Asian markets made a mixed start ahead of ECB meet

The Asian markets have made a mixed start, though some of them were trading in green ahead of the ECB meeting which may announce bond-buying program. The Chinese market was up despite Goldman Sachs Group Inc. cutting its growth estimates. Goldman Sachs cut its forecast for economic growth in China this year to 7.6 percent from 7.9 percent. Also, the government said that industrial output will expand by about 10 percent this year, lower from an 11 percent goal given in December. But stocks moved higher on speculation that policy makers will introduce more stimulus measures after the government approved subway plans in 18 cities. Japanese market was marginally in green awaiting ECB decision and US jobs data tomorrow, where payrolls probably grew at a weaker pace in August.

Shanghai Composite was marginally up by 0.45 points or 0.02% to 2,037.85, Jakarta Composite was up by 22.66 points or 0.56% to 4,098.36, Nikkei 225 was up by 5.10 points or 0.06% to 8,684.92 and Kospi Composite was higher by 7.97 points or 0.42% to 1,881.99.

On the other hand, Hang Seng lost 57.04 points or 0.30% to 19,088.03, KLSE Composite was down by 20.69 points or 1.26% 1,620.32, Straits Times declined by 13.42 points or 0.45% to 2,982.48 and Taiwan Weighted lost 8.59 points or 0.12% to 7,358.85.