Asian stocks lower for second day; Nikkei drops 1.52%
Published Dec 09, 2011 01:04AM ET
During late Asian trade, Hong Kong's Heng Seng index dropped 2.63%, Australia's S&P/ASX200 tumbled 1.65%, while Japan's Nikkei 225 index gave back 1.52%.
China's industrial output likely climbed only 12.6% last month, the slowest rate in over 2 years. Consumer prices also failed to meet expectations increasing only 4.2% year over year.
Government figures showed Japan's economy grew less than forecast last quarter. While, the Bank of Korea stated to expect slower growth in 2012.
Asian financial shares were hit hard in reaction to the economic figures and the euro zone debt crisis. Nomura Holdings fell 2.64%, Daiwa Securities plunged 3.41% and the nation's third largest lender, Mizhuo Financial Group dropped 0.94%.
Consumer electronic leader Sony gave back 3.10%, while automakers Toyota and Nissan declined 0.42% and 0.87% respectively.
Japanese transportation company, Kawasaki Kisen led the Nikkei lower falling 5.44% on the session.
On the brighter side, Korea's China Res Power gained 1.70% and Australia's Extract Resources advanced by 4.82% in late Asian trade.
Investor's are anxiously awaiting the results of the European Union summit to provide the markets footing.
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Written By: Investing.com
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