Australia | Mar 28 2013
Download related file: afternoon_report_2013-03-28
The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research
Japan leads Asia lower on BoJ disappointment
Asian stocks plummeted today, with Japan’s Nikkei leading losses as the Bank of Japan Governor Kuroda disappointed investors hoping for more stimulus measures to be implemented faster. China’s market also slumped today amid concerns that new wealth management rules will hurt bank earnings; financial companies traded 5.1% down today.
On the local market, meanwhile, industrials advanced 0.2% as BlueScope Steel ((BSL)) rallied 3.0% after it said Japan’s Nippon Steel & Sumitomo Metal Corporation has made the US$540 million payment needed to formalise their 50-50 joint venture in South East Asia and North America. Nufarm ((NUF)) fell as much as 15% to an 18-month low after the company said a dry, hot summer put a dent in earnings. Cyprus’ banks will reopen their doors tonight for the first time in almost two weeks, but with limits on cash withdrawals.
To read today's report in PDF in full, see link at the top of this story.
(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)
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