Japanese stocks fell,
after the Topix index posted its steepest monthly gain since April 2013,
as a China factory gauge signaled a third month of contraction.
Non-ferrous metal producers led declines.
The Topix retreated
1.2 percent to 1,538.97 as of 9:00 a.m. in Tokyo, after surging 10
percent last month. The Nikkei 225 Stock Average lost 1.3 percent to
18,844.69 on Monday. The yen traded at 120.51 per dollar, strengthening
for a second day after the Bank of Japan held off from adding to
monetary easing on Friday. China’s official factory gauge -- the first
key economic indicator for this quarter -- came in at 49.8 in October,
missing economists’ estimates and holding below 50, the line between
expansion and contraction.
China’s official
non-manufacturing purchasing managers index, a barometer of services and
construction, fell to 53.1 from 53.4 in September, the weakest since
December 2008.
E-mini futures on the
Standard & Poor’s 500 Index slipped 0.2 percent after the underlying
measure fell 0.5 percent on Friday, closing out October with an 8.3
percent gain, the best month in four years. The Stoxx Europe 600 Index
advanced 8 percent, its biggest monthly rally since July 2009.
Source: Bloomberg
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