Asian stocks fell after a report showing economic growth in the US fuelled speculation the Federal Reserve could begin tapering its stimulus before the year is out.
An initial reading for US gross domestic product in the third quarter rose 2.8%, up from 2.5% in the second quarter and a forecast for growth of 2%.
Markets dragged following the release of the data, as it increased concern that the Fed might deem the economy has picked up enough to begin scaling back its monthly $85bn bond buying programme this year. However, many economists still think the Fed will hold off until March 2014.
Also to be had in account, the largest contribution to US growth in the third quarter came from a large increase in real private inventories.
Japan's Nikkei 225 finished down 1% as a stronger yen against the dollar weighed on exports.
The Hang Seng dropped 0.60% and the Shanghai Composite fell 0.80%.
On a more positive note for Asian markets, Chinese exports rose 5.6% in October from a year earlier, according to a report from the General Administration of Customs in Beijing.
It beat the consensus for 1.7% growth and September's unexpected decline of 0.3%.
Imports advanced 7.6%, leaving a trade surplus of $31.1bn, the biggest this year.
"Strong imports of industrial commodities last month suggest that China's investment led rebound was holding up relatively well early in Q4," said Capital Economics.
The import figures also point to resilient internal demand, Nomura chipped in.
"However, with policymakers again focussing on risks from excess credit, the rebound still seems unlikely to last. Meanwhile, stronger-than-expected exports in October add to positive signs from elsewhere in Asia about the state of global demand."
Meanwhile, this weekend will be the Third Plenary Session of the 18th Central Committee of the Communist Party of China, a closed meeting of 200 of China's top politicians.
The outcome of the meeting could play a significant part in shaping China's economy as reforms are expected to be announced to address the recent slowdown.
Source: LiveCharts
An initial reading for US gross domestic product in the third quarter rose 2.8%, up from 2.5% in the second quarter and a forecast for growth of 2%.
Markets dragged following the release of the data, as it increased concern that the Fed might deem the economy has picked up enough to begin scaling back its monthly $85bn bond buying programme this year. However, many economists still think the Fed will hold off until March 2014.
Also to be had in account, the largest contribution to US growth in the third quarter came from a large increase in real private inventories.
Japan's Nikkei 225 finished down 1% as a stronger yen against the dollar weighed on exports.
The Hang Seng dropped 0.60% and the Shanghai Composite fell 0.80%.
On a more positive note for Asian markets, Chinese exports rose 5.6% in October from a year earlier, according to a report from the General Administration of Customs in Beijing.
It beat the consensus for 1.7% growth and September's unexpected decline of 0.3%.
Imports advanced 7.6%, leaving a trade surplus of $31.1bn, the biggest this year.
"Strong imports of industrial commodities last month suggest that China's investment led rebound was holding up relatively well early in Q4," said Capital Economics.
The import figures also point to resilient internal demand, Nomura chipped in.
"However, with policymakers again focussing on risks from excess credit, the rebound still seems unlikely to last. Meanwhile, stronger-than-expected exports in October add to positive signs from elsewhere in Asia about the state of global demand."
Meanwhile, this weekend will be the Third Plenary Session of the 18th Central Committee of the Communist Party of China, a closed meeting of 200 of China's top politicians.
The outcome of the meeting could play a significant part in shaping China's economy as reforms are expected to be announced to address the recent slowdown.
Source: LiveCharts
