Asian stocks had mixed trading day
City Index November 25, 2011 8:38 PM
<p>Asian stocks were mixed as U.S. futures pointed to a negative start when trading resumes today following Thursday’s Thanksgiving holiday. Australian stocks were 1.5% lower […]</p>
Asian stocks were mixed as U.S. futures pointed to a negative start when trading resumes today following Thursday’s Thanksgiving holiday.
Australian stocks were 1.5% lower with the ASX200 breaking the psychological 4000 level at around noon Sydney time. Hong Kong and South Korean markets were also lower while the Nikkei managed to trade in positive territory for most of the session. The MSCI Asia Pacific index was 0.9% lower in early afternoon Tokyo trading.
Economic news was dominated by Japan’s inflation reading which showed consumer prices declined for the first time since June this year, raising further doubts that the world’s third largest economy will emerge from a long period of deflation. The news saw the Japanese Yen weaken with the USD/JPY hitting an intra-day high of 77.52.
In Australian corporate news, Woodside Petroleum slumped by almost 7% after forecasting a lower than expected ramp up in 2012 production. The group said full year production would likely range between 73 million to 81 million barrels of oil equivalent next year which was below market expectations. That, combined with a reluctance by traders to back any high growth exposures, including energy, was enough to see the stock trade towards its lowest levels in months.
StoneX Financial Ltd (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.