Asian stocks were mixed today (March 31st) despite a series of upbeat economic data from US and Europe.
A European Commission survey has shown economic sentiment at its highest since July 2011, while consumer spending grew in the US in February following two straight monthly declines, and consumers' incomes rose 0.4 per cent.
Meanwhile, China unveiled new policy moves to boost the sluggish property market. According to a statement on the People's Bank of China's website, the required down payment for second homes was lowered to 40 per cent from 60 per cent. In addition, select homeowners who have held a property for two years or more will be exempted from a sales tax, the finance ministry later announced.
China's benchmark Shanghai Composite index erased early gains on profit takings and ended one per cent lower at 3749. The Nikkei 225 lost one per cent to end the quarter at 19206. It was still its best quarter since late 2013.
Hong Kong's Hang Seng added 0.2 percent to 24,900 and South Korea's Kospi advanced 0.5 per cent to 2,041.
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.