Nikkei Plummets 7.3 per cent, Asian Stocks under pressure
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BinaryOptionStrategy.com – The Central Bank could shrink its bond buying program in the US “in the next few meetings” according to Fed Reserve Chairman Ben Bernankes’ comments yesterday. This put pressure on the Asian stocks overnight. The surprisingly weak PMI data from China did not help. The data showed a contraction for the first time in 7 months. The figure fell to 49.6 this month from April’s final figure of 50.4. It pressured the stocks downwards while the USD strengthened. Many investors are wary about China’s economic situation, especially about the forecasts for 2013’s GDP.
The weak data from China hit the Asian stocks hard with Japanese stocks crashing down to their lowest level since both the massive earthquake and the Tsunami in 2011.
Stocks
During the late Asian session the Hong Kong Hang Seng dropped 2.3 per cent, Australian ASX/200 closed 2 per cent down and the Japan Nikkei 225 tumbled 7.3. The New Zealand NZSE 50 also declined on the news and the Shanghai Composite dropped 1.32 per cent.
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