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Asian and European indexes retreat on Tuesday as traders reap profits.

News Date: 6/10/2015 03:49:50
Update Date: 6/10/2015 04:05:18
 

Asian and European shares were sold on Tuesday after a week-long bull run as traders close positions to take profits.

 

The Japanese Nikkei 225 index is down 1.32% at 18110 as of 7:03 GMT, the Bank of Japan is holding its two day policy meeting and is expected not to ease the policy further, hoping that consolidating jobs market would push wages and inflation higher on its own.

 

Australian index S&P\ASX 200 is down 0.88% at 5178, Australia's central bank kept rates on hold in its last meeting.

 

It was announced earlier that a free trade agreement between 12 countries on the Pacific Rim was reached, it will cover 40 % of the world's economy including most east Asia's major economies excluding China, it's not possible to measure the effects of the deal till it takes hold, traders are taking the news positively, viewing the deal as a way to rekindle Asian trade growth after a China-led contraction in recent months.

 

Chinese markets are closed for a holiday, the Chinese trade ministry announced that it welcomes the deal and hopes it leads to more growth in Asia, the Malaysian delegate said the deal is open to other countries in the future , including China.

 

European indexes opened lower on Tuesday, with the British FTSE100 down 0.85%, at 6284, the German DAX index down 1.10% at 9760, the French CAC40 down 0.77% at 4616.

 

The German factory orders report came out earlier with a disappointing 1.8% contraction m\m in the orders, against a forecast of 0.5% growth, enhancing worries about sputtering German exports that were intensified after the Volkswagen scandal earlier in the month, last months report also showed a contraction of 2.2%.

 

For Britain, Halifax bank of Scotland's report about home prices (HPI) also came out, showing month-on-month deflation of 0.9%, against a forecast of 0.1% inflation, raising more concerns about deflationary pressures in U.K. and pushing bets on the timing of a Bank of England rate rise further away.

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