Japan’s stocks fell,
with the Topix index extending its third weekly drop, after a report
showed the weakest growth in U.S. manufacturing since 2013. Steelmakers
and electronics manufacturers led declines.
The Topix slipped 0.7
percent to 1,433.36 as of 9:02 a.m. in Tokyo, heading for a weekly
decline of 1.4 percent. The Nikkei 225 Stock Average lost 0.8 percent to
17,588.24. The yen strengthened 0.1 percent to 119.84 per dollar. The
Institute for Supply Management’s factory index showed U.S.
manufacturing barely grew in September as a stronger dollar and
faltering overseas markets led to the slowest pace of orders since
November 2012. Data on jobs growth in the world’s biggest economy is due
Friday.
Bank of Japan
officials see little need for an immediate expansion of monetary
stimulus and would prefer to hold off to get a clearer picture of the
economic outlook, according to people familiar with their deliberations.
Board members who gather for a policy meeting next week want to observe
further economic data and developments in financial markets at home and
abroad, according to the people, who asked not to be named because
talks are private.
Source : Bloomberg
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