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SMF Notes Asian Markets Close: Nikkei -1.9%, Hang Seng -0.7%, Shanghai -1.6%, Sensex +0.6%
Asian markets closed mostly lower on European debt fears, and the possibility that a rate hike in China could slow the region's growth. China 's State Council announced it would announce new measures to control price speculation, leading many to believe an interest rate hike may soon be in the cards. The Shanghai Composite ended trading at a seven-week low. India announced Q2 GDP registered 8.9%, better than the year ago 8.7%. Looking at the currencies...the yuan closed weaker at 6.6673 while the yen is stronger to 83.80. In Japan , the Nikkei closed -1.9% as weakness in consumer discretionary (-2.3%), materials (-2.1%), and IT (-1.9%) weighed on the index. Honda Motor fell 2.7% as 213 of 225 stocks in the index ended the day lower.
In Hong Kong , the Hang Seng finished -0.7% on weakness in consumer staples (-1.9%), materials (-1.6%), and industrials (-1.5%). HSBC fell 1.4% on worries of a rate hike in China . IT (+0.4%) was the only sector to finish the day in positive territory.
In China , the Shanghai Composite finished -1.6% as consumer staples (-3.6%), health care (-3.3%), and IT (-2.6%) all saw heavy losses. Spirit maker Kweichow Moutai plunged 5.4% but still gained 25% over the course of November. Within the index 777 of 921 stocks closed lower, and every sector finished in negative territory.
In India , the Sensex settled +0.6% following the better-than-expected Q2 GDP reading. Bharti Airtel gained 6.5% on a broker upgrade and propelled the telecom sector to a gain of 5.8%. Other sectors seeing strong gains were health care and consumer staples, both of which gained 1.5%.
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