Asian markets close in red on Wednesday

12 Aug 2015 Evaluate

The Asian markets closed in red on Wednesday after Chinese authorities yesterday devalued its currency in a move that sparked fears of a global currency war and accusations that Beijing was unfairly supporting its struggling exporters. However, International Monetary Fund (IMF) stated that China’s new mechanism for determining the central parity of its currency appears a welcome step as it should allow market forces to have a greater role in determining the exchange rate. The global financial institution also asserted that China should aim to achieve an effectively floating exchange rate system within two to three years. Chinese Industrial Production fell to 6.0%, from 6.8% in the preceding month. Chinese Retail Sales fell to an annual rate of 10.5%, from 10.6% in the preceding month. Chinese Fixed Asset Investment fell to a seasonally adjusted 11.2%, from 11.4% in the preceding month. Japanese tertiary industry activity index rose to a seasonally adjusted 0.3%, from -0.7% in the preceding month. Japan’s industrial production rose to a seasonally adjusted 0.8%. South Korean Unemployment Rate fell to a seasonally adjusted annual rate of 3.7%, from 3.9% in the preceding month.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,886.32	-41.59	-1.06
Hang Seng	23,916.02	-582.19	-2.38
Jakarta Composite	4,479.49	-143.10	-3.10
KLSE Composite	1,609.93	-26.78	-1.64
Nikkei 225	20,392.77	-327.98	-1.58
Straits Times	3,061.49	-91.57	-2.90
KOSPI Composite	1,975.47	-11.18	-0.56
Taiwan Weighted	8,283.38	-110.76	-1.32

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