Carnage continued in the Asian region on fifth straight session as Europe’s debt crisis continued to undermine sentiment, with banks and commodity plays leading the region's decline, while an unexpected trade deficit for Japan further hurt exporter shares in Tokyo. Moreover, uncertainty over debt crisis and an apparent failure by US politicians to agree on deficit reduction too hurt the sentiment. The US congressional deficit-reduction committee was set to formally announce its three-month-long effort to bridge partisan differences over taxation and spending has failed.
Investor confidence also dampened when China and Singapore painted a bleak picture of the global economy, with uncertainty over deficit-reduction negotiations in the US adding to the gloom. Markets also reacted to news Japan logged an unexpected trade deficit in October, while business hub Singapore predicted sharply lower economic growth next year and warned a weaker global economy could worsen the situation.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,415.13 | -1.43 | -0.06 |
Hang Seng | 18,225.85 | -265.38 | -1.44 |
Jakarta Composite | 3,679.83 | -74.67 | -1.99 |
KLSE Composite | 1,434.08 | -20.32 | -1.40 |
Nikkei 225 | 8,348.27 | -26.64 | -0.32 |
Straits Times | 2,697.98 | -32.36 | -1.19 |
Seoul Composite | 1,820.03 | -19.14 | -1.04 |
Taiwan Weighted | 7,042.64 | -191.14 | -2.64 |
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