Asian indexes trading negative
Major Asian indexes (AAXJ) were trading on a negative trajectory on April 1, 2016. These indexes fell after the weak Japanese sentiments offset the strong Chinese data release. The Chinese (MCHI) Shanghai Shenzhen CSI 300 index was the only Asian index trading positive, as it had a slight rise of 0.12%. The Indian (INDA) Nifty 50 fell by 0.32% at 5:30 AM ET.
The Japanese (DXJ) Nikkei 225
index had the steepest fall among the major Asian indexes. It fell by a
significant 3.5% after the weak data and strengthening currency weighed
down on the index.
The Oceania indexes were also on
a negative bias. The Australian (EWA) index S&P/ASX 200 and the Dow
Jones New Zealand (VPL) index fell by 1.6% and 0.66%, respectively.
Japan’s Nikkei 225 index fell
sharply on April 1, 2016. The deterioration of the economic indicators
and the strengthening of the yen were the major reasons for the fall.
The Tankan manufacturing index came in at 6, which was the lowest in
nearly three years and well below the forecast of 12.
The Tankan non-manufacturing
index also came in below forecasts at 22. The US dollar-to-yen currency
pair, which is inversely related to the yen, was trading at 112.35 at
5:00 AM ET.
The Chinese indexes stayed
positive when other major Asian indexes were trading negative on April
1, 2016. The positive vibes in the Chinese stocks were attributed to the
release of the Chinese purchasing managers’ index (or PMI) on a strong
note.
The Caixin PMI came out at a
one-year high of 49.7 in March against forecasts of 48.6. The official
PMI also rose, with the manufacturing PMI at 50.2 and the
non-manufacturing PMI at 53.8. Both indexes both beat market forecasts.
Source: Asia indexes down weak japanese
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