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Asian stocks fall; Nikkei down 1.7%

Posted: 2/2/2014 8:58:00 PM
Referenced Stocks: - - Asian markets fell on Monday as Australia's manufacturing index and new building approvals eased in January.

An industry survey released in Australia on Monday showed that the country's manufacturing index fell to 46.7 in January from 47.6 in December. This was the third successive month that the Australia's manufacturing sector weakened as the mining investment boom fades away.

Australia's new building approvals issued by the government also fell by 2.9% in December against expectations of -0.3%.

In China, the Non-Manufacturing Purchasing Managers Index for January fell to 53.4 from 54.6 in December.

At the weekend the China Federation of Logistics and Purchasing said its PMI eased to 50.5 in January, the lowest level since July last year.

Chinese markets are closed for a public holiday.

Honda Motor rose 0.2% on Monday on 22% rise in projected global vehicle sales, while Japan Airlines fell 1%.

Australia's S&P/ASX 200 fell 0.32%, while the Nikkei 225 fell 1.76%.

On Friday, the Dow Jones Industrial Average fell 0.94%, the S&P 500 index fell 0.65%, while the Nasdaq Composite index fell 0.47%.

Ongoing concerns that emerging markets may be cooling also pushed prices lower, though U.S. data curbed losses somewhat.

The Thomson Reuters/University of Michigan final index of U.S. consumer sentiment came in at 81.2 in January, beating expectations for a 81.0 reading.

Also in the U.S. official data revealed consumer spending rose 0.4% in December, beating expectations for a 0.2% reading though personal income came in unchanged, missing expectations for a 0.0% gain.

The data boosted spirits somewhat by painting a picture of a U.S. economy moving along on its road to recovery at a time when monetary policy still remains loose. offers an extensive set of professional tools for the financial markets.
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