Most Asian squares stopped running today. In particular, we note a sharp slowdown in Japanese stocks on a day when the yen regained strength and the drop in crude oil prices weighed on the performance of energy stocks. About three stocks fell for every two gains in the MSCI Asia Pacific Index, which changed little at 141.34 as of 9:03am in Tokyo. The Standard & Poor's 500 had grown by 0,3% yesterday on the eve of Thanksgiving Day, a traditional American holiday.
"Things continue to look good for most economies over the medium term, but growth is generally slower," said Angus Gluskie, managing director of White Funds Management in Sydney. “You have to be in the markets, but you can't expect spectacular returns”.
The Japanese Topix slid 0,3%, while the yen strengthened for the third consecutive day to settle at 117.64 to the dollar. South Korea's Kospi rose 0,5% and Australia's S&P/ASX 200 rose 0,2%. New Zealand's NZX 50 slipped 0,1 percent before markets opened in Hong Kong and China.
The benchmark for Asia-Pacific has rebounded by 5,7% since last October 17 thanks to the stimulus measures introduced by the Japanese central bank. Meanwhile, the ECB and the Chinese central bank have also announced interventions. Finally, US consumer confidence rose to a seven-year high in November on the eve of the holiday season that traditionally leads to an increase in consumption.
