Asian Stocks Retreat Amid Risk-Aversion, US Data in Focus
The Japanese indices remain the main laggard in the Asian session this
Friday, leading the decline in its other Asian peers, while the Chinese
stocks buck the downtrend and trade with moderate losses.
The trading activity on the Asian bourses remained rather subdued as
sentiment soured after the US markets closed in the red after the
technology stocks took a beating, tracking Apple stocks lower. Apple Inc
sank to the lowest since June 2014.
Moreover, the yen’s relative strength combined with tumbling oil prices
also collaborates to the downbeat sentiment around the Asian equities.
While focus now turns towards the crucial economic releases from the US
docket due later in the NY session. The US retail sales, PPI and prelim
consumer sentiment data are lined up for release later today.
Nikkei drops along with USD/JPY
Meanwhile, the Japanese benchmark index, the Nikkei 225 drops
-1.04% to 16,473 points, as the USD/JPY pair loses -0.17% to trade
around 108.85 levels amid persisting risk-off market profile.
Australia’s ASX 200 index now trades -0.47% to 5,335 points, while the
Chinese equities trade mixed, with the benchmark Shanghai Composite
index advancing 0.37% to 2,850, the CSI300 index trades +0.31%, while
Kong’s Hang Seng declines -0.84%.
