Monday, 4 May 2015

Asia Shares Falter, Aussie Dollar Hit On Soft China PMI

Posted by suhani varma on Monday, May 04, 2015 with No comments

Asian share markets stumbled on Monday and the Australian dollar took a hit after disappointing news on Chinese manufacturing underlined the need for further policy stimulus in the world's second biggest economy. The HSBC/Markit Purchasing Managers' Index (PMI) fell to 48.9 in April - the lowest level since April 2014 - from 49.6 in March, as demand faltered and deflationary pressures persisted.

"The PMI data indicates that more stimulus measures may be required to ensure the economy doesn't slow from the 7 percent annual growth rate seen in Q1.” The Australian dollar, often used as a proxy for China risk, fell a quick 20 ticks to $0.7812, though upbeat data at home helped put a floor under it. Shanghai shares were off 0.6 percent, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.3 percent. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent.

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