Epic Research Update : Asian Markets

Asian stock markets traded mixed on the first trading day of the second quarter following a mixed bag of economic data releases.



Shanghai Comp adds 0.1 percent



China’s benchmark Shanghai Composite index posted a tepid open following the release of two PMI data, which showed a mixed picture in the country’s manufacturing sector.



Beijing unveiled further tax breaks and relaxed lending rules late Monday in a bid to shore up its wobbly property sector. The new policy changes follow three monetary stimulus injections by the People’s Bank of China (PBoC) since November 2014. On the back of fresh easing, the benchmark index rallied to a new seven-year high in the previous session before closing down due to profit-taking.



Nikkei falls 0.5 percent



Japan’s Nikkei 225 recovered from an earlier three-week low, but the yen remained on a downtrend, losing more grounds against the greenback at 119.59. Exporters were lower across the board; carmakers like Toyota Motor and Nissan sagged 1.9 and 2.3 percent each, while other blue-chips like Canon and Mitsubishi Electric eased 1.5 and 0.8 percent, respectively. Financials like Nomura Holdings and Sumitomo MitsuiFinancial Group were also more than 1 percent weaker.



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Posted in: Indian Market Tips