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Asian shares down on economic worries | |
(about 1 hour later) | |
Markets in Asia were mostly lower on Thursday as economic data from Japan and China made investors cautious. | |
After surging almost 8% on Wednesday, Japan's Nikkei closed down 2.5% at 18,299.62, leading the region's losses. | |
Worries about a slowdown China and the impact of a US interest rate hike also dented investors' confidence. | |
Analysts said losses were to be expected considering Wednesday's significant gains - particularly in Japan. | Analysts said losses were to be expected considering Wednesday's significant gains - particularly in Japan. |
Core machinery orders in Japan, which are a key indicator of capital expenditure, fell by 3.6% in July compared with June. | Core machinery orders in Japan, which are a key indicator of capital expenditure, fell by 3.6% in July compared with June. |
The renewed decline suggested that business investment may fall yet again this quarter, economists said. | The renewed decline suggested that business investment may fall yet again this quarter, economists said. |
The number "was weaker than anyone polled by Bloomberg had expected," said Japan economist Marcel Thieliant, adding that orders were the lowest since November 2014. | The number "was weaker than anyone polled by Bloomberg had expected," said Japan economist Marcel Thieliant, adding that orders were the lowest since November 2014. |
In Australia, the S&P/ASX 200 closed down 2.4% at 5,098.40, following Wall Street lower and after two sessions of gains. | |
The Australian dollar fell together with the New Zealand dollar on Thursday after New Zealand's central bank cut interest rates to 2.75% and said it may introduce further easing measures to boost its flagging economy. | The Australian dollar fell together with the New Zealand dollar on Thursday after New Zealand's central bank cut interest rates to 2.75% and said it may introduce further easing measures to boost its flagging economy. |
Deflation data weighs | |
In China, the benchmark Shanghai Composite was down 1.1% to 3,206.69, while Hong Kong's Hang Seng was down 2.2% to 21,639.29 points. | |
Official figures released on Thursday showed China's consumer price index (CPI) unexpectedly rose to 2% in August from a year ago marking a one-year high. | Official figures released on Thursday showed China's consumer price index (CPI) unexpectedly rose to 2% in August from a year ago marking a one-year high. |
The rise was due to higher food prices. Pork prices, which weigh heavily on consumer prices in China, rose from 16.7% last year to 19.6% in August. | The rise was due to higher food prices. Pork prices, which weigh heavily on consumer prices in China, rose from 16.7% last year to 19.6% in August. |
The country's producer price index (PPI) fell 5.9% - marking its 42nd consecutive month of declines - and the biggest drop since 2009. | The country's producer price index (PPI) fell 5.9% - marking its 42nd consecutive month of declines - and the biggest drop since 2009. |
The one bright spot in Asia was the Kospi in South Korea which closed up 0.7% to 1,947.30 points. |