Nikkei Touches 2 Year Low As Global Stocks Tumble

Asian shares were lower on Thursday after Wall Street tumbled as disappointing US economic data fuelled growth concerns.

Data from the US showed retail sales and producer prices both fell in September, dimming expectations of an interest rate hike by the central bank.

The S&P 500 fell as much as 3%, briefly turning negative for the year, before closing down 0.8%.

Japan’s shares fell more than 2% to a four-and-a-half-month low.

The Nikkei 225 closed down 2.2% at 14,738.38, while the US dollar was at 106.20 yen.

Among the losers were shares of Toyota, down almost 2% after the automaker issued a recall of 1.75 million vehicles on Wednesday.

Hong Kong shares closed down by 1% to 22,900.94 points.

On the mainland, the Shanghai Composite gave up 17 points at the end of the trading session, to close at 2,356.50 points. That followed data showing that the rate of inflation in September had eased, adding to evidence of a slowing economy.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza