Asia markets lost ground on Friday with auto makers lower and resource firms putting in a weak performance after data showed Chinese inflation eased slightly in September but remained at uncomfortably high levels.
In Tokyo, the Nikkei 225 Index slid 75.29 points, or 0.9%, to finish the week at 8,747.96
In Hong Kong, the Hang Seng Index ended its win streak, dropping 256.02 points, or 1.4%, to 18,501.80
The losses in Asia followed a weak session for U.S. stocks on Thursday, as banking firms fell following softer-than-expected results from J.P. Morgan Chase & Co.
Worries about Europe are never far away for investors at the moment and Standard & Poor’s lowered its long-term rating on Spain’s sovereign credit to AA- from AA late Thursday.
Europe-exposed exporters were some of the worst performers in Asia on Friday, with Honda Motor Co. losing 1.7% and Toyota down 2.4%, Nissan Motor Co. Motor Co. off by 1.7% in Tokyo.
Olympus Corp tumbled 17.6% after the Japanese camera maker dismissed chief executive officer Michael Woodford, just weeks after appointing him to the role.
Property developers slid in Hong Kong. Agile Property Holdings Ltd. gave up 7.1% and China Overseas Land & Investment Ltd. lost 4.2%.
In Sydney trading, BHP Billiton Ltd. fell 2.1% and Fortescue Metals Group Ltd. declined 3.4%. Angang Steel Co. dived 7.4% in Hong Kong.
Energy stocks retreated, as Santos Ltd. lost 2.7% and Woodside Petroleum Ltd. eased off 1.3% in the Sydney session. Shares in Hong Kong-listed CNOOC Ltd. dropped 4.6%
CHINA
Chinese inflation cooled slightly in September, soothing some worries that the economic powerhouse is heading for a hard landing. China’s consumer price index increased 6.1% in September from a year earlier, slower than August’s 6.2% on-year rise.
Shanghai’s CSI 300 index deducted 8.82 points, or 0.3%, to 2,653.78
Metal firms, which count China as a key customer, traded down on Friday.
China Railway Construction Corp. Ltd. gained 5.4%. Chinese authorities have agreed to provide financial help to rail projects, 70% of which have been delayed throughout China, according to the Xinhua News Agency.
In other markets;
Taiwan’s Taiex Index tailed off 70.25 points, or 1%, to 7,358.08
Korea’s Kospi Index grew 12.30 points, or 0.7%, to 1,835.40
Singapore’s Straits Times Index picked up 10.20 points, or 0.4%, to 2,744.17
New Zealand’s NZX 50 Index slipped 4.20 points, or 0.1%, to 3,302.47
Australia’s S&P/ASX 200 Index decreased 38.90 points, or 0.9%, to 4,205.60
