Asian stock markets dropped to their lowest since last May on the back of disappointing news from Japan: Japanese exports in fact dropped for the third consecutive month in August (-5,8% year on year). Conversely, the New Zealand dollar gained ground thanks to higher-than-expected growth figures for the New Zealand economy.
The MSCI Asia Pacific index lost 0,4% as of 11:05 am in Tokyo. The Nikkei 225 Stock Average fell 0,4% after rising 1,2% the day before. The Shanghai Composite it contracted by 0,9%, while South Korea's Kospi slipped by 0,4%. Conversely, the so-called kiwi strengthened against the 16 major currencies after its economy showed growth of 0,6% in the second quarter. Zinc contracts lost 0,5% in London, while tin fell 1,2% and corn fell 0,6% in Chicago.
“We are very concerned about the global economy in the short term – explains Peter Elston, head of Asia-Pacific strategy at Aberdeen Asset Management – There are other elements of weakness around the corner. Caution is a must."
