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Overnight Markets: Wall Street retreats as Fed sticks to stimulus cuts

by Himanshu Singh on Jan 30, 2014 at 03:16

In Asia, shares declined on Thursday in morning trade after the Fed pressed on with cuts to US economic stimulus and as a report showed China’s manufacturing industry contracted.

The MSCI Asia Pacific Index lost 1.8% to 134 as of 9:56 a.m. in Hong Kong. Japan’s Topix index slumped 2.9% and the Nikkei 225 Stock Average tumbled 3.3% as the yen maintained its gains from yesterday, trading at 102.25 to the dollar.

Australia’s S&P/ASX 200 Index declined 1.1% and New Zealand’s NZX 50 Index slid 0.7%. Hong Kong’s Hang Seng Index fell 1.5% the Hang Seng China Enterprises Index of mainland Chinese stocks listed in the city slid 2.1%. China’s Shanghai Composite Index lost 0.5%, while Singapore’s Straits Times Index dropped 1.1%.

Markets in South Korea and Taiwan are closed today and Hong Kong and Singapore will shut early for the Chinese New Year holidays.

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