"Japanese index futures fell while Australian stocks followed U.S. equities lower amid signs of slowing factory output in the world’s largest economies. Crude oil dropped before a report on American supplies as silver extended declines and gold held near a one-month low.
Nikkei 225 Stock Average futures lost 0.7 percent to 14,300 in the Osaka pre-market as Australia’s S&P/ASX 200 Index slipped 0.5 percent, snapping a two-day advance. Standard & Poor’s 500 Index (SPX) futures rose 0.1 percent by 8:21 a.m. in Tokyo after the gauge fell 0.5 percent in the U.S. Crude in New York dropped 0.2 percent. Silver declined a second day with gold trading steady after yesterday’s 1.9 percent slide. Indian rupee forwards climbed after the currency reached a two-week high".
"The Markit Economics preliminary index of U.S. manufacturing dropped to 55.5 from March from 57.1 in February, the London-based company said today. Readings above 50 indicate expansion. While it was the second-highest reading since January 2013, the March index level trailed the 56.5 median of 19 economists’ estimates compiled by Bloomberg".
Signs of faltering factory output in the world’s two biggest economies come as U.S. policy makers reign in stimulus and as Chinese lawmakers pledge to maintain growth while curbing shadow banking and credit expansion. The MSCI All-Country World Index fell 0.3 percent to a one-week low after reaching a more-than six-year high earlier in the month.
"Futures on on South Korea’s Kospi Index (KOSPI) fell 0.2 percent in most recent trading, while Hang Seng Index contracts declined 0.5 percent. Futures on the Hang Seng China Enterprises Index of mainland Chinese stocks listed in Hong Kong retreated 0.7 percent. The Bloomberg China-US Equity Index of the most-traded Chinese shares in New York gained 0.6 percent.
The MSCI Asia Pacific Index advanced 1.2 percent yesterday as the surprise drop in the HSBC Holdings Plc/ Markit Economics China manufacturing purchasing managers’ index ignited speculation the government will take steps to support economic growth. A gauge of emerging-market stocks added 1 percent in a second day of gains.
The yen was little changed for a fourth day, gaining less than 0.1 percent to 102.22 per dollar and holding steady at 141.44 per euro. The Australian dollar was little changed at 91.31 U.S. cents following yesterday’s climb of as much as 0.8 percent to the highest intraday level since December".
Source: Bloomberg
