Thursday, April 19, 2012

Asian Stocks Market dropped april 20 2012

Asian Stocks Market dropped april 20 2012, why asian stock down april 20 2012 : Asian Stocks dropped Friday as disappointing U.S. economic data depressed demand, with Korean and Japanese exporters underperforming on concerns about the global growth outlook.

"While stronger-than-expected U.S. data has been the common theme in recent times, a general lack of continuity continues to plague the market with little in the way of solid evidence to suggest the economy is on a sustained upside trajectory.

Thursday's downbeat U.S. housing, jobless claims and manufacturing data raised anxiety about the outlook for the world's largest economy, eclipsing stronger-than-expected U.S. earnings, a positive Spanish bond auction and improved prospects for the International Monetary Fund's resources to expand.

Japan's Nikkei Stock Average fell 0.4%, Australia's S&P/ASX 200 eased 0.2%, South Korea's Kospi Composite was off 1.2% and New Zealand's NZX-50 was down 0.4%.

In Sydney, a drop in resources plays weighed the market, with BHP Billiton and Fortescue Metals off 0.4% and 1.4%, respectively.

Boral slumped 3.0% after the building materials company Friday downgraded its full-year profit forecast, citing the impact of heavy rain and lower residential housing activity on Australia's east coast.

The euro was supported against the U.S. dollar and the yen after the International Monetary Fund's managing director, Christine Lagarde, said that Spain is not in need of the fund's support. In an interview Thursday with Bloomberg Television, Lagarde said "there is no such need at the moment, as I understand."

The interview followed from a positive Spanish bond auction and earlier comments from Lagarde that she expects the IMF resources to expand significantly this week.

The single currency was at $1.3137, from $1.3138 late Thursday in New York, and at Y107.26 against the yen, from Y107.20. The dollar was at Y81.64, from Y81.60.

Spot gold was at $1,641.50 per troy ounce, off $1.10 from its New York settlement on Thursday. May Nymex crude oil futures were up 28 cents at $102.55 per barrel on Globex.
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