Wednesday, August 11, 2010

Asia: Nikkei at 3-month low on weak data, strong yen


Date: Wednesday 11 Aug 2010
stock photo : detail of chinese lucky coins
The Nikkei tumbled 2.7% on Wednesday as investors took fright at the Federal Reserve’s gloomy take on the US economic recovery. 

Losses were seen across the board in Tokyo but exporters such as Honda and Canon were amongst the hardest hit. 
Honda dragged 3.45% while Canon lost 3.25%.

Industrial robot maker 
Fanuc slumped 4.4% to 9,670 yen after weaker than expected June machinery orders.

Chip related firms came under pressure on concern about the demand outlook. for
Advantest fell 2.8% while Tokyo Electron lost 3.3% in Tokyo.

The benchmark Nikkei 225 index closed down 258 points at 9,293.

The Hang Seng lost its grip on earlier gains as traders offloaded banks and property developers.

The market also pondered a string of Chinese data pointing to a cooling economy.

China’s industrial output rose at the slowest rate in almost a year, data showed. Meanwhile retail sales rose at a rate of 17.9% in July compared to an 18.3% gain the previous month. Economists pencilled in an 18.5% increase.

China's consumer price index rose 3.3% in July from the same time a year earlier, up from June’s 2.9% but still below expectations of a 3.4% rise. 
stock vector : fuji
Bank of Communications fell 2.2%, China Construction Bank lost 1.8% while Bank of China skidded 1.2% in Hong Kong.
China Overseas Land & Investment fell 0.4%.

The Hang Seng index declined 181 points at 21,292 in Hong Kong.
Source:digitallook

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