Hong Kong Springs a Leak - InvestingChannel

Hong Kong Springs a Leak

In Japan, the Nikkei 225 index gained 395.2 points, or 1 %, to 38,937.54.

Other Asia-Pacific markets mostly fell on Tuesday, with investors watching August pay and spending data out from Japan.

Household spending in Japan fell 1.9% year-on-year in August in real terms, a softer fall compared to the 2.6% decline expected by a Reuters poll of economists.

The drop is the fastest pace of decline since January, which saw a 6.3% fall year-on-year. That decline also came before spring wage negotiations delivered the largest pay hikes to unionized Japanese workers in 33 years.

However, real wages rose in August, with data from the country’s statistics bureau indicating that wages climbed 2% to an average of 574,334 yen ($3,877.44 U.S.).

In Hong Kong, the Hang Seng cratered 2,172.99 points, or 1.6%, to 20,926.79.

South Korea’s Kospi slipped 0.61% to close at 2,594.36, dragged by shares of heavyweight Samsung Electronics after it released worse-than-expected third-quarter guidance.

CHINA

The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus.

Markets in Shanghai returned to trading after the Golden Week holidays, with a leap of 238.25 points, or 5.9%, to 4,256.10.

In other markets

In Korea, the Kospi index subtracted 16.02 points, or 0.6%, to 2,594.36.

In Taiwan, the Taiex index fell 91.17 points, or 0.4%, to 22,611.39

In Singapore, the Straits Times Index faded 23.5 points, or 0.7%, to 3,575.69.

In New Zealand, the NZX 50 skidded 40.88 points, or 0.3%, to 12,555.99.

In Australia, the ASX 200 slid 28.45 points, or 0.4%, to 8,176.95.

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