Investing.com – Asian stock markets declined in holiday-thinned trade on Thursday, as concerns over the U.S. economic recovery and fears of fresh monetary tightening by China weighed on market sentiment.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.45%, South Korea's Kospi Composite sank 0.9%, while Japan’s Nikkei 225 Index was closed for a public holiday.
Data on Wednesday showing weaker-than-expected U.S. private sector employment growth and a slowdown in the service sector further underlined expectations that the Federal Reserve will not raise rates in the coming months.
Meanwhile, shares in Hong Kong property developers were broadly lower after official data showed that Hong Kong home sales fell to the lowest volume in more than two years in April, as government curbs and rising mortgage rates dampened demand.
Hong Kong’s third largest property developer Hang Lung Properties dropped 2.25%, rivals Sino Land Company saw shares fall 1%, while property investment firm New World Development saw shares slump 1.1%.
Elsewhere, Australia’s S&P/ASX 200 Index closed 0.3% higher as shares in the nation’s second largest oil and gas producer Woodside Petroleum jumped 2% after announcing an oil discovery off the nation’s west coast.
However, gains were limited as shares in the retail sector performed poorly after official data showed that retail sales fell unexpectedly in March. Myer saw shares slip 1.4%, while shares in Harvey Norman declined 1.2%.
The outlook for European equity markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.21%, France’s CAC 40 futures added 0.06%, the FTSE 100 futures rose 0.15%, while Germany’s DAX futures edged 0.12% higher.
Later in the day, the European Central Bank was to announce its minimum bid rate. The announcement was to be followed by a closely watched press conference. Meanwhile, the U.S. was to publish official data on initial jobless claims. Also Thursday, Fed Chairman Ben Bernanke was to speak.
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.45%, South Korea's Kospi Composite sank 0.9%, while Japan’s Nikkei 225 Index was closed for a public holiday.
Data on Wednesday showing weaker-than-expected U.S. private sector employment growth and a slowdown in the service sector further underlined expectations that the Federal Reserve will not raise rates in the coming months.
Meanwhile, shares in Hong Kong property developers were broadly lower after official data showed that Hong Kong home sales fell to the lowest volume in more than two years in April, as government curbs and rising mortgage rates dampened demand.
Hong Kong’s third largest property developer Hang Lung Properties dropped 2.25%, rivals Sino Land Company saw shares fall 1%, while property investment firm New World Development saw shares slump 1.1%.
Elsewhere, Australia’s S&P/ASX 200 Index closed 0.3% higher as shares in the nation’s second largest oil and gas producer Woodside Petroleum jumped 2% after announcing an oil discovery off the nation’s west coast.
However, gains were limited as shares in the retail sector performed poorly after official data showed that retail sales fell unexpectedly in March. Myer saw shares slip 1.4%, while shares in Harvey Norman declined 1.2%.
The outlook for European equity markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.21%, France’s CAC 40 futures added 0.06%, the FTSE 100 futures rose 0.15%, while Germany’s DAX futures edged 0.12% higher.
Later in the day, the European Central Bank was to announce its minimum bid rate. The announcement was to be followed by a closely watched press conference. Meanwhile, the U.S. was to publish official data on initial jobless claims. Also Thursday, Fed Chairman Ben Bernanke was to speak.