China’s Growth Woes Results in Decline of Asian Stocks

New York, March 21 (FinanceEnquiry.com) -  On Wednesday, Asian stock markets fell further due to China’s slow economic growth. Resources too under-performed across the region.

Japan’s Nikkei Stock Average slid 0.5%, Australia’s S&P/ASX 200 fell 0.4%, South Korea’s Kospi Composite skidded 0.7%, Hong Kong’s Hang Seng Index dropped 0.4%, China’s Shanghai Composite Index declined 0.5%, and India’s Sensex was flat. In Tokyo, Sumitomo Metal Mining fell 2.2%, whereas Posco lost 2.4% in Seoul. In Sydney, BHP Billiton skidded 1.7%, and Rio Tinto slipped 0.6%, while Angang Steel declined 1.6% in Hong Kong.

The Australian dollar was at US$1.0495 from US$1.0480 late Tuesday in New York, while the New Zealand dollar was at US$0.8190 from US$0.8172. The euro was at $1.3265 against the dollar, from $1.3226 late Tuesday in New York, and at Y111.01 against the yen, from Y110.70. The dollar was at Y83.68, from Y83.73. Spot gold was at $1,652.20 per troy ounce, up $1.40 from its New York settlement Tuesday.

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