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Asia stocks open lower after IMF downgrades Asia stocks trade lower after IMF downgrades
(about 2 hours later)
Asian markets opened lower, following Wall Street's cue, after the International Monetary Fund (IMF) cut its global growth forecasts. Asian markets headed lower, following Wall Street's cue, after the International Monetary Fund (IMF) cut its global growth forecasts.
The IMF slashed its outlook for the third time this year, due to weakness in core eurozone countries, Japan, and emerging markets such as Brazil.The IMF slashed its outlook for the third time this year, due to weakness in core eurozone countries, Japan, and emerging markets such as Brazil.
In Japan, the benchmark Nikkei 225 was down 1.6% at 15,531 points. In Japan, the benchmark Nikkei 225 was down 1.4% at 15,569.3 points.
But, the Japanese yen was broadly up in safe-haven trade, as the dollar slid to a three-week low of 107.82 against it. But, investors pushed up the yen in safe-haven trade, as it strengthened to a three-week high against the dollar.
The euro slipped to its lowest level in a month against the yen, at 136.56, after German data showed industrial output in August fell 4% compared with the previous months.The euro slipped to its lowest level in a month against the yen, at 136.56, after German data showed industrial output in August fell 4% compared with the previous months.
That marked the biggest decline since the height of the financial crisis.That marked the biggest decline since the height of the financial crisis.
"Weak numbers like the German production report fuel concern that ECB (European Central Bank) stimulus will be inadequate given the gloomier news," said Westpac analyst James Shugg. "Weak numbers like the German production report fuel concern that European Central Bank stimulus will be inadequate given the gloomier news," said Westpac analyst James Shugg.
In Australia, shares tumbled following the global trend. Greater China shares
Hong Kong shares opened lower, ending three consecutive days of gains.
The Hang Seng index fell 0.8%, losing 200.76 points to 23,243.57.
Meanwhile, mainland China shares resumed trading on Wednesday after a week-long national holiday.
Bucking the trend, the benchmark Shanghai Composite Index opened up 0.1% to 2,367.06.
In Australia, shares followed the global trend.
The S&P/ASX200 index fell 1% following Tuesday's lower close after the country's reserve bank kept interest rates at a record low of 2.5% to boost the economy.The S&P/ASX200 index fell 1% following Tuesday's lower close after the country's reserve bank kept interest rates at a record low of 2.5% to boost the economy.
Over in South Korea, shares inched lower after snapping a seven-day losing streak on Tuesday. In South Korea, shares inched lower following a seven-day losing streak.
The benchmark Kospi index was down 0.2% at 1,986.65. The benchmark Kospi index was down 0.1%.
Investors are also keeping an eye on the Bank of Korea policy meeting on Thursday after it left interest rates unchanged last month. Investors are also keeping an eye on the Bank of Korea's monetary policy meeting on Thursday after it left interest rates unchanged last month.