Market Report – Shares Weaker on Japan GDP

In today’s market report… Asian stock markets fell sharply in early trade Monday, after a sharper-than-expected slowdown in Japan’s economy.

The Japanese economy grew just 0.4 percent between April and June, adding to ongoing fears about a faltering world recovery.

The figure was well below expectations, and sharply lower than the 4.4 percent growth in the first quarter of the year.

The numbers increased speculation of new stimulus measures or measures to stop the increasing value of the yen… ahead of an expected meeting between the Japanese prime minister and Bank of Japan governor later this week.

Hong Kong’s property stocks slumped on tighter lending rules, but the benchmark Hang Seng found support from a continuing rebound in Shanghai stocks. Banking and property stocks led gains on the Mainland.

Improving trade and economic ties boosted Taiwan’s tourism stocks, with Formosa Hotel shares at their highest in over two years.

Taiwan’s TAIEX ended 0.6 percent higher.

Australian wheat exporter AWB and gold miner Newcrest were bright spots in a mostly weak Sydney stock market.

AWB’s shares rose over 30 percent, after Canada’s Agrium offered a 37 percent premium for the company, while Newcrest jumped on record full year profits.

The benchmark All Ordinaries closed half-a-percent lower.

Foto: NTDTV