Asian Shares Decline on Fed Tapering Fears

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Asian stocks fell after strong US economic data release on Wednesday sparked more speculation that the Federal Reserve will soon begin tapering its bond-buying program.

ADP's report of private employment showed 215,000 jobs were created during November, versus expectations for 173,000. Separately, new home sales surged more than 25% in October.

Investors also were cautious ahead of the European Central Bank and Bank of England policy meeting results.

Australia's market fell to a seven-week low after the country's trade deficit was wider than expected.

India's stock market rose after exit polls indicated a strong showing for the opposition Bharatiya Janata Party (BJP) in state elections. Investors widely perceive the BJP to be more business friendly.

South Korea's Q3 GDP came in at a seasonally-adjusted 1.1% from Q2.

Thailand's market was closed for King Bhumibol Adulyadej's birthday.

In ADR news, China Mobile ( CHL ) won government approval to start commercial services on its fourth-generation wireless service. Separately, the WSJ reports that CHL has signed a long-awaited deal with Apple ( AAPL ) to offer iPhones on its network.

China Sunergy Co Ltd ( CSUN ) said Q3 non-GAAP net loss was US$11 million, or $0.83 per ADS, compared to the Thomson Reuters consensus of $(1.28). Revenues totaled $57.1 million, down from $59.5 million in the prior-year period. The company raised its full-year 2013 total shipment estimates to range between 500MW to 510MW, from the prior range of 440MW to 480MW. For Q4, the company estimates that the total shipment for the fourth quarter of 2013 will range from 158MW to 168MW, reflecting its improved working capital and "stronger-than-expected" OEM shipments.

The Nikkei ended down 1.5% at 15,177.49, the Hang Seng down 0.07% at 23,712.57 and Shanghai down 0.21% at 2,247.06.



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This article appears in: Investing , Commodities

Referenced Stocks: AAPL , CHL , CSUN

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