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Asian stocks dive on poor economic data, risk-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The stocks on the Asian bourses were hit by a renewed bout of risk-aversion this Tuesday, after a poor set of economic news from Japan and China dampened investors’ sentiment and fell sharply to fresh three-week lows.

    China stocks lead the decline in Asian markets

    The Japanese benchmark index, the Nikkei 225, sinks -1.37% to 16,678 points, as the yen extended its recent upbeat momentum across the board after the oil prices deflated from multi-week highs and the Chinese trade data disappointed markets once again. Further, Japanese Q4 GDP figures revealed that the economy continues to remain in contraction, although was revised lower, weigh down on the index. Meanwhile, USD/JPY drops -0.37% to trade around 113 handle.

    The Australian equities also followed suit amid sliding base metals and oil prices, driving the ASX 200 index -0.61% to 5,111. While the Chinese markets also plunged after the domestic trade data showed surplus shrinking on sharp fall in the exports. The Shanghai Composite drops 2%, Shenzhen’s CSI300 slides -1.69%. Hong Kong’s Hang Seng slumps -0.85%.
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