Arab Today, arab today asian shares fall on weak china data
Last Updated : GMT 22:15:37
Arab Today, arab today
Arab Today, arab today

Asian shares fall on weak China data

Arab Today, arab today

Arab Today, arab today Asian shares fall on weak China data

Tokyo Stock Exchange in Tokyo
Hong Kong - AFP

Asian markets retreated Monday, led by Hong Kong after data at the weekend showed Chinese industrial output expanded in August at its slowest rate since the global financial crisis.
Wall Street provided a negative lead after another round of solid indicators fanned expectations the Federal Reserve will hike interest rates sooner than later.
The pound edged lower as investors grow jittery about Thursday's knife-edge Scottish independence referendum, which could see the country break away from the United Kingdom.
Hong Kong slipped 0.76 percent and Shanghai eased 0.18 percent, Sydney lost 0.63 percent and Seoul was 0.32 percent lower.
Tokyo was closed for a public holiday.
Beijing said Saturday that industrial production grew 6.9 percent last month, its weakest rate since December 2008.  
The key indicator slumped from 9.0 percent growth in July and was also well short of the 8.7 percent median increase in a survey of 15 economists by The Wall Street Journal.
The figures add to worries about the world's number two economy -- a key driver of world commerce -- following recent indicators suggesting growth is weakening even after limited stimulus measures.
"The (government's) 7.5 percent (economic) growth target for 2014 is now clearly challenged," Royal Bank of Scotland said, according to Dow Jones Newswires.
In foreign exchange markets the dollar consolidated its recent gains against the yen after solid reports on US retail sales and consumer confidence added to expectations the Fed will tighten monetary policy as the economy picks up.
However on Wall Street the Dow slipped 0.36 percent, the S&P 500 fell 0.60 percent and the Nasdaq eased 0.53 percent. The central bank holds its next policy meeting this week.
In early Singapore trade, the dollar was at 107.24 yen, down from 107.31 yen in New York Friday but still at levels not seen since September 2008.
The euro fetched $1.2963, against $1.2964 Friday, while it was also at 139.08 yen, compared with 139.18 yen.
The pound bought $1.6244, down from $1.6264 after conflicting opinion polls showed the "Yes" and "No" campaigns in front days before Thursday's referendum.
There are fears about the likely effects of Scottish independence on the British economy and the uncertainty that would cause, including pension to funds and the debt market.
Stephen Walters, chief economist at JP Morgan, Australia, said: "Uncertainty will be with us for the next couple of years as the terms of the separation are negotiated."
He added that it was still unclear how separation would be carried out, including the monetary regime, the division of assets and liabilities, and Scotland's EU membership.
"Should it pass, uncertainty would depress growth in the UK for a number of quarters, delay the beginning of monetary policy normalisation, and depress asset prices including the currency," he added.
Oil prices sank. US benchmark West Texas Intermediate for October delivery eased $1.06 to $91.21, while Brent crude for October fell 63 cents to $96.48 in mid-morning trade.
Gold was at $1,232.24 an ounce, against $1,237.10 late Friday.

 

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