Japan leads regional market rout
Further Fed tapering and weak China PMI data cited
Singapore
AFTER a drop early this week, regional markets fell again yesterday on news that the US Federal Reserve is pushing on with plans to reduce its bond-buying programme by US$10 billion from next month. Adding to the gloom was a Purchasing Managers' Index (PMI) survey that confirmed that China manufacturing contracted this month for the first time in half a year, indicating that economic growth there continues to slow. But analysts remained positive on Japan, while being cautious on China.
Japan was hit the hardest, with the benchmark Nikkei 225 Index falling more than 3 per cent to below 15,000 points yesterday morning. The index had shot up 60 per cent last year as investors betted on the success of aggressive money-printing by Japan's central bank reviving Japan's economy and a devalued yen driving up corporate profits.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story