Asia-Pacific stocks fall as China's retail sales data disappoints; casino stocks in Hong Kong plunge

This post was originally published on link to post

  • Asia-Pacific stocks were lower in Wednesday trade.
  • Hong Kong’s Hang Seng index dropped 1.44%. Casino stocks listed in the city plunged amid fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Wynn Macau and Sands China both plummeted more than 24% each, while Galaxy Entertainment Group dropped around 17%.
  • Data released Wednesday showed China’s retail sales growing at a much lower pace than expected in August. The retail sales print for the month grew 2.5%, against a 7% growth forecast by analysts polled by Reuters.

SINGAPORE — Shares in Asia-Pacific were largely lower in Wednesday trade, as investors reacted to the release of Chinese economic data.

Hong Kong’s Hang Seng index dropped 0.99%.

Casino stocks listed in the city plunged amid fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Wynn Macau and Sands China both plummeted more than 24% each, while Galaxy Entertainment Group dropped around 17%.

Mainland Chinese stocks were mixed, with the Shanghai composite up 0.31% while the Shenzhen component shed 0.239%.

Data released Wednesday showed China’s retail sales growing at a much lower pace than expected in August. The retail sales print for the month grew 2.5%, against a 7% growth forecast by analysts polled by Reuters.






© Provided by CNBC


The Nikkei 225 in Japan declined 0.56% while the Topix index slipped 1.13%. South Korea’s Kospi edged 0.33% higher.

Load Error

In Australia, the S&P/ASX 200 fell 0.27%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.49% lower.

Overnight on Wall Street, the Dow Jones Industrial Average dropped 292.06 points to 34,577.57 while the S&P 500 declined 0.57% to 4,443.05. The Nasdaq Composite shed 0.45% to 15,037.76. The losses stateside came despite an inflation reading for August that was weaker than expected.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.627 following its recent decline from levels above 92.7.

The Japanese yen traded at 109.61 per dollar, having strengthened yesterday from around 110.1 against the greenback. The Australian dollar changed hands at $0.732, still struggling to recover after last week’s decline from above $0.74.

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.6% to $74.04 per barrel. U.S. crude futures advanced 0.58% to $70.87 per barrel.

Continue Reading