Bloomberg, (1/7) -- Asian stocks and
oil fell after Chinese manufacturing expanded at the slowest pace in
four months. The yen weakened against its 16 major trading partners
after posting the worst first half since 1982 as government policies
drove down the currency and manufacturers turned optimistic for the
first time since September./
The MSCI Asia Pacific Index dropped 0.3 percent to 130.09, led lower by Australian banks and South Korean industrial firms. Oil slid for a second day and gold swung between gains and losses after the worst quarter since at least 1920. The yen fell 0.1 percent to 99.28 per dollar as of 11:52 a.m. in Tokyo. Standard & Poor’s 500 Index futures slipped 0.2 percent after the gauge lost 1.5 percent in June.
China’s Purchasing Managers’ Index fell to 50.1 from 50.8 in May, according to statistics released in Beijing, as a cash squeeze reduced credit and President Xi Jinping said officials shouldn’t be judged only on their record in boosting the economy. The Bank of Japan’s Tankan report signaled the nation’s manufacturers turned optimistic for the first time since September 2011, showing confidence in Prime Minister Shinzo Abe’s reflationary policies. U.S. data due today is expected to show factories rebounded last month.
“China’s PMI reading is on expectations but obviously not a great number because it signals growth will grind lower,” said Sacha Tihanyi, a currency strategist at Scotiabank in Hong Kong. “Better PMI data due later in the U.S. could hurt Asia as it will add more ammunition to the theme of the Fed tapering asset purchases.”
The MSCI Asia Pacific Index dropped 0.3 percent to 130.09, led lower by Australian banks and South Korean industrial firms. Oil slid for a second day and gold swung between gains and losses after the worst quarter since at least 1920. The yen fell 0.1 percent to 99.28 per dollar as of 11:52 a.m. in Tokyo. Standard & Poor’s 500 Index futures slipped 0.2 percent after the gauge lost 1.5 percent in June.
China’s Purchasing Managers’ Index fell to 50.1 from 50.8 in May, according to statistics released in Beijing, as a cash squeeze reduced credit and President Xi Jinping said officials shouldn’t be judged only on their record in boosting the economy. The Bank of Japan’s Tankan report signaled the nation’s manufacturers turned optimistic for the first time since September 2011, showing confidence in Prime Minister Shinzo Abe’s reflationary policies. U.S. data due today is expected to show factories rebounded last month.
“China’s PMI reading is on expectations but obviously not a great number because it signals growth will grind lower,” said Sacha Tihanyi, a currency strategist at Scotiabank in Hong Kong. “Better PMI data due later in the U.S. could hurt Asia as it will add more ammunition to the theme of the Fed tapering asset purchases.”
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 11:44 AM
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