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Asia stocks trade lower after IMF downgrades | |
(about 2 hours later) | |
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 1.4% at 15,569.3 points. | |
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 European Central Bank stimulus will be inadequate given the gloomier news," said Westpac analyst James Shugg. | |
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. |
In South Korea, shares inched lower following a seven-day losing streak. | |
The benchmark Kospi index was down 0.1%. | |
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. |