Asian markets falter with no QE3 from US

Asian markets faltered after a flat start and barring Japan all the other indices are trading in red tailing the disappointment from the US markets after Fed officials cut their estimate for gross domestic product growth in 2012 to between 1.9 percent and 2.4 percent from 2.4 percent to 2.9 percent. Though, Fed extended its asset-purchase program beyond June.

Japanese market was encouraged by the Finance Ministry data that foreign investors were net buyers of Japanese stocks last week. While, New Zealand’s economy grew at the fastest pace in five years last quarter. Chinese market has lost the most as HSBC preliminary PMI for June came at 48.1 against the final reading of 48.4 in May.

Shanghai Composite was down by 36.44 points or 1.59 percent to 2,256.43, Hang Seng has lost 179.84 points or 0.92 percent to 19,339.01, Jakarta Composite was down by 19.13 points or 0.47 percent to 3,924.15, Straits Times declined by 22.23 points or 0.78 percent to 2,833.45, South Korea's Kospi lost 14.66 points or 0.77 percent to 1,889.46 and Taiwan Weighted was lower by 70.46 points or 0.96 percent.

On the other hand Japan's Nikkei was up 84.38 points or 0.96 percent to 8,836.69.