South Korean stocks sink, leading Asian market slide

South Korean stocks sink, leading Asian market slide

  •  Asian market slide Asian shares traded broadly lower Friday, as investors were disappointed by the European Central Bank’s decision to leave its €1.7 trillion ($1.9 trillion) stimulus unchanged at a policy meeting Thursday.
  • Australia’s S&P/ASX 200 XJO, -0.74% was down 0.6% and South Korea’s Kospi SEU, -1.43% slid 1.2%. China’s Shanghai Composite Index SHCOMP, -0.12% was about flat.
  • Japan’s Nikkei Stock Average NIK, -0.19% was last trading 0.1% lower after the yen appreciated against the U.S. dollar. A stronger yen makes Japanese exporters less competitive. The South Korean won tumbled within minutes of headlines that North Korea may have

 Asian market slide But Hang Seng rallies, up 0.8% for the week

South Korean stocks sink, leading Asian market slide

Asian market slide  Chinese investors have plowed into the Hong Kong market partly to hedge against the falling yuan. The Hang Seng HSI, +0.75%  is up 0.8% for the week and has risen nearly 20.6% in the past six months, making it is the best-performing major benchmark in Asia for that period.

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In contrast, the Shanghai Composite Index SHCOMP, -0.55%  ended Friday 0.6% lower, with the tech-heavy Shenzhen Composite Index closing down 0.7%. The declines came as China released data confirming its producer prices continued to drop in August, signaling flagging demand in the world’s second-largest economy, albeit at a slower pace.

Australia’s S&P/ASX 200 XJO, -0.87%  slipped 0.9% amid broad declines in commodity prices Friday. Copper was down 0.6% Friday, aluminum was lower by 0.2% with nickel down 0.5% and zinc off 0.7%.

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Meanwhile, Japan’s Nikkei Stock Average NIK, +0.04%  ended about flat as the yen appreciated against the U.S. dollar in Asian trade, balancing overnight declines. A stronger yen makes Japanese exporters less competitive.

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The North Korean test put a worrisome spin on Asian markets with traders already fretting about the European Central Bank’s decision Thursday not to expand its stimulus program, defying expectations.

“It seems the recent deterioration in survey and inflation data is still not enough to push the ECB to ease further,” said Timothy Graf, head of macro strategy at State Street Global Markets EMEA. “We were expecting some language that would help prepare the market for easing later this year.”

The U.S. Federal Reserve and the Bank of Japan’s next policy meetings wrap on Sept. 21.images

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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