Forex Marketz Daily Forex News – Fully Markets Update
Asian financial markets were trading mostly lower by the afternoon trade session. Asian traders, once again, are concerned about slowing global economic growth.
In Japan, the benchmark Nikkei 225 index, was down over half a percent. Shares of the Softbank Group shed 3.46 percent and robot manufacture Fanuc saw its shares tumble 1.86 percent. In Tokyo, the Topix index was down 0.51 percent.
In South Korea, the Kospi composite index was down over 1.3 percent by lunchtime.
The financial markets in India and China are closed for public holidays.
In Hong Kong, the Hang Seng index lost 0.27 percent as traders returned from a public holiday. Shares of Tencent were down 1.39 percent.
Elsewhere in the Asian and Pacific Rim, the Australian benchmark S&P ASX 200 gave up 1.21 percent. Most sub-sectors were in the red. Shares of the National Australian Bank shed over two percent.
The bank announced, earlier in the session, that they would take on an additional charges of 1.18 billion Australian dollars.
Asian Traders Worry about the Bleak U.S. ISM Manufacturing Report
Yesterday’s dismal Institute for Supply Management (ISM) release of their monthly manufacturing report for the United States boosted the safe haven asset classes over riskier assets. Simply put, the ISM manufacturing activity survey missed expectations.
For September, manufacturing in the world’s largest economy contracted once again as economic activity continues to slow down thanks to the trade war with China. The ISM report, the month of September, printed at 47.8. A reading below 50 is contraction. This was the ISM’s lowest reading since 2009.
