Investing.com - Most Asian stocks traded lower during Thursday’s Asian session following the release of economic data from Japan, Australia and Singapore.
In Asian trading Thursday, Japan’s Nikkei 225 fell 0.70% after Japan’s industrial production figure on a month-over-month basis came in at 2.5%, less than the 4.5% that economists had anticipated.
Japan’s newly elected Prime Minister Shinzo Abe has promised to jumpstart the Japanese economy by aggressively weakening the yen. But economic data, including Thursday’s industrial production, indicates that it may take some time for Japan’s economy to recover.
In other Japanese economic news, the manufacturing PMI printed at 47.7, higher than the prior figure of 45, but still lower than the key 50 mark. A number below 50 indicates economic contraction, while a number above 50 suggests expansion.
Hong Kong’s Hang Seng shed 0.52%, while the Shanghai Composite rallied 0.10%.
There were no major economic data reports out of China, but some traders noticed that the Chinese stock market was approaching the “golden cross” -- the phenomenon where the 50-day average exceeds the 200-day moving average, believed by many technical traders to be a positive indicator.
The Shanghai Composite has been rallying significantly since hitting a low of 1949 in early December. Now trading around 2384, the index has rallied over 20% in less than two months.
Interestingly, the gain in the Shanghai has been outclassed by rally on the Nikkei, which has added over 27% since mid-November. Yet, that gain came over a slightly longer period of time.
Elsewhere, Australia’s S&P/ASX 200 dropped 0.31%, while New Zealand’s NZSE 50 rallied 0.10%. The Reserve Bank of New Zealand opted to leave interest rates unchanged at 2.5%.
In Australia, the import price index on a quarter-over-quarter basis rose just 0.3%, less than the 0.5% economists had been anticipating. Private sector credit, however, beat expectations at 0.4% -- the consensus estimate was for no change.
Meanwhile, South Korea’s Kospi shed 0.40% and Singapore’s Straits Times Index fell 0.11%. The drop in the Straits Times Index comes despite a better than expected employment report; Singapore’s unemployment rate fell to 1.8%, less than the 2.0% economists had anticipated.
In Asian trading Thursday, Japan’s Nikkei 225 fell 0.70% after Japan’s industrial production figure on a month-over-month basis came in at 2.5%, less than the 4.5% that economists had anticipated.
Japan’s newly elected Prime Minister Shinzo Abe has promised to jumpstart the Japanese economy by aggressively weakening the yen. But economic data, including Thursday’s industrial production, indicates that it may take some time for Japan’s economy to recover.
In other Japanese economic news, the manufacturing PMI printed at 47.7, higher than the prior figure of 45, but still lower than the key 50 mark. A number below 50 indicates economic contraction, while a number above 50 suggests expansion.
Hong Kong’s Hang Seng shed 0.52%, while the Shanghai Composite rallied 0.10%.
There were no major economic data reports out of China, but some traders noticed that the Chinese stock market was approaching the “golden cross” -- the phenomenon where the 50-day average exceeds the 200-day moving average, believed by many technical traders to be a positive indicator.
The Shanghai Composite has been rallying significantly since hitting a low of 1949 in early December. Now trading around 2384, the index has rallied over 20% in less than two months.
Interestingly, the gain in the Shanghai has been outclassed by rally on the Nikkei, which has added over 27% since mid-November. Yet, that gain came over a slightly longer period of time.
Elsewhere, Australia’s S&P/ASX 200 dropped 0.31%, while New Zealand’s NZSE 50 rallied 0.10%. The Reserve Bank of New Zealand opted to leave interest rates unchanged at 2.5%.
In Australia, the import price index on a quarter-over-quarter basis rose just 0.3%, less than the 0.5% economists had been anticipating. Private sector credit, however, beat expectations at 0.4% -- the consensus estimate was for no change.
Meanwhile, South Korea’s Kospi shed 0.40% and Singapore’s Straits Times Index fell 0.11%. The drop in the Straits Times Index comes despite a better than expected employment report; Singapore’s unemployment rate fell to 1.8%, less than the 2.0% economists had anticipated.