Wednesday, October 1, 2014   

Asian shares track Street losses
(02-04 11:08)

Asian markets slumped Tuesday, following a huge sell-off on Wall Street as disappointing US economic data compounded already deep fears about emerging markets.
Traders were also spooked by a warning from Treasury Secretary Jacob Lew, who warned that the US borrowing limit will be reached on Friday, renewing fears of a Washington stand-off and possible default, AFP reports.
Tokyo dived 2.62 percent by the break, Hong Kong sank 2.15 percent after a four-day holiday weekend, Sydney fell 1.33 percent and Seoul was 1.41 percent lower.
Shanghai and Taipei were closed for the Lunar New Year holiday.
US stocks took a hammering on Monday after the Institute for Supply Management said its purchasing managers index (PMI) of manufacturing activity fell to 51.3 in January from 56.5 in December. A figure above growth indicates growth and anything below points to contraction.
On Wall Street the Dow closed down 2.08 percent, the S&P 500 fell 2.28 percent and the Nasdaq 2.61 percent.
The results -- following worse-than-expected jobs data in January -- raised concerns the US economy may not be as strong as initially thought, a worry for investors less than a week after the Federal Reserve said it would reduce its stimulus, citing signs of a strong recovery.
They also come as emerging markets are rattled by fears of capital flight caused by the Fed tapering as well as signs of weakness in China, a key driver of global growth.
China at the weekend released official figures showing its PMI fell to 50.5 in January from 51 in December and HSBC last week said its PMI for the country came in at a six-month low of 49.5.   
Other Business breaking news:
China eases home purchase restriction (09-30 18:12)
Eurozone inflation drops, unemployment steady (09-30 17:54)
Apple to launch iPhone 6 in China from October 17 (09-30 17:38)
German unemployment rate steady in September: official data (09-30 16:44)
Hang Seng plunges ahead of holidays (09-30 16:36)
French public debt over 2.0 trillion euros for first time: data (09-30 14:59)
German retail sales climb in August (09-30 14:25)
China September PMI misses estimate: HSBC (09-30 14:05)
China clears way for Apple iPhone 6 sales: regulator (09-30 13:50)
Hang Seng falls by lunch (09-30 12:27)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.