Asian stock markets fell on Friday, as signs of strength in the U.S. economy increased expectations that the Federal Reserve could start to roll back its stimulus earlier than expected.
The initial reading for U.S. third-quarter growth came out well above expectations, with gross domestic product rising 2.8% — higher than the 2.5% seen in the second quarter and more than the forecast 2%.
Markets reacted negatively to the data, as investors fretted that the Federal Reserve could soon start to roll back its bond-buying program.
In Tokyo, the Nikkei 225 index let go of 141.64 points, or 1%, to end the week at 14,086.80, weighed by a yen that strengthened overnight against the dollar — last at ¥98.15 to the dollar.
Hong Kong’s Hang Seng Index plummeted 136.64 points, or 0.6%, to 22,744.39
After a quiet start to the week, Friday’s declines pushed many regional markets firmly into negative territory for the week. The Kospi lost 2.7% since last Friday, the Hang Seng Index lost 2.2%, and the Nikkei was down 0.8%.
Shares in China Cosco Holdings Co. fell 5% in Hong Kong after China’s biggest shipping firm said on Thursday that one of its executive directors is under investigation "by relevant departments" in China.
CHINA
Shanghai’s CSI 300 index fell 32.60 points, or 1.4%, to 2,307.95
China released its October trade data, with its exports rebounding sharply from a slump in September, starting a raft of monthly economic data to come out over the weekend.
The data had little market impact as it was overshadowed by the U.S. data from overnight, as well as the coming political meeting that will start in China this weekend — the so-called Third Plenum — where the new leadership is expected to provide an outline for economic policy for the next decade.
In other markets;
Korea’s Kospi Index slid 19.17 points, or 1%, to 1,984.87
Taiwan’s Taiex Index shed 54.12 points, or 0.7%, to 8,229.59
The Singapore Straits Times Index dumped 24.85 points, or 0.8%, to 3,177.25
In New Zealand, the NZX 50 regained 28.67 points, or 0.6%, to 4,951.36
In Australia, the S&P/ASX 200 skidded 21.37 points, or 0.4%, to 5,400.66
