Investing.com - " Most Asian stocks traded during Thursday's
session as traders brushed off some decent data points opting to
focus more on possible monetary tightening out of China, the
world's second-largest economy.
In Asian trading Thursday, Japan's Nikkei 225 fell 0.75% while the
broader Topix fell 0.5% a day after it slid 1.5%.
Hong Kong's Hang Seng lost 0.87% while the Shanghai Composite
dropped 0.24%. Earlier Thursday in China, the HSBC China flash PMI
climbed to a seven-month high of 50.9 in October. The HSBC final
PMI reading for September was 50.2, well below the flash estimate
of 51.2. China, the world's second-largest economy, is Australia's
largest export market.
The flash PMI reading for October "implies that China's growth
recovery is becoming consolidated into 4Q following the bottoming
out in 3Q. This momentum is likely to continue in the coming
months, creating favorable conditions for speeding up structural
reforms," according to HSBC.
Output, new orders and new export orders all increased at faster
clips, but the employment index fell. Input and output prices rose,
but at slower rates. China is New Zealand's largest export market.
Australia's S&P/ASX 200 was one of the regional standouts as it
continued to rise to new five-year highs. The China data probably
helped because that is Australia's largest export market.
New Zealand's NZSE fell 0.87% even after Statistics New Zealand
said the country's trade deficit dropped to NZD199 million in
September from NZD1.91 billion in August. Economists expected a
September deficit of NZD680 million.
Exports jumped to NZD543 million to NZD3.83 billion in August -
topping estimates for NZD3.46 billion and up from NZD3.33 billion
in the previous month.
Imports fell NZD48 million NZD4.03 billion below the estimate of
NZD4.13 billion. For the year ending September, New Zealand's trade
deficit is NZD1.56 billion, well below the estimate of NZD2.073
South Korea's Kospi fell 0.07% while Singapore's Straits Times
Index lost 0.13%. S&P 500 futures climbed 0.27% a day after the
benchmark U.S. index lost 0.47%.
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