💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Asia stocks follow U.S. peers lower; Nikkei down 0.87%.

Published 06/20/2013, 11:00 PM
Updated 06/20/2013, 11:01 PM
AUD/USD
-

Investing.com - Asian stocks tracked their U.S. counterparts lower Friday a day after equities in the world’s largest economy endured their worst one-day performance since 2011 on concerns the Federal Reserve will begin tapering its monetary easing program later this year.

In Asian trading Friday, Japan’s Nikkei 225 fell 0.87% as traders wait on a speech by Bank of Japan Governor Haruhiko Kuroda. Kuroda is not expected to make any suprise announcements, but some traders do think it is only matter of time before BoJ makes another stimulus announcement.

Hong Kong’s Hang Seng fell 1.02% while the Shanghai Composite dipped 0.55% after Thursday’s spike in China’s Shanghai Interbank Offered Rate, or SHIBOR, that country’s equivalent of the London Interbank Offered Rate, or LIBOR. That spike prompted an emergency $8.2 billion liquidity injection into the banking system by the People’s Bank of China.

Australia’s S&P/ASX 200 Index gave up 0.2% amid speculation the Fed could taper later this year and have quantitative easing over and done with by 2014 with an eye toward an interest rate increase in 2015. HSBC said it sees AUD/USD trading down to 88 cents by June 2014.

New Zealand’s NZSE 50 dipped 0.77% a day after data showed that New Zealand's gross domestic product rose 0.3% in the first quarter, disappointing expectations for a 0.6% increase, after a 1.5% rise in the previous quarter.

South Korea’s Kospi slid 1.52% to its lowest levels in nearly a year. On Friday South Korean Finance Minister Minister Hyun Oh-seok said his country will take action if needed to stabilize markets there. Earlier this week, the Bank of Korea said changes in U.S. monetary policy are a concern for Asia’s fourth-largest economy.

Singapore’s Straits Times Index fell 0.14% while S&P 500 futures rose 0.36% a day after the benchmark U.S. index plunged 2.50%.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.