Asian shares were mostly down today (November 5th) after the European Commission cut its growth forecast for the Eurozone.
The European Commission said the area will only grow by 0.8 per cent this year, instead of the 1.2 per cent previously estimated. It has also has cut its growth forecast for 2015 to 1.1 per cent from 1.7 per cent.
"News that the EU has downgraded forecasts for eurozone growth is not a great surprise to markets given the tendency for forecasts to follow the economy lower," Ric Spooner, chief market analyst at CMC Markets told AP. "Even so, it reinforces expectations of a low to moderate global growth outlook with downside risk to inflation."
Hong Kong's Hang Seng fell 0.6 per cent to 23,715.82 and South Korea's Kospi was down 0.2 per cent to 1,931.43.
Australia's S&P/ASX 200 was nearly flat at 5,517.90, while Japan's Nikkei 225 ended 0.4 per cent up at 16,937.32.
Learn about the Asian markets and CFD trading at City Index.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.