The Asian markets have made a weak start and many of the indices are trading lower by over a percent in early trade. There was concern regarding China’s Communist Party meet to pick a new leader and as Japan’s machinery orders fell more than expected in September. Orders, an indicator of capital spending in three to six months, declined 4.3 percent from the previous month as slowing global demand hurts exports. Meanwhile, China’s Communist Party gathers today in Beijing to choose its fifth generation of leaders, a decision that will shape the nation’s economic and financial policies for the next decade. Though, China’s statistics chief has said that people will be “more confident” about the nation’s fourth-quarter economic growth when October data are released tomorrow.
Shanghai Composite declined by 20.09 points or 0.95% to 2,085.64, Hang Seng plunged by 262.34 points or 1.19% to 21,837.51, Jakarta Composite lost 43.85 points or 0.99% to 4,307.27, KLSE Composite was down by 6.36 points or 0.39% to 1,639.17, Nikkei 225 lost 113.51 points or 1.27% to 8,859.38, Straits Times lost 29.54 points or 0.97% to 3,014.37, Kospi Composite declined by 26.65 points or 1.37% to 1,910.77 and Taiwan Weighted was down by 71.90 points or 0.99% to 7,216.76.
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