The Asian market is down all round.The Chinese shadow banking is back in the news as one more another trust-product default triggered concerns about the financial stress in China's shadow-banking sector. Chinese banks retreated, as China Construction Bank Corp.sank 1.7%. A high-yield investment product distributed by China Construction Bank failed to repay investors, as the Shanxi-based coal company that raised funds through the sale of the product petitioned for debt restructuring, the state-run Shanghai Securities Journal reported Wednesday .The Hang seng and the shanghai composite are down
In Australia the drop in employment in January, which the Australian Bureau of Statistics reported that the jobless rate rose to 6% from 5.8% the previous month. The number of employed persons fell by 3,700 to 11.46 million, while a Dow Jones Newswires survey of economists had expected a net gain of 15,000 employed and a jobless rate of 5.9%. The Australian dollar fell sharply on the result to 89.45 U.S. cents from around 90 U.S. cents just ahead of the report. Stocks pared their opening gain, trading 0.1% higher compared to 0.4% higher earlier.
The Japanese stocks declined as trading started on Thursday, with the export-heavy market feeling the weight of the yen as it held to recent gains against the U.S. dollar.A strong yen makes the stocks go south.
In Australia the drop in employment in January, which the Australian Bureau of Statistics reported that the jobless rate rose to 6% from 5.8% the previous month. The number of employed persons fell by 3,700 to 11.46 million, while a Dow Jones Newswires survey of economists had expected a net gain of 15,000 employed and a jobless rate of 5.9%. The Australian dollar fell sharply on the result to 89.45 U.S. cents from around 90 U.S. cents just ahead of the report. Stocks pared their opening gain, trading 0.1% higher compared to 0.4% higher earlier.
The Japanese stocks declined as trading started on Thursday, with the export-heavy market feeling the weight of the yen as it held to recent gains against the U.S. dollar.A strong yen makes the stocks go south.