Asian Markets Open Lower After Assessing Japan Spending Data
Asia-Pacific markets open mostly lower Friday after Wall Street saw the Dow Jones Industrial Average drop more than 200 points and S&P 500 retreat from a record high.
Traders in Asia assessed household spending data out of Japan. Spending grew 2.9% in October compared to the previous month, beating expectations of a 0.4% growth by economists polled by Reuters. Year-over-year, household spending fell 1.3% in October, less than an expected 2.6%.
India’s central bank will announce its interest rate decision Friday. The Reserve Bank of India is expected to hold its key policy rate at 6.50% after the country’s retail inflation surged to a 14-month high in October.
Japan’s Nikkei 225
fell 0.5% on open, while the Topix lost 0.4%.
South Korea’s Kospi was up 0.7%, while the Kosdaq was down 1.2%.
Australia’s S&P/ASX 200 was 0.26% lower.
Source: CNBC
