Investing.com - Most Asian bourses opened the new week lower as traders stepped away from riskier assets on concerns of a looming U.S. budget confrontation and due to some disappointing Chinese economic data.
In Asian trading Monday, Japan’s Nikkei 225 fell 1.10% after Japan’s Ministry of Economy, Trade and Industry said that industrial production there fell 0.7% last month after a 3.4% jump in the prior month. Analysts expected industrial production to slid 0.4% last month.
Separately, the Ministry of Economy Trade and Industry said that Japanese retail sales rose 1.1% last month after a 0.3% decline in the previous month. Analysts expected retail sales to increase 1% last month.
Hong Kong’s Hang Seng also lost 1.10% while the Shanghai Composite rose 0.61% after the September reading of the China HSBC Purchasing Managers’ Index came in at 50.2, well below the flash reading of 51.2 and estimates calling for 51.2. Readings above 50 indicate expansion.
"The September HSBC China Manufacturing PMI edged up slightly from August. New orders remained flat from the previous month, while external demand improved,"said HSBC China chief economist, Hongbin Qu, in a statement. "Manufacturers restocking process continued but remained relatively slow. Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery."
Last Friday, official data showed Chinese industrial firms saw their combined profits jump 24.2% year-over-year in August, following an 11.6% increase in July. Through the first eight months of 2013, Chinese industrial profits increased 12.8%. China is the world’s second-largest oil consumer behind the the U.S.
Australia’s S&P/ASX 200 Index fell 1.3% after the Reserve Bank of Australia said Australian private sector credit rose 0.3% last month after a 0.4% rise in the previous month. Analysts expected a 0.4% increase last month.
New Zealand’s NZSE 50 shed 0.97% after Statistics New Zealand said building consents there rose 1.5% last month following a 0.8% decline in the prior month. Analysts expected a 2.5% increase last month.
South Korea’s Kospi slipped 0.50% even after the Korea National Statistical Office said that South Korean industrial output rose 3.3% last month after 0.9% gain in the previous month. Analysts expected a gain of 2.4% last month.
Singapore’s Straits Times Index lost 0.64% while S&P 500 futures dropped 0.68%.
In Asian trading Monday, Japan’s Nikkei 225 fell 1.10% after Japan’s Ministry of Economy, Trade and Industry said that industrial production there fell 0.7% last month after a 3.4% jump in the prior month. Analysts expected industrial production to slid 0.4% last month.
Separately, the Ministry of Economy Trade and Industry said that Japanese retail sales rose 1.1% last month after a 0.3% decline in the previous month. Analysts expected retail sales to increase 1% last month.
Hong Kong’s Hang Seng also lost 1.10% while the Shanghai Composite rose 0.61% after the September reading of the China HSBC Purchasing Managers’ Index came in at 50.2, well below the flash reading of 51.2 and estimates calling for 51.2. Readings above 50 indicate expansion.
"The September HSBC China Manufacturing PMI edged up slightly from August. New orders remained flat from the previous month, while external demand improved,"said HSBC China chief economist, Hongbin Qu, in a statement. "Manufacturers restocking process continued but remained relatively slow. Growth is bottoming out on Beijing’s mini-stimulus. We expect continuous policy efforts to sustain the recovery."
Last Friday, official data showed Chinese industrial firms saw their combined profits jump 24.2% year-over-year in August, following an 11.6% increase in July. Through the first eight months of 2013, Chinese industrial profits increased 12.8%. China is the world’s second-largest oil consumer behind the the U.S.
Australia’s S&P/ASX 200 Index fell 1.3% after the Reserve Bank of Australia said Australian private sector credit rose 0.3% last month after a 0.4% rise in the previous month. Analysts expected a 0.4% increase last month.
New Zealand’s NZSE 50 shed 0.97% after Statistics New Zealand said building consents there rose 1.5% last month following a 0.8% decline in the prior month. Analysts expected a 2.5% increase last month.
South Korea’s Kospi slipped 0.50% even after the Korea National Statistical Office said that South Korean industrial output rose 3.3% last month after 0.9% gain in the previous month. Analysts expected a gain of 2.4% last month.
Singapore’s Straits Times Index lost 0.64% while S&P 500 futures dropped 0.68%.