Asian Markets Mostly Down As Global Outlook Tempers Sentiment
Umer Jamshaid Published April 25, 2019 | 09:15 AM
Hong Kong, (UrduPoint / Pakistan Point News - 25th Apr, 2019 ) :Asian markets stuttered Thursday after New York equities retreated from record highs, with weak economic data around the world offsetting a forecast-beating earnings season.
While the mood on trading floors remains broadly positive after a blockbuster start to the year, there are lingering concerns that growth in most parts of the world is well off the pace of the United States.
A dive in German business sentiment -- the latest soft reading from the European Union -- a growth forecast cut by the Bank of Canada and a drop in Australian inflation were enough to keep US traders from building on Tuesday's records.
"Investors were dealt with another economic reality check as financial data from Europe remains as sick as ever, this despite a chorus of global central banks stimulus," said Stephen Innes at SPI Asset Management.
"The weak EU economy is perhaps raising some doubts as investors spent most of the day in self-analysis mode while taking stock of their stocks." There was further negativity in Asia, with South Korea on Thursday reporting its biggest quarterly contraction since late 2008. The 0.3 percent drop was also its first negative since the last three months of 2017.
The data has provided a reality check to investors, who have been on a buying spree for much of the year, fuelled by optimism that China and the US will hammer out a deal to end their trade war, as well as central bank dovishness.
Hong Kong was 0.1 percent lower, Seoul dropped 0.2 percent and Shanghai shed 0.3 percent, while Singapore dipped 0.2 percent while Jakarta was off 0.5 percent. However, Tokyo edged up 0.4 percent by the break and Taipei added 0.1 percent. Sydney and Wellington were closed for a public holiday.
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