Asian stocks
Asian stocks started the week trading lower as traders raise concerns over the global economic growth slowdown possibly reducing the demand for safe-haven assets.
Last week the International Monetary Fund (IMF) reduced its global economic growth outlook and said it projects the global economy to grow 3.8% next year, down from the previous forecast of 4% made in June, while this year’s world economy growth is expected to come in at 3.3%. The lower slow recovery in the Eurozone, weak German trade reports and comments from key officials also weighed on the regional stocks.
Hong Kong’s Hang Seng index slid 0.66% lower to 22,936.15 points during the early trading hours, while the Chinese mainland Shanghai Composite declined 0.47% to trade at 2,363.28 points at the same time.
China reported a trade surplus of $31 billion in September from $49.84 billion in the previous month after reporting a climb in imports by 7% and 15.3% rise in exports, compared to the 12% surge forecasted by analysts.
Oil-giant, PetroChina lost 2.3% after Brent crude fell to the lowest in almost four years, while property developers Agile Property declined the most after its chairman was placed under the control of Chinese prosecutors.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
The Japanese markets were closed on Monday in celebration of Health-Sports day. The Japanese yen strengthened against the US dollar on Monday, trading around 107.22 yen on safe-haven demand for the currency.
Australia
In Sydney, the benchmark S&P/ASX 200 index slid 0.56% lower to trade at 5,159.10 points, dragging financial stocks lower.
Financial stocks saw losses, with ANZ losing 0.5%, Westpac and Commonwealth Bank of Australia each declined by 0.7% and National Australia Bank was seen flat.
While the two-leading miners, BHP Billiton and Rio Tinto gained 0.7% after iron ore prices went up 1.7% higher on Friday. On the downside, Oz Minerals went down 0.3% and BC Iron lost more than 2%.
European Stocks
European stocks extended losses on Monday, declining for a fifth day on the global economy recovery as the markets in Germany opened in the red territory.
The European Euro Stoxx 50 opened 0.90% lower to trade at 2,963.50, while Germany’s DAX index was down 1.02% to 8,701.80. In France the benchmark CAC index edged 0.94% lower to start at 4,035.70 and UK’s FTSE 100 index fell 1.11% to 6,251.30.
The German DAX has fallen 13% since it’s record-high of 10,029 points in July.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Stock Markets Report 13th October appeared first on | HY Markets Official blog.
