Sunday, September 2, 2012

Asian stocks market down 9/3/2012

Asian stocks market down 9/1/2012, asian stock market september 3 2012 : Asian stocks fell, extending a monthly loss, the Australian dollar dropped and copper slid as signs of a contraction in Chinese manufacturing overshadowed speculation the U.S. will add stimulus.

The MSCI Asia Pacific Index declined 0.4 percent at 9:50 a.m. in Tokyo. The Nikkei 225 Stock Average retreated 0.5 percent. Futures on the Standard & Poor’s 500 Index slumped 0.5 percent. U.S. markets are closed today for a holiday. The so- called Aussie weakened to a six-week low against the dollar. Copper slipped 0.6 percent.

Chinese manufacturing unexpectedly shrank for the first time in nine months in August as orders decreased, a government survey showed Sept. 1. Federal Reserve Chairman Ben S. Bernanke said last week at an annual forum that he wouldn’t rule out more stimulus to lower a jobless rate he described as a “grave concern.” The Labor Department’s employment report for August is scheduled to be released on Sept. 7.

“You got weak data coming out of China, and you got mixed data coming out of the U.S.” said Donald Williams, chief investment officer at Platypus Asset Management Ltd. that manages about $1 billion. “I think it’s going to be difficult for the market to keep rallying on the promise of QE and other measures without some improvement in the data,” he said, referring to Fed’s asset purchases, known as quantitative easing.

Almost three stocks dropped for each that rose on MSCI’s Asian gauge. South Korea’s Kospi index sank 0.9 percent.

Samsung Electronics Co. slumped 2.3 percent in Seoul after Apple Inc. added the Galaxy S III smartphone to a list of products that it says infringe Apple patents. Apple’s revised complaint filed yesterday in federal court in San Jose, California, follows a $1.05 billion jury verdict against Samsung on Aug. 24.

Sharp Corp., the Japanese television maker selling a stake to Foxconn Technology Group, tumbled 6.6 percent after the Nikkei newspaper said the company offered to lower the price of the shares. Sharp didn’t immediately return phone calls today seeking comment.

For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today
For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

No comments:

Post a Comment