Investing.com – Asian stocks are trading to the downside Wednesday as it appears trading are merely taking some profits following an impressive three-week rally.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.51% after USD/JPY traded modestly lower. The slightly stronger yen hampered Japanese exporters, though it is worth noting USD/JPY is not alarmingly lower and the pair is still hovering near its highest levels in nearly four years.
Hong Kong’s Hang Seng fell 0.68% while the Shanghai Composite slipped 0.73%.
Australia’s S&P/ASX 200 Index slid 0.50% after the Australian Bureau of Statistics said that Australian home loans checked in with a seasonally adjusted reading of -1.5% in February. The January reading was revised to -1.5% from -2.1%. Analysts expected a February reading of 0.6%.
The home loans report followed another lackluster Aussie data point released Tuesday. That is when the National Bank of Australia said its index of business confidence fell to 1 in February from a reading of 3 the previous month.
New Zealand’s NZSE 50 slid 0.70% on fears a worsening drought there will hamper the economy. News of the drought, which some market participants say is worsening by the day, coincides with a Reserve Bank of New Zealand meeting later today. Traders widely expect the central bank to keep interest rates unchanged at 2.5%.
On speculation that RBNZ Governor Graeme Wheeler favors higher interest rates, Citigroup and UBS forecast a stronger kiwi against its Australian rival. At this writing, AUD/NZD is higher by 0.22% at 1.2514. The Aussie has gained nearly 2% against the kiwi year-to-date.
South Korea’s Kospi fell 0.02% after Statistics Korea said the country’s unemployment rate rose to 4% last month from 3.4% in January. The February reading is the worst since the 4.2% posted in February 2012.
Singapore’s Straits Times Index is off 0.40% while S&P 500 futures are lower by 0.01%.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 0.51% after USD/JPY traded modestly lower. The slightly stronger yen hampered Japanese exporters, though it is worth noting USD/JPY is not alarmingly lower and the pair is still hovering near its highest levels in nearly four years.
Hong Kong’s Hang Seng fell 0.68% while the Shanghai Composite slipped 0.73%.
Australia’s S&P/ASX 200 Index slid 0.50% after the Australian Bureau of Statistics said that Australian home loans checked in with a seasonally adjusted reading of -1.5% in February. The January reading was revised to -1.5% from -2.1%. Analysts expected a February reading of 0.6%.
The home loans report followed another lackluster Aussie data point released Tuesday. That is when the National Bank of Australia said its index of business confidence fell to 1 in February from a reading of 3 the previous month.
New Zealand’s NZSE 50 slid 0.70% on fears a worsening drought there will hamper the economy. News of the drought, which some market participants say is worsening by the day, coincides with a Reserve Bank of New Zealand meeting later today. Traders widely expect the central bank to keep interest rates unchanged at 2.5%.
On speculation that RBNZ Governor Graeme Wheeler favors higher interest rates, Citigroup and UBS forecast a stronger kiwi against its Australian rival. At this writing, AUD/NZD is higher by 0.22% at 1.2514. The Aussie has gained nearly 2% against the kiwi year-to-date.
South Korea’s Kospi fell 0.02% after Statistics Korea said the country’s unemployment rate rose to 4% last month from 3.4% in January. The February reading is the worst since the 4.2% posted in February 2012.
Singapore’s Straits Times Index is off 0.40% while S&P 500 futures are lower by 0.01%.