Monday, 18 October 2021 08:18 GMT

Asia Lower as Economists Cut China Forecasts

(MENAFN- Asia Lower as Economists Cut China Forecasts


Stocks in Asia-Pacific were mostly lower on Tuesday, as various firms downgraded China's Gross Domestic Product forecasts.
In Japan, the Nikkei 225 lost 56.1 points, or 0.2%, to 30,183.46,
The Japanese yen traded at 111.28 per U.S. dollar following a weakening from below 110.6 against the greenback yesterday.
In Hong Kong, the Hang Seng Index leaped 291.61 points, or 1.2%, to 24,500.39.
Korean markets staggered SK Innovation shares jumped 3.8% after the firm announced a plan with Ford Motor to invest more than $11 billion in new U.S. facilities to produce electric vehicles and batteries.
Australia's retail sales fell 1.7% on a seasonally adjusted basis in August, data from the country's Bureau of Statistics showed Tuesday. That was higher than market forecasts for a 2.5% decline, according to Reuters.
The Australian dollar changed hands at $0.7263, off an earlier high of $0.7311.
In China, the CSI 300 moved forward 6.46 points or 0.1%, to 4,883.83
Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast.
Nomura also expected China's GDP to grow by 7.7% this year, down from a previous forecast of 8.2%.
In other markets
In Korea, the Kospi dropped 35.72 points, or 1.1%, to 3,097.92.
In Taiwan, the Taiex slumped 132.33 points, or 0.8%, to 17,181.44.
In Singapore, the Straits Times slouched 22.61 points, or 0.7%, to 3,077.69
In New Zealand, the NZX 50 shed 53.32 points, or 0.4%, to 13,174.38
In Australia, the ASX 200 backed off 108.62 points, or 1.5%, at 7,276.55


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