Asian markets closed in red on Tuesday, following another batch of data highlighting ongoing weakness in China’s economy. China’s consumer inflation eased while producer prices stayed stubbornly in deflation in May, bolstering the case for fiscal stimulus as the world's second-largest economy shrugs off monetary easing. Chinese PPI remained unchanged at an annual rate of -4.6% while Chinese CPI fell to an annual rate of 1.2%, from 1.5% in the preceding month. A bigger-than-expected slide in China’s imports in May also strengthened expectations that more policy stimulus may be needed to avert a sharp slowdown in the world's second-largest economy. A cooling buying sentiment exacerbated the area of new homes sold in Shanghai last week to an eight-week low but demand for medium to high-end projects stayed strong. New houses totaling 266,200 square meters were sold across the city last week, a plunge of 37.4 percent from the previous seven-day period. Japanese Household Confidence rose to a seasonally adjusted annual rate of 41.4, from 41.5 in the preceding month. Japan’s M2 Money Stock rose to a seasonally adjusted 4.0%, from 3.6% in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 5,113.53 | -18.35 | -0.36 |
Hang Seng | 26,989.52 | -326.76 | -1.20 |
Jakarta Composite | 4,899.88 | -115.11 | -2.30 |
KLSE Composite | 1,729.05 | -10.40 | -0.60 |
Nikkei 225 | 20,096.30 | -360.89 | -1.76 |
Straits Times | 3,295.13 | -25.20 | -0.76 |
KOSPI Composite | 2,064.03 | -1.16 | -0.06 |
Taiwan Weighted | 9,191.87 | -176.56 | -1.88 |
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