Stocks – Asia
Asian stocks were seen trading lower on Thursday after the World Bank lowered its forecast for the global economic growth outlook and the US growth forecasts.
On Tuesday, the World Bank cut its forecasts for the global economic growth outlook. The bank expects the world economy will grow by 2.8% this year, down from the forecasts made of 3.2% made in January. China, the world’s second largest economy, is expected to expand by 7.6% this year, “If a hard landing occurs, the reverberations across Asia would be widely felt,” the bank said. Forecast for the US economy, the world’s largest economy was cut to 2.1% from the previous estimates of 2.8% this year.
Japan
The Japanese benchmark Nikkei 225 index slid 0.64% lower, ending the session at 14,973.53 points, while Tokyo’s Topix index lost 0.29%, closing at 1,235.65 points.
The core machinery orders in Japan fell 9.1% month-on-month in April, compared to the 19.1% surge seen in the previous month, data from the Cabinet Office showed.
Shares in Unitika gained 2.22%, while Japan Tobacco added 2% after the tobacco company announces the purchase of British e-cigarette brand E-Lites.
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China
Hong Kong’s Hang Seng index edged 0.38% lower, trading at 23,169.49 points at the time of writing, while the Chinese benchmark Composite fell 0.10% to 2,052.81 points.
Galaxy Entertainment owned by Casino; gained 1.91% in shares, while Tencent Holdings added 1.89%. The real estate developer, Hang Lung Properties lost 1.27%.
Australia
Australia’s benchmark S&P/ASX 200 index fell 0.33% lower at 5,435.80 points. Meanwhile, the employment figures for May from the nation’s statistics office posted net job losses of 4,800, while the unemployment rate came in at 5.8%.
The reports also showed that 27,000 part time jobs were cut, while 22,200 full time jobs were formed, compared to forecasts of an additional 10,000 jobs.
New Zealand
The nation’s benchmark NZX 50 index gained 0.31%, closing the session at 5,195.11 points, after the Reserve Bank of New Zealand (RBNZ) raised interest rate for the third time this year, cutting the Official Cash Rate to 3.25%.
Stocks – Europe
Stocks in Europe were seen flat on Thursday as investors focus on the release of a string of economic reports due later in the day, which includes eurozone industrial output data, the US retail sales and jobless claims for the world’s largest economy.
The European Euro Stoxx 50 gained 0.14% to 3,293.50 at the time of writing, while the German DAX edged 0.07% higher to 9,957.00. While the French CAC 40 added 0.20% to 4,564.20 and UK’s benchmark FTSE 100 lost 0.07% to 6,834.30.
Economic Reports
France’s consumer price inflation remained unchanged in May, standing at 0.7% on a yearly basis, according to the country’s statistical office.
Eurozone’s industrial production is expected to show a 0.4% rise in April on a monthly and seasonally-adjusted basis, compared to the 0.3% drop seen in the previous month. While on a yearly basis the industrial output for the 18-nation bloc is forecasted to rise 0.9% from the previous month’s 0.1% fall.
The European Central Bank (ECB) posted its monthly bulletin, which shows the statistical data that the ECB Governing Board evaluation made for its recent interest rate cut decision.
Meanwhile in the US, the world’s largest economy; the US Commerce Department figures are expected to be released later in the day and expected to show that retails spending increased for a fourth consecutive month in May. While the Labour department will also be releasing reports later in the day.
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