Asian stocks join global sell-off as ECB disappoints

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The stocks on the Asian bourses were heavily offered on the last day of today’s trading week, tracking the overnight sell-off in the European and American markets after ECB Chief Draghi disappointed by less aggressive stimulus measures than markets were positioned for.

    Investors also remain wary ahead of the crucial US labour market report, which is expected to have major impact on the US interest rates outlook.

    Nikkei- worst performer in Asia

    The Japanese markets plunged this session facing double whammy from hawkish ECB stance on one hand while the exporters’ bore the brunt of a stronger yen. USD/JPY trades muted around 122.60, retreating one big figure post-ECB decision. Meanwhile, the Japanese benchmark index, the Nikkei slumps 2.18% at 19,500.

    The Australian benchmark, the S&P/ASX also plunges -1.68% to 5,140, dragged by huge losses seen in the heavily-weighted financial stocks. ANZ Banking is losing almost 3%, Commonwealth Bank is down 2%, Westpac is drops over 2% and NAB tanks 1.7%.

    The Chinese indices also follow suit and dive deep in the red, with the benchmark Shanghai Composite (SSEC) shedding -1.19% to 3,542. China’s A50 index slides 1.87% to 10,576 points. While Hong Kong’s, the Hang Seng drops -1.30% to 22,126.
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