Tuesday, August 10, 2010

Asia Market Report: Nikkei heads south as BoJ stays put


Date: Tuesday 10 Aug 2010
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The Nikkei gave up earlier gains to fall 0.22% as The Bank of Japan kept interest rates unchanged and as the latest Chinese trade figures sparked fears that the country’s growth is starting to slow. 

Japan’s central bank confirmed that it would not be announcing any monetary easing policies and in its accompanying statement it said it faces, “the critical challenge of overcoming deflation and returning to a sustainable growth path with price stability.” 

Canon fell 0.41% while 
Sony lost 0.48%. Shares in Mitsubishi UFJ Financial declined 0.9% in Tokyo.

In earnings news 
Mitsubishi Materials bounced 5.5% after the copper group hiked its first-half net income forecast on rising copper prices as demand for cars picks up.

The benchmark Nikkei 225 index closed down 21 points at 9,551.

The Hang Seng sagged 1.5% as traders mulled data showing China’s trade surplus hit an 18-month high as exports surged and imports slowed.

Chinese exports climbed 38.1% in July from the same time a year earlier compared to 43.9% in June, figures from China’s customs bureau showed. Meanwhile imports increased 22.7% in July compared to June’s 34.1% gain. 
stock vector : Abstract design with globe. Vector illustration.

Shares in 
PetroChina fell more than 2% after the data showing slower import growth in July. China Construction Bank also skidded 2%.

The Hang Seng lost 327 points at 21,474 in Hong Kong.
source:digitallook

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