Asian stocks mostly higher following China PMI; Nikkei down 1.17%
Published Mar 31, 2013 10:55PM ET
In Asian trading Monday, Japan’s Nikkei 225 fell 1.17% after Bank of Japan said that Tankan Manufacturing index rose to a seasonally adjusted -8 in the first quarter from -12 in the fourth quarter. Analysts expected a first-quarter reading of -7.
In another report, Bank of Japan said that Japan’s Tankan large non-manufacturing index rose to a seasonally adjusted 6 in March from 4 in February. Analysts expected a March reading of 8.
Hong Kong’s Hang Seng fell 0.74% while the Shanghai Composite slipped 0.17% after after China reported March PMI of 50.9, slightly below analysts’ estimates calling for 51.2. Readings above 50 indicate expansion.
Still, the March reading is up 50.1 in February. China’s PMI reading has never declined from February to March, but the average increase prior to today had been 3.1 points, according to a research note released by Bank of America earlier today.
Australia’s S&P/ASX 200 fell 0.57% while New Zealand’s NZSE 50 added 0.24%. China is the largest trading partner for both Australia and New Zealand.
The dollars of both countries are trading lower as traders eschew riskier currencies in favor of safe-havens such as the U.S. dollar and yen on news the Bank of Cyprus will hammer depositors with accounts of more than EUR100,000 to the tune of 60%.
Under the terms of the new plan, Bank of Cyprus depositors will have 37.5% of their deposits above EUR100,000 turned into voting shares in the bank, which would also entitle the depositors to future dividends. Another 22.5% of the deposits will be withheld to ensure the bank is properly capitalized.
South Korea’s Kospi advanced 0.57% after the Korea National Statistical Office said that South Korean CPI fell to -0.2% in March from 0.3% in February. Analysts had expected South Korean CPI to rise to 0.3% last month.
Singapore’s Straits Times Index rose 0.05% while S&P 500 futures are off 0.12%. The benchmark U.S. index touched a new record high last week.
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Written By: Investing.com
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