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Asian stocks mostly lower despite decent data; Nikkei down 0.75%

Posted: 10/24/2013 12:13:00 AM
Referenced Stocks: - " 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 billion.

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%. offers an extensive set of professional tools for the financial markets.
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