Asian Economic News
Asian Markets End In Negative Territory On Concerns About Global Economy
7/3/2009 6:53 AM ET
(RTTNews) -
Asian markets ended in negative territory on Friday following losses in Wall Street, where the major indices ended sharply lower after the Labor Department released weaker job report for June, denting recovery hopes. Holiday in the U.S towards Independence Day and lack of trading cues characterized in thin volumes across the markets as traders preferred to stay on the sidelines on the last trading day of the week.. The market in India, however, ended in positive territory on expectations of a reform-oriented growth budget from a stronger Congress Government slated for release on the first day of next week.
In the U.S, disappointing employment data for June dragged the indices sharply lower amid fresh concerns about growth prospects. A Labor Department report showed that non-farm payroll employment fell by 467,000 jobs in June following a revised decrease of 322,000 jobs in May. Economists had expected a decrease of about 365,000 jobs compared to the loss of 345,000 jobs originally reported for the previous month. Amid the weak employment report, traders shrugged off a report from the Commerce Department showing that orders for manufactured goods rose 1.2% in May following a downwardly revised 0.5% increase in April. Economists had expected orders to rise 0.9% compared to the 0.7% increase originally reported for the previous month.
The Dow closed down by 223.32 points or 2.6% at 8,281, the Nasdaq fell by 49.20 points or 2.7% to 1,797, and the S&P 500 closed down 26.91 points or 2.9% at 896.ended in negative territory on Thursday as traders preferred to lock in gains ahead of key job report in the U.S.
The Nikkei 225 Average opened sharply lower at 9,751 compared to its previous close of 9,876, mirroring the losses on Wall Street, following weak jobs report. Thin volume trading as the U.S markets are closed for a holiday, lack of trading cues and concerns about recovery kept the index in the negative territory throughout the session. The index ended at 9,816, representing a loss of 60.08 points, or 0.61%. The broader Topix Index of all first section issues down 3.40 points, or 0.37% percent, to 921.
Light sweet crude for August delivery ended at $66.79, up 6 cents in the Asian session after ending Thursday's volatile session in New York at $66.73, representing a loss of $2.58 a barrel amid concerns about the recovery after weak jobs report.
Retailer Seven & I dropped 5% following 28% drop in earnings for the latest quarter. Clothing retailer, Fast Retailing Co., lost 2.9% after recording lower customer spending during June. Department store operator Isetan Mitsukoshi Holdings Ltd. Plunged 4.9%.
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