Asian Stocks
Stocks in the Asian region was seen kicking off the weekend after the release of China’s factory and retail report, which indicated the world’s second largest economy slowdown is deepening.
Hong Kong’s Hang Seng index slid 0.81% lower to 24,394 points at the time of writing, while the Chinese benchmark Shanghai Composite lost 0.19% to trade at 2,327.60 points.
In China, reports from the statistics office showed that the country’s industrial production rose 6.9% in August from the previous year, compared to the previous reading of 9% seen in July and lower than market estimates of 8.8%.
The rise in fixed-asset investment slowed 16.5%, while retail sales in China expanded 11.9% in August, compared to analysts’ estimates of 12.1%. The recent reports indicate that the slowdown in Asia’s largest economy is deepening.
The South Korean Kospi index fell 0.20% to 2,037.87 points at the time of writing, while the Japanese markets were closed on Monday for the Respect for the Aged Day. The Japanese yen remained near a six-year low against the US Dollar, trading around 107.30 yen.
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Australia
In Sydney, the benchmark S&P/ASX index declined 0.89% to trade at 5,481.50 points, dragging the financial and mining stocks lower.
In the banking equities, Commonwealth Bank of Australia fell 0.6%, while ANZ, National Australia Bank and Westpac each lost 0.8%. While miners with losses during the session included, Rio Tinto down with 0.5%, Lynas Corp edged 10% lower after finalizing a debt-restructure deal with Normura.
However on the upside, Evolution Mining rose by more than 6%, while Medusa Mining added 5% and Beadell Resources gained 3%.
Fed Meeting
Members of the Federal Open Market Committee will meet for the next two-day policy meeting scheduled for September 16-17. The Fed policymakers are expected to discuss the timing of the rate increases.
Amongst reports expected to be released for the world’s biggest economy, Industrial production data is expected to be released, while a separate report released showed that the consumer confidence climbed more than expected and sales at US retailers rose 0.6% in August.
European Stocks
Stocks in the European region extended losses on Monday after Chinese reports as the spotlight is on Scotland this week, as the country votes for Independence from the UK on Thursday.
The Euro Stoxx 50 fell 0.28% lower at the time of writing, while the German DAX lost 0.21% to trade at 9,629 points. In France, the benchmark CAC 40 edged 0.41% lower; trading at 4,423.50 points and UK’s FTSE 100 was down 0.43% to 6,777 at the time of writing.
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