Asian
shares slipped on Monday as China tightened its grip on the property
sector. Beijing increased Friday required down payments and loan rates
for buyers for second homes in cities where prices have been quickly
increasing in an effort to contain housing costs. This had immediately
a negative effect on the Chinese markets and led to a tumble in Asia.
The MSCI-index for ASIA-Pacific shares are 1,3 % down after Shanghai
shares slipped 2,3 %.
Slower growth in Chinese
increasingly important services sector had also an impact. The growth in
this sector was slower than in five months, reinforcing the view that
the Chinese recovery remains modest. The slower Chinese growth had an
immediate effect on Australia where the AXJO index fell 1.2 %. Japan was
the only positive spot. The Nikkei 225rose 0,6 % as the sole gainer in
the region. Export companies were boosted by a weaker yen and
surprisingly strong US manufacturing and consumer sentiment.
The
new Governor of Bank of Japan (BOJ) stated that BOJ is ready to take
whatever measures necessary to get Japan out of the vicious deflation
circle. USD/JPY trades at 93,33. In spite of its budget problems USD is
trading on a six months high against a basket of currencies. Currency
speculators have over the last week increased their bets in favour of
the US dollar.
Evidence of Europe’s problem with Spain at
risk needing a state bailout is weighing in on the Euro. Data presented
on Friday showed that Germany and Ireland are the only Euro zone
members with factory output growth last month. Joblessness within the
Euro zone rose to an all-time high. The Euro steadied at 1.3015 after
slipping to a low of 1.2966 on Friday, the lowest level seen in 3
months.
Concerns about the negative impact from the USA
spending cuts also weighed in on US crude which is down to USD 90.59 a
barrel. Brent is trading at 110,50. Gold and silver prices are hurt by
the strong dollar.
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