Asian Stocks Tumble on Eurozone Recession and Apple Slowdown

Source: Bloomberg
Concerns about China's economic downtrend and Europe's debt crisis pressured Asian stocks to drop for a fourth day. Technology shares pulled back after Apple Inc. missed expected values in profits and sales. On Wednesday, the MSCI Asia Pacific Index (MXAP) tumbled 0.8% as Japan's Nikkei 225 Stock Average dropped 1%. South Korea's three-year note and Singapore's 10-year bond yields touched all-time lows.
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Wed, 25 Jul 2012 09:26:35 GMT

Japan Shows an Unexpected Trade Surplus

Drop in oil prices has resulted in the first decline in imports since 2009 for Japan. On Wednesday, Finance Ministry in Tokyo reported that imports decreased 2.2% from a previous year, as result a trade surplus amounted to 61.7 billion Yen ($789 million). The Yen rose to 78.10 versus the U.S. Dollar after the announcement.

Wed, 25 Jul 2012 07:27:35 GMT

Increased Chinese Steel Exports Pressure U.S. Sales

China, world's major steel producer, has raised its steel exports to the two-year high. Monthly shipments advanced to 8.7% from domestic output in June, while domestic market shows slight slowdown in prices. Chinese exports increase has direct negative impact on U.S. steel sales, for instance, Bloomberg Global Steel Producers index dropped 17%.

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