Asian markets ended sharply lower Thursday, as weak data, declining commodity prices and poorly received earnings put pressure on major markets a day ahead of a much-awaited speech from U.S. Federal Reserve Chairman Ben Bernanke.
In Japan, the Nikkei 225 Index stumbled 86.03 points, or 1%, to 8,983.78
The Hang Seng Index in Hong Kong plummeted 235.60 points, or 1.2%, to 19,552.91
Weighing on Japanese shares Thursday were weaker retail data, showing overall retail sales turning negative in July with a 0.8% drop from a year earlier, the first such fall since November. Sales for the large retailers plunged 4.4%, accelerating a recent downward trend.
Retailers fell in Tokyo after the data, with J. Front Retailing Co., down 2%; Fast Retailing Co., lower by 1.4%; and Seven & I Holdings Co., retreating 2%.
Meanwhile, declining commodity prices helped take steel-mill shares lower in Japan, even in the face of another steep drop in iron-ore prices to just above $90 U.S. a tonne.
Nippon Steel Corp. fell 3.6%, Kobe Steel Ltd. lost 1.6% and JFE Holdings Inc. retreated by 2.8%.
The downward spiral for iron-ore prices took a heavier toll on Australian ore miners Thursday, with Fortescue Metals Group Ltd. losing 1.6%, and Atlas Iron Ltd. tumbling 5.5%.
Mining-services group Boart Longyear Ltd. plunged 37% in Sydney after downgrading its outlook as it reported earnings.
Among Chinese resource companies, Jiangxi Copper Co. gave up 2% after reporting its first-half profit fell almost 40% as copper prices weakened.
Shipper China Cosco Holdings Co. fell 1.8% after it reported a wider first-half net loss of 4.87 billion yuan ($767 million) while China Shipping Container Lines Co. fell 11% after also reporting a wider net loss late Wednesday amid depressed freight rates.
Agricultural Bank of China Ltd. shares gave up 2.7% after posting a more than 20% rise in first-half profit. Dow Jones Newswires reported that the bank’s capital position remains the weakest of China’s top four banks.
Other financials tracked lower, with Bank of Communications Co. down 3.5%, Industrial & Commercial Bank of China Ltd. losing 1.9%, and China Merchants Bank Co also retreating 1.8%
Hong Kong real estate developers were pressured by concerns the city may unveil new measures to cool the local property market following news of a record $61 million sales of luxury apartments on the Hong Kong Island.
Analysts said one idea gaining ground for the government to accelerate construction of apartments which can only be sold to local residents.
Shares of Sino Land Co. lost 5% after the real-estate developer posted a lower annual net profit, though its underlying profit from operations rose.
Hang Lung Properties Ltd. ended down 2.6%, and New World Development Co. fell 2.4%, while Sung Hung Kai Properties Ltd. fell 3.6%.
Among a handful of gainers in Asia, broker action helped support shares of Softbank Corp., which advanced 1.6% in Tokyo after Nomura raised its target price for the shares.
In other markets
Shanghai’s CSI 300 index subtracted 3.44 points, or 0.2%, to 2,211.37
Korea’s Kospi index slouched 22.16 points, or 1.2%, to 1,906.38
The Singapore Straits Times Index dipped 29.75 points, or 1%, to 3,011.82
Taiwan’s Taiex Index erased 19.71 points, or 0.3%, to 7,371.44
New Zealand’s NZX index nipped ahead 1.18 points to 3,629.56
Australia’s ASX Index docked 40.77 points, or 0.9%, to 4,315.67
