Asia stocks fall after US shows 4Q contraction
Asia stocks fall after U.S. shows 4Q contraction
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AP
People walk past an electronic stock indicator in Tokyo. File photo
An unexpected contraction in the U.S. economy at the end of 2012 sent Asian stock markets into retreat on Thursday.
The U.S. economy shrank in the fourth quarter for the first time since
mid-2009, hurt by big cuts in defense spending, falling exports and
sluggish growth in company stockpiles, the government reported on
Wednesday. That put the brakes on a Wall Street rally that had pushed
the Dow to near-record highs.
“The market has been looking for any excuse to pull back after such an
epic month and has taken this news as the main lead for the day,” said
Evan Lucas of IG Markets in Melbourne in an email commentary.
The Nikkei 225 in Tokyo fell 0.5 per cent to 11,063.90 after the
government reported lower—than—expected growth in December’s industrial
production. Output climbed a seasonally adjusted 2.5 per cent from
November but most analysts had forecast an improvement of more than 4
per cent.
In a statement released after a two-day policy meeting, the U.S. Federal
Reserve acknowledged that the economy is still struggling to regain
momentum. The central bank said that growth had “paused in recent
months,” and while it was taking no new action, it would keep buying $85
billion of bonds a month.
With the Fed meeting behind them, traders and investors will now turn
their focus back to company earnings and Friday’s nonfarm employment
report.
The Dow closed down 0.3 per cent at 13,910.42 on Wednesday after the
government reported that the economy shrank an annualized 0.1 per cent
in the October-December quarter of 2012. It grew 3.1 per cent the
July-September quarter. The Standard & Poor’s 500 fell 0.4 per cent
to 1,501.96. The Nasdaq composite index fell 0.4 per cent to 3,142.31
Benchmark oil for March delivery was up 5 cents to $97.99 per barrel in
electronic trading on the New York Mercantile Exchange. The contract
rose 37 cents to finish at $97.94 per barrel on the New York Mercantile
Exchange
In currencies, the euro slipped slightly to $1.3566 from $1.3567 late
Wednesday in New York. The dollar fell to 91.05 yen from 91.20 yen.
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