Asian Shares Fall Amid Weak Earnings, Shrug Off Data

By Staff,

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Asian shares declined as investors shrugged off some data amid disappointing results.

Japan's CPI rose 0.7% from a year earlier, matching the forecast from a Dow Jones Newswires survey, and little changed from August's 0.8% increase.

South Korea's GDP rose a seasonally adjusted 1.1% in Q3 from the previous quarter, when the economy grew at the same pace, the Bank of Korea said. That is the strongest pace since Q111, when the economy grew 1.3% on quarter and topped forecasts.

Rate worries in China continued to weigh on sentiment as money market rates remained high.

In earnings news, Posco ( PKX ) cut its 2013 sales outlook.

China Unicom ( CHU ) reported a 51% increase in Q3 net profit.

Canon ( CAJ ) lowered its full-year net profit forecast to 240 billion yen from a previous estimate of 260 billion yen set in July.

The Nikkei ended down 2.75% at 14,088.19, the Hang Seng down 0.6% at 22,698.34 and the Straits Times down 0.39% at 3,205.24.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CAJ , CHU , PKX

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