Asian shares mixed after Wall St losses

GMT 03:38 2014 Wednesday ,24 September

Arab Today, arab today Asian shares mixed after Wall St losses

Asian markets are mixed
Hong Kong - AFP

Asian markets were mixed in early trade on Wednesday as bargain-buying was offset by a sell-off in New York and Europe that came in response to fresh data indicating weakness in the eurozone.
Japan's Nikkei returned from a long weekend to a stronger yen putting downward pressure on exporters.
Tokyo slipped 0.11 percent and Sydney eased 0.85 percent, while Shanghai added 0.10 percent, and Hong Kong and Seoul were flat.
US investors followed their European colleagues into retreat on Tuesday after a closely watched gauge of business activity in the 18-nation eurozone slipped again in September, fanning worries about the region's stuttering recovery.
The Markit Economics composite purchasing managers index (PMI) saw a second consecutive fall in September, hitting a nine-month low of 52.3 from 52.5 points in August. A reading above 50 suggests growth and anything below points to a contraction.
"The latest PMI data are testimony to the lacklustre nature of the eurozone's economic recovery," said ING analyst Martin van Vliet.
London's FTSE 100 tumbled 1.44 percent, Frankfurt's DAX 30 index dropped 1.58 percent and the Paris CAC 40 fell 1.87 percent.
Those losses filtered through to New York, where the Dow slipped 0.68 percent, the S&P 500 dropped 0.58 percent and the Nasdaq fell 0.42 percent.
They also came despite a better-than expected pick-up in HSBC's preliminary PMI for September.
On foreign exchange markets the dollar slipped to 108.71 yen from 108.87 yen in New York. However, while the greenback is also well down from the levels above 109 yen it hit last week its is still hovering around six-year highs.
The euro fetched $1.2849 and 139.70 yen against $1.2850 and 139.91 yen.
"Investors will be naturally averse to place bets on risky assets after an overwhelmingly negative overnight session in both the US and Europe," Hiroichi Nishi, SMBC Nikko Securities' general manager for equities, told Dow Jones Newswires.
"But the dollar's continuing strength will help Japan stocks weather a major fall."
Oil prices moved lower. US benchmark West Texas Intermediate for November delivery eased one cent to $91.55 while Brent crude for November fell 20 cents to $96.65.
Gold was at $1,223.01 an ounce against $1,226.0 an ounce late Tuesday.


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