Space For Rent

Space For Rent
Friday, March 27, 2015, Chaitra 13, 1421 BS, Jamadius Sani 5, 1436 Hijr

Asian markets end lower on US data
Published : Friday, 27 March, 2015,  Time : 12:00 AM,  View Count : 17

HONG KONG, March 26, 2015 (AFP) - Asian markets mostly wound back today, in line with a hefty sell-off on Wall Street, after surprisingly weak US data hinted at ongoing weakness in the world's number one economy.
The euro maintained its recent strength against the dollar and yen, boosted by receding expectations of an early US rate hike and upbeat indicators out of the eurozone.
Oil prices also enjoyed support from concerns about unrest in the crude-rich Middle East following news that Saudi Arabian jets had struck rebel positions in neighbouring Yemen.
Tokyo tumbled 1.39 percent, or 275.08 points, to 19,471.12 after earlier this week touching a 15-year high, while Sydney sank 1.58 percent, or 94.22 points, to close at 5,879.1 and Seoul fell 0.99 percent, or 20.25 points, to 2,022.56.
In late trade Hong Kong was marginally lower but Shanghai climbed 0.49 percent, having fallen Wednesday for the first time in 11 sessions.
US investors ran for the sidelines Wednesday after the Commerce Department said durable goods orders fell in February after January's gain.
While the news will likely put back the Federal Reserve's timeline on when to raise interest rates, it was taken Wednesday by investors as a sign of weakness, fuelling fears about the global outlook.
The Nasdaq fell 2.37 percent, the Dow tumbled 1.62 percent and the S&P 500 gave up 1.46 percent.
"Wall Street is struggling to add to its recent record high and it looks like the upward momentum is starting to show signs of fatigue," Matthew Sherwood, head of investment markets research in Sydney at Perpetual Ltd., told Bloomberg News.
"Asia has an advantage over the US as Asia has cheaper valuations. What's weighing on Asia is the performance of the Chinese economy, which is facing some growth roadblocks."

Editor : Iqbal Sobhan Chowdhury
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