Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Asian shares down on China manufacturing data

Asian shares down on China manufacturing data

Asian shares continued their decline on Monday in morning trade after a gauge of Chinese manufacturing fell and as investors awaited a Federal Reserve meeting starting tomorrow for a clue on the timing of stimulus cuts.

The MSCI Asia Pacific Index lost 0.5% to 137 as of 9:48 a.m. in Hong Kong. Japan’s Topix index lost 0.7%. Australia’s S&P/ASX 200 Index fell 0.1%. New Zealand’s NZX 50 Index and South Korea’s Kospi index were little changed.

Hong Kong’s Hang Seng Index slid 0.8%, while the Hang Seng China Enterprises Index declined 0.7%. China’s Shanghai Composite slipped 0.2%. Singapore’s Straits Times Index fell 0.3%, and Taiwan’s Taiex lost 0.5%.

Shares declined as improving US economic data fuelled speculation that stimulus will be reduced sooner than later. The Fed will start reducing $85 billion of monthly bond purchases this week, according to 34% of economists surveyed on 6 December by Bloomberg.

Meanwhile, the HSBC Holdings Plc/Markit Economics preliminary manufacturing purchasing managers’ index for China declined to 50.5 in December. In Japan, the quarterly Tankan index for large manufacturers increased to the highest since 2007, climbing to 16 from 12 in September, according to the Bank of Japan, beating estimates.

In corporate news, Toyota Motor Corp., Asia’s largest carmaker, fell 1.3%, leading losses among consumer-discretionary firms as the yen held gains against the dollar.

Senex Energy Ltd. plunged 7.1% after its A$752 million ($674 million) initial takeover proposal for AWE Ltd. was rejected by the oil and gas explorer. AWE shares surged 5.2%.

Tokyo Electric Power Co. gained 1.2% on a report the government plans to double interest-free loans to the utility.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter