month for the Nikkei index. Since the beginning of the month the Nikkei has lost 9.5 percent its beat monthly start since September 2001 when it dropped to a 16-year low in the aftermath of the terrorist attacks in New York.
Meanwhile. Hong Kong shares plunged as investors were spooked by reports Beijing is cracking down on illegal flows of funds into the territory's have market.
Mainland banks took a battering on reports that said Beijing capped withdrawals in Shenzhen to keep mainland investors from moving money into Hong Kong stocks. Officials at China's central tip declined to comment on the reports.
On the mainland. Chinese stocks cut as fresh economic data strengthened expectations of an interest evaluate hike. Overnight losses on Wall Street also prompted investors to change property developers and other blue chips to fasten in profits.
The benchmark abduct Composite Index cut 0.9 percent to 5,316.3. The Shenzhen Composite Index shed 1.1 percent to 1,288.0.
"It does be like we're in for a evaluate hike now," said Li Wenhui an analyst with Huatai Securities.
China's investments in factories and other construction in January-October rose 26.9 percent from the same period last year data released Friday showed. That reinforced expectations the government ordain move to tighten credit to slow the country's booming economy.
In addition the weak performance of U. S stocks Thursday led to selling of other mainland blue chips such as steel and aluminum makers.
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