09 July 2012 06:25 [Source: ICIS news]
The China Shanghai Composite index was down 24.94 points or 1.12% at 2,198.64.
Regional bourses were tracking the market sell-off in the
The disappointing jobs data is the latest in a string of downbeat news that had investors worrying over the world economic prospects.
The country’s purchasing managers’ index (PMI) – a barometer of manufacturing activities – fell to 50.2% in June, barely above the 50% threshold that indicates expansion.
“The PMI fell further … signalling continued weaknesses in both external and domestic demand. In light of this, industrial production is projected to grow 10.0% year from 9.6% in May, substantially below 13.9% for 2011,” Singapore-based DBS Bank said.
“Poor industrial production growth is a prelude to slow export growth,” it said.
Demand for Asian goods is currently waning with the region’s major markets in the West still dealing with their own respective economic ills.
The eurozone is still grappling with its own debt crisis, while the
“The growth outlook [for
It forecasts a deceleration in
Japan, on the other hand, reported a 62.6% year on year decline in its May current account to yen (Y) 215.1bn ($2.7bn), with exports and imports registering almost the same growth of above 11%, official data showed.
The country’s exports totalled Y5,054bn in May, while imports stood at Y5,903bn, with the month’s trade deficit rising 10% to Y848.2bn, according to statistics from the Ministry of Finance.
($1 = €0.82 / $1 = Y79.74)
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections
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