SMF Notes Asian Markets Close: Nikkei

-1.5%; Shanghai -0.6%; Hang Seng -2.7%; Sensex -1.7%
The major Asian markets were lower. China closed down (at a 33 month low) but had better than expected inflation figures, as the closely watched CPI figure mostly came in below expectations at +4.2%. Industrial production was weaker than expected. The Bank of Korea revised its 2011 growth outlook downward to 3.8% vs 4.3% prior and 2012 to +3.7 vs +4.6%. Japan finished lower, despite a better than expected Q3 GDP figure. Much of the focus of the night came out of the EU summit which finished its first day of conferences. Some highlights include: Not exploring 27 country treaty changes and agreement to explore a bilateral loan from the IMF and EU. Looking at currencies...the yuan closed little changed to 6.3641; the yen is unchanged at 77.64. In Japan, the Nikkei closed -1.5% lead by Toyota Motor, which finished down 1.7% after cutting its FY12 revenue forecast.

In Hong Kong, the Hang Seng closed down 2.7%. Tencent holdings closed down 3.6%. The Red Chip Index settled -2.3% while H-shares closed -3.2%...In China, the Shanghai Composite closed down, but outperformed the rest of the region. Property stocks were down as Evergrande RE closed down 4.4% and Country Garden Holdings finished -3.0%.

In India, the Sensex finished -1.7% today and down 3.7% for the week. Heavy-weight lead the index down Reliance Industries closing down 3% today.