World Economy
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Asian Shares Mixed

Asian Shares MixedAsian Shares Mixed

US industrial production in September rose 1% and weekly jobless claims dropped to a 14-year low, easing fears of slowing growth.

Federal Reserve members also suggested the central bank could extend its bond-buying program to provide a boost, BBC reported.

Japanese shares closed at a five-month low as business confidence in October fell to its lowest in 18 months.

The Nikkei 225 was down 1.4% at 14,532.51, its worst closing figure since May.

The Reuters Tankan survey added to further evidence that policymakers in Japan might have to introduce more stimulus measures to boost the economy after a sales tax rise.

 Greater China Shares

Hong Kong shares made modest gains as upbeat US data was offset by continuing worries about the global economy.

The benchmark Hang Seng Index closed up 0.5% at 23,023.21 points.

In China, the Shanghai Composite closed down 0.6% at 2,341.43 points. Investors are waiting for third-quarter economic figures from China due next week. For the week, the benchmark Shanghai composite shed off 1% and that is the biggest weekly decline since the middle of June.

In Australia, shares on the benchmark S&P/ASX 200 ended the Friday session higher by 0.3% to close at 5,271.70.

Shares of the world’s biggest mining company, BHP Billiton, were up 0.2% after it announced that it would list a planned spin-off company in London next year, as well as in Australia and South Africa. The move was aimed at appeasing investors as it tries to focus on its most profitable operations.

In South Korea, shares closed lower, with the Kospi dipping below 1,900 in late trade for the first time since February.

The benchmark Kospi was down 1%, with shares of LG Display falling as much as 5% after the company said television sales were weak in the recent holiday season in China.

 European Shares

European shares bounced back on Friday, as a degree of calm returned to markets following a stormy selloff this week. The Stoxx Europe 600 index was 2.0% higher early in the afternoon.

Germany’s DAX was 2.0% higher, France’s CAC 40 rose 2.2% while the UK’s FTSE 100 added 1.1%, as European indexes took their cues from the previous session’s recovery on Wall Street. The S&P 500 extended gains in early trade on Friday, adding 0.6%.

Still, stocks in Europe remain nearly 2% lower this week following a brutal selloff sparked by growing fears over weak global growth andstagnation in the eurozone.

European shares bounced back on Friday, as a degree of calm returned to markets following a stormy selloff this week. The Stoxx Europe 600 index was 2.0% higher early in the afternoon.

Germany’s DAX was 2.0% higher, France’s CAC 40 rose 2.2% while the U.K.’s FTSE 100 added 1.1%, as European indexes took their cues from the previous session’s recovery on Wall Street. The S&P 500 extended gains in early trade on Friday, adding 0.6%.

Still, stocks in Europe remain nearly 2% lower this week following a brutal selloff sparked by growing fears over weak global growth and stagnation in the eurozone.

 

Financialtribune.com