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Business confidence lower at Japanese factories Nikkie sees heavy losses on business confidence report
(about 5 hours later)
Japan's stocks opened lower on Friday after a key gauge of business confidence at big manufacturing firms came in weaker than expected. Japan's markets suffered heavy losses on Friday after a key gauge of business confidence at big manufacturing firms came in weaker than expected.
The Bank of Japan's (BoJ's) closely watched Tankan report showed business sentiment sitting at plus six for the three months to March. The benchmark Nikkei 225 spent the day in negative territory and closed down 3.55% at 16,164.16.
The Bank of Japan's closely watched Tankan report showed business sentiment sitting at plus six for the three months to March.
The previous quarter's reading came in at plus 12.The previous quarter's reading came in at plus 12.
A positive reading means optimists outweighed pessimists surveyed about business conditions. A positive reading means optimists outweighed pessimists surveyed about business conditions. Expectations were for a reading of plus eight.
Expectations were for a reading of plus eight. Analysts said Friday's numbers marked the largest quarterly fall since the end of 2012 and that confidence could weaken further in the next three months.
Analysts said Friday's numbers marked the largest quarterly fall since the end of 2012 and that confidence could weaken in the next three months.
"The pronounced drop in the headline index of today's Tankan survey underlines that the recent strengthening of the yen has damaged business confidence and suggests that the Bank of Japan will announce more easing later this month," said Japan economist Marcel Thieliant."The pronounced drop in the headline index of today's Tankan survey underlines that the recent strengthening of the yen has damaged business confidence and suggests that the Bank of Japan will announce more easing later this month," said Japan economist Marcel Thieliant.
"Conditions in the sector have not been as weak since the second quarter of 2013, when the BoJ launched quantitative and qualitative easing," he added."Conditions in the sector have not been as weak since the second quarter of 2013, when the BoJ launched quantitative and qualitative easing," he added.
The benchmark Nikkei 225 was down 0.23% at the open. By mid-morning, it was down 1.89% to 16,448.27. Elsewhere in Asia
China's markets were also in negative territory. Hong Kong's Hang Seng index was 0.29% to 20,711.75 and the Shanghai Composite was down 0.25% to 2,996.41. Beijing released data on Friday showing that manufacturing activity at China's big factories had expanded in March for the first time in nine months.
In Australia, the benchmark S&P/ASX 200 index was down 1.28% to 5,017.80 points in late-morning trade, weighed down by the country's big banks and some mining firms. The official Purchasing Managers' Index (PMI), which measures how busy factories are, came in at 50.2 last month compared to expectations for a reading of about 49.
Westpac and National Australia Bank were both down more than 2%. A PMI reading of below 50 indicates activity has contracted and anything above 50 means activity has expanded.
Meanwhile, South Korea's benchmark Kospi index was down 0.28% to 1,990.29. China's markets were also in negative territory. Hong Kong's Hang Seng index was down 1% to 20,568.34 in afternoon trade, while the Shanghai Composite was down 0.07% to 3,002.41.
In Australia, the benchmark S&P/ASX 200 index finished the session down 1.64% to 4,999.4, weighed down by the country's big banks and some mining firms.
Westpac and National Australia Bank both lost 2%.
Meanwhile, South Korea's benchmark Kospi index finished down 1.12% to 1,973.57.