The Asian markets barring Shanghai Composite and Hang Seng concluded Wednesday’s trade in red after the Organization for Economic Cooperation and Development lowered its growth forecasts, and as investors adopted a cautious stance ahead of the release of the minutes from the latest Federal Reserve meeting. The OECD forecast only a modest amount of economic recovery next year, cutting its predictions overnight by around 0.5% to 3.6% in 2014. Asia’s largest economy escaped with only a mild reduction, as China’s growth forecast for 2014 was cut to 8.2% from 8.4%.
Japanese exports rose 18.6% from a year earlier in October to Y6.105 trillion marking the eighth straight month of expansion. The increase in the value of merchandise exports was better than a median forecast of a 17.3% rise. In September, exports rose 11.5% on year. Japan's trade deficit almost doubled to Y1.091 trillion, compared with a Y556.2 billion deficit in the same month of the previous year. The figure marked the 16th consecutive month in which Japan ran a trade shortfall, the longest string of monthly deficits on record.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2206.61 | 13.49 | 0.62 |
Hang Seng | 23700.86 | 43.05 | 0.18 |
Jakarta Composite | 4350.79 | -47.55 | -1.08 |
KLSE Composite | 1798.69 | -8.47 | -0.47 |
Nikkei 225 | 15076.08 | -50.48 | -0.33 |
Straits Times | 3184.23 | -7.85 | -0.25 |
KOSPI Composite | 2017.24 | -14.40 | -0.71 |
Taiwan Weighted | 8204.46 | -55.75 | -0.67 |
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