Asian stocks lower as yen moves higher, January 17 2013

asian_stocks
Asian stocks lower

Most Asian stocks moved down today, marking that a second consecutive day of losses is near as USDJPY changed its course from gains seen earlier in the session. Besides, market participants had to cope with a flow of disappointing Australian employment data.

Hong Kong’s Hang Seng decreased with 0.37% while the Shanghai Composite changed with 1.11%. Traders acted considerably with Chinese equities among flow of economic data due out of the world’s second-largest economy on Friday.

On Friday, China is expected to deliver fourth-quarter GDP, December industrial output, retail sales and home price data.

Australia’s S&P/ASX 200 Index rose to 0.5% even after the Australian Bureau of Statistics announced that the Australian employment change moved down to negative 5,500 compared to 13,900 in November. Experts had prognosis that Australian employment change to increase by 4,500 last month.

Besides, the country’s unemployment rate moved higher last month. The Australian Bureau of Statistics announced that Australian unemployment rate increased to 5.4% in December and that the November reading was changed higher to 5.3% from 5.2%. Experts had prognosis for a December reading of 5.4%.

These data hampered AUDUSD and NZDUSD and came after the World Bank unveiled a lower 2013 global growth prognosis from yesterday, pointing it expects increase of 2.4%, down from a prior forecast of 3%.

In that report, the World Bank referred to a slow growth in developed markets as one reason for the downward revision. The U.S., Eurozone, Japan, Australia and New Zealand are defined as developed markets.

At the same time, New Zealand’s NZSE 50 added 0.66% while South Korea’s Kospi went down with 0.46%. Singapore’s Straits Times Index decreased 0.31% and S&P 500 futures moved down with 0.23%.

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