World Markets primarily fell in Friday’s trading as investors worldwide appear skittish about the upcoming U.S. report on economic easing. The report, which was helping in driving stocks a few weeks ago, has now turned into a source of uncertainty.
The yen once again turned strong as it rose against all of its major counterparts as signs of economic recovery slowing are once again the talk of the markets, sending stocks lower despite a host of positive quarterly reports.
In Japan, the Nikkei 225 closed down 163.58 points, or 1.75%, to 9,202.45.
Japanese automakers are reporting amazingly strong profits despite the strength of the yen, which typically hurts companies that derive revenues from exports.
Honda reported its second quarter profit more than doubled to 135.93 billion yen ($1.68 billion) from 54 billion yen the year before. Shares traded down .339% for the day.
Mazda's second quarter profit went ten fold on strong domestic and international sales. The Company reported profit of 7.62 billion yen ($94.4 million) for July-September, up from 707 million yen the year before. Shares of Mazda slipped 2.381% on Friday.
Panasonic Corp., Japan’s largest home appliance maker, reported that it pulled in a profit of 31 billion yen ($384.3 million) in the three months through September, up from 6.1 billion yen the year before. Much like the automakers, shares traded down for the day; falling 1.17%.
Nissan Motor Co. reports earnings on November 4th and Toyota Motor Corp., the world's largest automaker, reports on November 5th.
In China, closed out an October that set the Country’s stocks apart as the best performer of all global markets with a bit of a fizzle on the prospect that the government will be intensifying measures to curb inflation and property speculation.
The Shanghai Composite closed down 13.74 points, or .46%, to 2,978.83.
Banks led the decliners in Friday trading as Bank of Communications Co. Ltd. dropped 3.292% and Industrial & Commercial Bank of China, the largest lender in China, dropped 2.242%.
China Vanke, the Country’s largest developer, fell 1.623%.
Citic Securities Company Ltd. led brokerages lower as there is an ongoing concern the rally this month was a bit exaggerated. Shares of Citic fell 4.847%.
The Hang Seng fell; dropping 114.54 points to close at 23,096.32.
Elsewhere, the smaller markets were mixed on Tuesday.
South Korea's Kospi dropped 1.31% to 1,882.95.
Australia's S&P/ASX 200 closed down by .497% to 4,661.600.
India's Sensex gained .46%.
Malaysia's Kuala Lumpur Composite Index rose 6.22 points to 1,505.66.
Indonesia's Jakarta Composite Index decreased by 3.50 points.
Shenzhen Composite closed green; up .841% to 1,364.471.
Taiwan's Taiex dropped by 66.96 points.
Singapore's Straits Times Index closed up by .42%.
New Zealand's NZX 50 rose by .45%.
Philippine shares were up by .189%.
Shares in Thailand closed down by .281%.
