The Canadian Press - ONLINE EDITION

Asia markets sink following Wall Street sell-off as uncertain global data turns off investors

  • Print

HONG KONG - Asian stocks sank Friday as markets took a cue from Wall Street, which had a big sell-off after a batch of mixed reports on the global economy.

The economic picture from the U.S. was underwhelming. One report showed factory output fell, while another suggested hiring would continue. In Europe, the signs were more disappointing, with a report that first quarter economic output in the 18 country eurozone rose a less-than-expected 0.2 per cent.

It was enough to give the Dow Jones industrial average its worst day in five weeks and push the dollar lower.

Given that the U.S. benchmarks "have defied all recent headwinds to hit record highs this week, one may ask if the recent pull back is the start of a deeper correction," said Desmond Chua, market analyst at CMC Markets in Singapore.

Japan's led the decline in regional benchmarks, with Tokyo's Nikkei 225 stock shedding 1.7 per cent to 14,055.79 as the yen strengthened. A stronger yen makes exports from Japan's manufacturers pricier for overseas buyers.

South Korea's Kospi slipped 0.6 per cent to 1,998.17 and Hong Kong's Hang Seng lost 0.7 per cent to 22,583.28. In mainland China, the Shanghai Composite Index slipped 0.3 per cent to 2,019.16. Australia's S&P/ASX 200 retreated 0.5 per cent to 5,484.60. Benchmarks in Taiwan, Singapore and New Zealand also fell.

On Wall Street, the Dow lost 1 per cent to 16,446.81 and the Standard & Poor's 500 fell 0.9 per cent to 1,870.85. The Nasdaq lost 0.8 per cent to 4,069.29.

In currencies, the dollar fell to 101.48 Japanese yen from 101.54 in late trading Thursday. The euro edged up to $1.3721 from $1.3717.

Oil prices rose, with benchmark crude for June delivery up 50 cents to $102.00 in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to close at $101.50 on Thursday.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart - Take It Easy

View more like this

Photo Store Gallery

  • A goose comes in for a landing Thursday morning through heavy fog on near Hyw 59 just north of Winnipeg - Day 17 Of Joe Bryksa’s 30 day goose challenge - May 24, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A black swallowtail butterfly land on Lantana flowers Sunday morning at the Assiniboine Park English Gardens- standup photo – August 14, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

What should the city do with the 102-year-old Arlington Street bridge?

View Results

View Related Story

Ads by Google