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Asia stocks lower after IMF downgrades | |
(about 5 hours later) | |
Asian markets headed 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 Nikkei 225 was down 1.2%, hitting a five-week closing low. | |
But, investors pushed up the yen in safe-haven trade, as it strengthened to a three-week high against the dollar. | 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. | "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 | Greater China shares |
Hong Kong shares were lower, ending three consecutive days of gains. | |
The Hang Seng index fell 0.7%, losing 160 points to 23,263.33. | |
Meanwhile, mainland China shares resumed trading on Wednesday after a week-long national holiday. | Meanwhile, mainland China shares resumed trading on Wednesday after a week-long national holiday. |
Bucking the trend, the benchmark Shanghai Composite closed up 0.8% to 2,382.15. | |
In Australia, shares followed the global trend. | In Australia, shares followed the global trend. |
The S&P/ASX200 index lost 0.8% 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 closed down to mark a seven-day losing streak. | |
The benchmark Kospi index was down 0.4% after hitting a five-month low in morning trade. | |
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. | 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. |