Asian Stocks Open Lower as the U.S. Markets are Closed On Thanksgiving Day

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Asian Stocks Open Lower as the U.S. Markets are Closed On Thanksgiving Day
Asian Stocks Open Lower as the U.S. Markets are Closed On Thanksgiving Day

Asian Stocks Open Lower as the U.S. Markets are Closed On Thanksgiving Day

A celebration in the U.S. slowed down Asian stock markets today. Whereas Japan’s Nikkei 225, tumbled 0.8 percent to 15,607.75 after gaining strongly on Thursday, other regional stocks markets like Hong Kong and Taipei rose. However, there was lower tendency in the benchmarks in China, South Korea, Australia and New Zealand as stocks declined to a great extent.

Till the last reports coming, Hong Kong’s Hang Seng index added 0.3 percent to 23,864.08 and fared comparatively better. Similarly, following the trend Taiwan’s Taiex rose 0.4 percent to 8,400.03. The two regional economic powers Taiwan and Hong Kong have been doing on and off this week so far.

The stock market of the regional economic power house of India also experienced a better performance today as its Sensex gained 1.2 percent to 20,771.18. However, there was little change in China’s benchmark Shanghai Composite Index as there was slight movement in its index and it closed at 2,219.97.

Whereas Seoul’s Kospi lost 0.3 percent to 2,039.63, it was not a good trading day at Sydney’s S&P/ASX 200 as it slid 0.2 percent at 5,321.3. The downturn trend was followed by other regional stocks in New Zealand, Singapore and Manila. The observers who have been looking at the Asian market believe that traders were looking ahead to inflation data which slid to an extent.

European Stocks Little Changed

Earlier yesterday, there was little to no change in European stocks; however, they heading for a third month of gains as according to observers, investors awaited a report on unemployment in the euro area which is going to be positive. Nonetheless, U.S. index futures are rising and so are Asian shares.

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Whereas Banca Monte dei Paschi di Siena SpA experienced a growth of 1.8 percent, Speedy Hire Plc, a U.K. construction-equipment leasing company was down to the extent that it has slipped to the levels of 2009. The trend was followed by the indexes as the Stoxx Europe 600 Index was unchanged at 325.18 as of 8:52 a.m. in London.

S&P Raises Its Outlook for Spain

In a development, S&P raised its outlook for Spain’s debt to stable from negative; thus, now it has reduced the likelihood that the ratings company will cut the Mediterranean nation’s rating to junk. In fact, in the latest report S&P affirmed Spain at BBB- which is considered the lowest investment grade. However, the ratings for Cyprus to B- went up from CCC+.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com