Asian Market Update: Strong Intel, CSX Earnings Fail to Reverse US Selloff in Asia; China Q1 GDP Rumored in 6.0-6.8% range v Consensus 6.2% Ahead of Official Report Tomorrow
15.04.2009 09:05 Wednesday Electronics Lead Decliners in Tokyo on Higher Yen, Poor US Retail Data; South Korea Loses 195K Jobs in March, 2009 Exports Target Cut; Sterling Outperforms Regional Majors as UK Housing Improves- Asian equity markets are down across the board, tracking renewed pessimism seen in today's Wall Street session. Sharp decline in US retail sales set the downward trading trajectory early, and neither statements by President Obama crafted to elucidate administration's progress on addressing the recession nor a quest to enhance Fed transparency communicated by Chairman Bernanke could reverse hints of a protracted profit-taking from runaway rally. After 1.5%-2.0% loss in US session on Tuesday, front-month S&P futures are pointing to another lower open with a 0.7% slide, all despite strong results from tech bellwether Intel and rail shipper CSX. In Asia, Nikkei225 is trading down to session lows coming out of mid-day break, falling over 1.5%. Korea's Kospi was off by over 2%, while S&P/ASX reversed its mid-session recovery, declining 0.2%
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