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Japan's Nikkei sees year-to-date gains wiped out Japan's Nikkei sees year-to-date gains wiped out
(about 2 hours later)
Japan's Nikkei index saw its gains made this year wiped out as the benchmark fell below 17,450.77 points on Tuesday. Japan's Nikkei index saw all the gains made this year wiped out after it fell below 17,450.77 points on Tuesday.
The Nikkei finished the day down 2.43% at 17,427.08 points. The benchmark index finished the day down 2.43% at 17,427.08 points.
Analysts said investors were concerned about China's economy following latest trade numbers released on Tuesday.Analysts said investors were concerned about China's economy following latest trade numbers released on Tuesday.
Investors also reacted to Japan's revised growth numbers released earlier which analysts said had not eased concerns about the state of the nation's economy.Investors also reacted to Japan's revised growth numbers released earlier which analysts said had not eased concerns about the state of the nation's economy.
Japan's economy contracted 0.3% during the quarter, compared to original calculations of a 0.4% contraction. Japan's economy contracted 0.3% during the quarter, compared with original calculations of a 0.4% contraction.
The revision beat market expectations for a contraction of 0.5% but did little to calm investors. The revision beat market expectations, which were for a contraction of 0.5%, but did little to calm investors.
The world's third largest economy also revealed a revised contraction in private consumption on Tuesday - to 0.7% from a previous estimate of a 0.8%. The world's third largest economy also revealed a revised fall in private consumption on Tuesday to 0.7% from a previous estimate of 0.8%.
Japan relies on domestic consumption for about 60% of its economy. However, it has been recovering from a sales tax hike which has dampened spending. Japan relies on domestic consumption for about 60% of its economy. However, it has been adjusting to the impact of a sales tax rise which has dampened spending.
Eyes on China China shares rally
Economists said investors would be watching China markets carefully again on Tuesday as it released its trade numbers and after mainland markets traded erratically on Monday following a four-day weekend. Chinese shares rallied to close higher after a surge in late afternoon buying by bargain hunters helped reverse earlier losses.
Official statistics showed China's imports in August fell 14.3% in yuan-denominated terms from a year ago, while exports fell by 6.1%. The Shanghai Composite finished up 2.9% at 3,170.45, while Hong Kong's Hang Seng index was up 3.3% at 21,259.04.
The steep fall in the value of imports, which was greater than expected, reflects lower commodity prices globally, particularly crude oil. "Valuation of some stocks are lower than even during the 2008 global financial crisis," said Qiu Zhi, strategist at Huatai Securities.
Despite the imports numbers, the Shanghai Composite on the mainland was up 1.89% at 3,138.64 points in late afternoon trade, while Hong Kong's Hang Seng benchmark was up 1.59% at 20,913.18. Investors ignored trade data that showed China's imports in August fell 14.3% in yuan-denominated terms from a year ago, while exports fell by 6.1%.
The steep fall in the value of imports, which was greater than expected, reflected lower commodity prices globally, particularly crude oil.
Elsewhere in AsiaElsewhere in Asia
In Australia the S&P/ASX 200 closed up 1.69% at 5,115.2 points.In Australia the S&P/ASX 200 closed up 1.69% at 5,115.2 points.
Energy stocks were boosted as investors reacted to news that Australian energy giant Woodside Petroleum had made an estimated $11.65bn Australian dollars ($8.1bn) bid for Oil Search as it looks towards Papua New Guinea's (PNG) market.Energy stocks were boosted as investors reacted to news that Australian energy giant Woodside Petroleum had made an estimated $11.65bn Australian dollars ($8.1bn) bid for Oil Search as it looks towards Papua New Guinea's (PNG) market.
Australian-listed shares in Oil Search, which is an oil and gas exploration firm with most of its assets in PNG, rose as much as 17% on the news, though Woodside's slid more than 3%.Australian-listed shares in Oil Search, which is an oil and gas exploration firm with most of its assets in PNG, rose as much as 17% on the news, though Woodside's slid more than 3%.
South Korea's Kospi benchmark index closed down 0.24% at 1,878.68 points.South Korea's Kospi benchmark index closed down 0.24% at 1,878.68 points.
The negative investor sentiment there follows the won falling to a near four-year low against the dollar on Monday after Tesco sold its South Korean business Homeplus. The negative investor sentiment there also reflects a drop in the won to a near four-year low against the dollar on Monday after Tesco sold its South Korean business, Homeplus.