Following dismal data from South Korea (industrial production plunged most since 2008), Japan (household spending missed again and dropped 4.7% YoY), and China (HSBC Manufacturing PMI missed for the 11th month in a row and dropped to 50.2 - barely expansion), and Hong Kong's ongoing protests, Asian stocks are all down hard. Japan's Nikkei 225 is 300 points off Friday's highs (ignoring USDJPY's relative weakness), South Korea's KOSPI is holding at 10-week lows, and Hong Kong's Hang Seng is back under 23,000 at 4-month lows (negative year-to-date), and the China Enterprise Index is down at 2-month lows (negative year-to-date). For now the Shanghai Composite is modestly lower (but up 15% in Q3 following QE-lite) and the broader MSCI Asia-Pac is down around 1% to unchanged for 2014.
South Korean Industrial Production... ugly...
[6]
Japanese Household Spending... ugly...
[7]
Despite record credit injections, China PMI... verging on ugly...
[8]
And the response... Nikkei is tumbling...
[9]
Hong Kong is plunging...
[10]
China Enterprises (high beta China growth) is tumbling...
[11]
The Shanghai Composite is down modestly, holding the quarter's QE-driven gains for now...
[12]
But the broad MSCI Asia-Pac is down, back to unchanged year-to-date...
[13]
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Must be time for some random Abe comments about GPIF reform or China to mention mini-stimulus...
