Asian markets made a soft start weighed down by Japanese machinery orders

Most of the Asian markets have made a somber start, though the cuts are marginal but the report that Japanese machinery orders fell in August was weighing down the sentiments. Japanese machinery makers declined as orders fell 3.3 percent. The Australian markets too traded in red as the jobless rate rose to 5.4 percent, the highest since April 2010 despite nation’s employers hiring almost three times the number of workers estimated. The Chinese market too was in red as the auto sales unexpectedly dropped and on report that new bank loan growth slowed last month. However, the stocks in the region are holding up at current levels as International Monetary Fund Managing Director Christine Lagarde said the global lender will spare no effort to help Greece.

Shanghai Composite was down by 10.12 points or 0.48% to 2,109.82, Jakarta Composite was marginally down by 7.41 points or 0.21% to 4,269.06, KLSE Composite declined by 3.28 points or 0.20% to 1,656.06, Nikkei 225 dropped 16.88 points or 0.20% to 8,579.37, Straits Times lost 5.60 points or 0.19% to 3,028.94, Kospi Composite was lower by 6.47 points or 0.36% to 1,941.88 and Taiwan Weighted plunged by 115.52 points or 1.53% to 7,475.82.

Hang Seng was the lone gainer, up by 54.48 points or 0.26% to 20,974.08.