Asian stocks fell for the second day. To weigh, the bad news on the front of the Chinese real estate market and the political instability of the area. On the currency front, the Malaysian ringgit increased (+0,5%) on the news that the country's economy grew more than expected. Nickel extended gains (+1,1%) after slipping 4,4% last week on fresh market concerns over the supply of the precious commodity.
Recent data indicates that China's housing market continues to decline: prices in 44 cities (out of 70) have risen by the smallest percentage compared to the last year and a half. In Beijing, prices increased by only 0,1% compared to March, realizing the worst performance since September 2012. Bad news also comes from Vietnam, where Beijing plans to evacuate its citizens to save them from street protests and attacks on plants Chinese industrialists due to the construction of a controversial oil platform in disputed territorial waters.
Finally, Thailand is expected to report the first economic contraction in four quarters in a dangerous period of power vacuum. In contrast, it was said, Malaysia reported the best performance of the last five quarters.
"Chinese real estate data continues to deteriorate," said Sharon Zollner, senior economist at ANZ Bank New Zealand. "The cooling of real estate was on the government agenda, but now there is a risk that it will go beyond the intentions". Japan's Nikkei 225 Stock Average was up 0,1% during the morning, while the Topix measure fell 0,25 after a long swing. The Nikkei 225 lost 0,7% in the five days to May 16 and the Topix fell 0,7% over the same period.
