Japan’s stocks fell, with the Topix index extending its third weekly drop, after a report showed the weakest growth in U.S. manufacturing since 2013. Steelmakers and electronics manufacturers led declines.
The Topix slipped 0.7 percent to 1,433.36 as of 9:02 a.m. in Tokyo, heading for a weekly decline of 1.4 percent. The Nikkei 225 Stock Average lost 0.8 percent to 17,588.24. The yen strengthened 0.1 percent to 119.84 per dollar. The Institute for Supply Management’s factory index showed U.S. manufacturing barely grew in September as a stronger dollar and faltering overseas markets led to the slowest pace of orders since November 2012. Data on jobs growth in the world’s biggest economy is due Friday.
Bank of Japan officials see little need for an immediate expansion of monetary stimulus and would prefer to hold off to get a clearer picture of the economic outlook, according to people familiar with their deliberations. Board members who gather for a policy meeting next week want to observe further economic data and developments in financial markets at home and abroad, according to the people, who asked not to be named because talks are private.
Source : Bloomberg