Asian stocks dip on Panasonic earnings forecast; Nikkei down 0.11%
Published Oct 31, 2012 10:18PM ET
During Asian trading on Thursday, Hong Kong's Hang Seng Index was down 0.27%,
Australia's S&P/ASX200 was down 0.88%, while Japan’s Nikkei 225 Index was down 0.11%.
Panasonic's forecasts caught investors off guard, sending them chasing safe-haven greenback positions.
Elsewhere in China, the country's official purchasing managers' index rose to 50.2 in October from 49.8 in September, slightly missing expectations for a reading of 50.3.
Private-sector Chinese factory data beat expectations, however.
HSBC China Purchasing Managers' Index rose to 49.5 in October from 47.9 in September, beating expectations for 49.1, though stocks fell on Panasonic's profit warning early in the session.
Investors also shrugged off improving spirits in Europe as well.
Eurozone finance ministers are mulling giving Greece more time to meet deficit-reduction targets, and hopes Greece will be granted an extension sent the euro and other higher-yielding assets rising against the dollar earlier.
The euro also saw support from Spanish Prime Minister Mariano Rajoy, who said he would not rule out asking for a bailout.
Requesting financial assistance would allow Spain to tap the European Central Bank's bond-buying program, which would lower yields in Spanish government debt auctions and ease credit conditions in the country.
In Hong Kong, top decliners included PetroChina, down 1.80%, CNOOC, down 1.37%, and Bank of East Asia, down 1.22%.
In Australia, top decliners included Arrium, down 12.10%, Bathurst Resources, down 8.05%, and Mineral Deposits, down 5.92%.
European stock futures indicated a mixed opening.
France's CAC 40 futures pointed to a loss of 0.09%, while Germany's DAX 30 futures pointed to a loss of 0.08%. Meanwhile in the U.K., FTSE 100 futures were unchanged.
Dow Jones Industrial Average futures were down 0.26%, while the S&P 500 futures were down 0.34%.
Later Thursday, the U.S. will release its weekly government report on initial jobless claims, as well as official data on nonfarm productivity and labor costs, important inflationary indicators.
In addition, the Institute of Supply Management is to publish data on U.S. manufacturing activity.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.