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Tuesday, April 16, 2013

Asia Stocks Fall After China Sparks Global Growth Concern



Asian stocks fell, dragging the regional benchmark equities gauge lower for a second day, led by raw-material producers and energy companies amid concern slower growth in China will curb the global economic recovery.
BHP Billiton Ltd. (BHP), the world’s biggest mining company, dropped 2.4 percent in Sydney. Newcrest Mining Ltd., Australia’s largest gold producer, sank 8.6 percent as the bullion posted its biggest slump in three decades. Sony Corp., the maker of Bravia televisions and PlayStation game consoles, fell 4.3 percent in Tokyo amid concern the strengthening yen will crimp overseas income of Japanese exporters.
The MSCI Asia Pacific Index (MXAP) lost 0.7 percent to 136.09 as of 9:26 a.m. in Tokyo, before markets open in Hong Kong and China. The gauge retreated yesterday from the highest level in 20 months after reports showed Chinese growth and industrial production expanded less than economists estimated and gold plunged the most since 1980.
“Brace yourselves today,” said Evan Lucas, a market strategist at IG Markets Ltd., a provider of trading services in Melbourne. “The sell-off will be sharp and indiscriminate, loss will be across the board, not even the defensives will escape the flight to safety today.”
(Source: Bloomberg)

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