Asian stocks fell, dragging the MSCI Asia-Pacific Index to its fourth weekly decline in five, as weaker manufacturing growth in the US, Europe and China added to signs global economic recovery is faltering.
The MSCI Asia-Pacific Index fell 3.4 percent to 111.70. The gauge has slumped 7.3 percent this year amid concerns Europe’s debt crisis and Chinese steps to curb property prices will hurt global growth.
The Shanghai Composite Index declined 6.7 percent, the biggest decline among benchmark indices in the Asia-Pacific after the New York-based Conference Board revised down an estimate for China’s growth and the country’s manufacturing expanded at a slower-than-expected pace.
China’s manufacturing growth slowed more than economists forecast last month, data released on Thursday showed. The Conference Board on June 29 corrected down its April gauge for China’s economic outlook due to a calculation error.
Goldman Sachs Group Inc on Friday cut its real GDP growth forecast for China this year to 10.1 percent from 11.4 percent, joining BNP Paribas, Macquarie Securities Ltd and China International Capital Corp in doing so.
Taiwan’s TAIEX closed up 1.05 percent on Friday on a technical rebound led by the financial sector, after a 3.3 percent fall posted in the previous three sessions amid concerns over the global economy, dealers said.
The TAIEX rose 76.68 points to 7,330.74, after moving between 7,285.01 and 7,378.77.
Hong Kong’s Hang Seng Index slipped 3.8 percent. Foxconn International Holdings Ltd (富士康控股), the world’s biggest contract maker of mobile phones, tumbled 13.3 percent after predicting a wider first-half loss.
Foxconn, controlled by Taiwan’s Hon Hai Precision Industry Co (鴻海精密), slumped 13.3 percent to HK$4.88, the third-biggest decline on the MSCI Asia-Pacific Index. The company said on June 29 its first-half loss would widen in part because of lower prices for its products and higher depreciation expenses.
Japan’s Nikkei 225 Stock Average lost 5.5 percent, after the yen strengthened for a fourth week, dragging shares of Japanese exporters such as Canon Inc and Sony Corp lower.
Other markets on Friday:
Manila fell 0.73 percent, or 24.28 points, from Thursday to 3,290.98, following Wall Street.
Wellington closed up 0.15 percent from Thursday in its first gain in seven trading days, although the mood remained cautious.
New Zealand’s benchmark NZX-50 index rose 4.29 points to 2,938.11.
Jakarta lost 2.69 points, or 0.09 percent, from Thursday to 2,871.55 as foreign funds sold select consumer and financial stocks after higher-than-expected inflation data for last month raised fears of a rate hike.
Mumbai fell 0.28 percent from Thursday as investors unwound positions ahead of the weekend, awaiting the US jobs data. The benchmark 30-share SENSEX index closed down 48.38 points at 17,460.95.
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LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique