Asian markets mostly lost ground Thursday as disappointing earnings combined with steady U.S. Federal Reserve policy to bring the region down.
The Nikkei 225 index in Japan fell 174.41 points, or 1.2%, to 14,327.94, on disappointing earnings news.
Hong Kong’s Hang Seng Index retreated 97.65 points, or 0.4%, to 23,206.37
The Fed met expectations by leaving its stimulus program unchanged at its policy meeting, though it did surprise with its upbeat assessment of the economy. This raised fears that a change in policy could come sooner than expected, weighing on regional sentiment.
Honda Motor Co. fell 1.3% after it announced net profit for the quarter ended September, which came in below expectations. Battery-maker GS Yuasa Corp. sank 6.1% after posting a first-half operating profit that was below guidance.
In Tokyo, ANA Holdings declined 4.7% after the airline lowered its 2013 fiscal-year net profit forecast by 65% on higher fuel costs and slow service expansion because of delays in Boeing 787 Dreamliner deliveries.
Bank stocks fell in Hong Kong after a sharp increase during the previous session. Bank of Communications dropped 1.1%, while Agricultural Bank of China managed a 1.1% gain.
China Minsheng Banking Corp., a stock that came under pressure during China’s liquidity crisis in the summer, fell 2.4% in Hong Kong. The country’s eighth-largest lender reported ts interest income rose by just 3%.
National Australia Bank fell 2.5% in Sydney after the lender posted full-year earnings in line with market forecasts, though costs were ahead of expectations.
CHINA
Lenders in China were in focus after several of the country’s largest banks reported their third-quarter earnings, with profit growth continuing to decline as the sector faced a maturing economy and interest-rate pressure.
Shanghai’s CSI 300 slid 33.75 points, or 1.4%, to 2,373.72
Chinese brokerages posted strong profit growth for the nine months that ended in September, as the industry benefited from increased trading volumes and higher investment returns. The market didn’t welcome the news: Citic Securities was down 2.1% in Shanghai, and Haitong Securities was 1.3% lower.
In other markets;
Korea’s Kospi Index lost 29.49 points, or 1.4%, to 2,030.09
Taiwan’s Taiex Index docked 15 points, or 0.2%, to 8,450.06
The Singapore Straits Times Index doffed 19.77 points, or 0.6%, to 3,210.67
In New Zealand, the NZX 50 gained 41.65 points, or 0.9%, to 4,909.73
In Australia, the S&P/ASX 200 sifted off 5.36 points, or 0.1%, to 5,425.50
