Asian Stocks Fall, Nikkei Tumbles on Strong Yen


Shutterstock photo

Asian shares declined, with the Nikkei falling as the yen strengthened against the US dollar.

The dollar weakened after U.S. nonfarm payrolls grew by 148,000, missing economists' expectations for 180,000. The data fueled speculation the Federal Reserve will keep monetary policy on hold until next year.

The weak data also sparked worries over the health of the US economy.

Meanwhile, China's market was pressured by a jump in money market rates. The benchmark seven-day repo contract, which had been steadily sliding since October 9, spiked in the morning session, a day after a policy adviser to the People's Bank of China (PBOC) told Reuters it was weighing tightening measures.

Around the region, Australia's Q3 CPI also rose 1.2%, more than estimates for up 0.8%. Q3 CPI advanced 2.2% year over year, above expectations for up 1.8%. That erased some hope of a rate cut.

China's government debt is generally at safe, controllable levels, China's premier, Li Keqiang, said at an auditing conference held in Beijing, according to an account posted on the Chinese government's main website.

In ADR news, Nidec ( NJ ) increased its net profit forecast for the 2014 fiscal year, citing strong motor-vehicle product sales.

The Nikkei ended down 1.95% at 14,426.0, the Hang Seng down 1.36% at 22,999.95 and the Straits Times down 0.17% at 3,204.80.

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: NJ

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by