Suspect charged after Vancouver car ramming leaves 11 dead    Suspect in killing of general claims he was paid by Ukraine    North Korea confirms troop deployment to Russia for first time    Rock & Roll Hall of Fame picks Outkast but not Oasis    400-800 year old giant coral colony discovered within AMAALA waters in the Red Sea    Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025    Council of Senior Scholars reaffirms performing Hajj without a permit is a sinful act    HR Ministry launches 'Ajeer Al-Hajj' service for seasonal work during Hajj 2025    stc reports strong first-quarter 2025 results with 11% rise in net profit    King and Crown Prince offer condolence to Iranian president over the deadly port explosion    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asia stocks sink as Fed hints at stimulus phaseout
Published in Saudi Press Agency on 22 - 08 - 2013

Asian stock markets fell Thursday after the Federal Reserve made it known that its top officials were leaning toward phasing out its massive stimulus program, AP reported.
The Fed released minutes of its July policy meeting Wednesday that showed most members want to slow down the pace of a massive bond-buying program. The U.S. central bank has been purchasing $85 billion of financial assets a month, which was intended to push down interest rates and spur borrowing and growth.
However, U.S. economic data in recent months has been strong enough to stir some Fed officials to call for a winding down of the asset purchases. That has sparked a sell-off in stock markets, which had been pumped up by the low interest rate policy, with some weaker Asian economies such as India and Indonesia particularly hard hit. India's rupee continued to post fresh record lows, with the dollar buying more than 65 rupees Thursday.
Japan's Nikkei 225 index fell 0.2 percent to 13,403.59. Hong Kong's Hang Seng index dropped 0.7 percent to 21,667.34. South Korea's Kospi lost 1 percent to 1,849.82. Australia's S&P/ASX 200 shed 0.6 percent to 5,071.90.
The benchmark index in the Philippines sank 6.1 percent, catching up with earlier losses in regional markets after being closed due to flooding that submerged large parts of the capital Manila.
Stocks in mainland China rose after a private manufacturing survey showed an unexpected growth spurt in factory output there. HSBC Corp. said the preliminary version of its monthly purchasing managers' index for August rose to 50.1 from July's 47.7. Numbers above 50 indicate an expansion in activity.
In currencies, the euro rose to $1.3343 from $1.3342 late Wednesday. The dollar rose to 98.20 yen from 97.76 yen.


Clic here to read the story from its source.