Asia: Asia declines despite robust Chinese growth
The Nikkei fell 0.92% on Thursday, as traders embarked on a broad sell-off, despite robust Chinese GDP figures.
Japan's Finance Ministry also issued export figures. Japanese exports fell as much as 30.7% in September. Exports to China, Japan’s biggest market, dropped 13.8% in September. There was also some caution ahead of the Japanese earnings season, which fully kicks off next week.
Financials felt the heat with shares in Sumitomo Mitsui down 3.3% in Tokyo while Mitsubishi UFJ Financial fell 3.1% to 472 yen.
The Nikkei 225 index closed down 92 points at 9,949 in Tokyo.
The Hang Seng fell 0.6% as it tracked a last minute sell-off on Wall Street and as traders digested widely anticipated Chinese growth data.
Gross domestic product rose 8.9% in the third quarter from a year earlier, according to the Beijing statistics bureau, the fastest growth in a year. However the figure was slightly below analyst forecasts of 9% growth.
Financials again headed lower. ICBC fell 1.74% while Bank of Communications lost 2.3%.
Elsewhere China Unicom fell 2.7%. Shares in Esprit dropped 1.7% after it posted a decline in first quarter sales.
The Hang Seng finished down 66 points at 10,267 in Hong Kong.
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