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Nov. 17, 2014, 4:39 a.m. EST

Japanese stocks suffer as economy falls into recession

Hong Kong and Shanghai end lower as Stock Connect starts

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By Laura He, MarketWatch


Reuters
Japanese stocks came under pressure after a disappointing GDP report.

HONG KONG (MarketWatch) — Japanese stocks suffered their worst daily drop in more than three months, as the economy entered a recession unexpectedly in the third quarter.

The Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.89%  tumbled 3% to 16,973.80, posting its biggest daily percentage fall since early August. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.37%  slid 2.5%.

Meanwhile, the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0862%   rose versus the dollar, with the greenback buying ¥116.12 compared with ¥116.29 in the prior session.

Among market movers, life insurer Dai-Ichi Life Insurance Company, Ltd. /zigman2/quotes/208507587/delayed JP:8750 -0.85%   sank 4.8%, camera maker Olympus Corp. /zigman2/quotes/200860615/delayed JP:7733 +3.55%  slid 4.5%, electronic component maker TDK Corporation shredded /zigman2/quotes/208948266/delayed JP:6762 +1.80%  4.3%, and industrial-robot maker Fanuc Corporation /zigman2/quotes/202054799/delayed JP:6954 +0.15%  declined 4%.

In Hong Kong, the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.46%  ended with a 1.2% loss after five straight sessions of gains, as the long-awaited Hong Kong-Shanghai Stock Connect program, allowing direct trade between the two markets, officially started on the same day.

A day earlier, statistics from China’s top banking regulator showed that non-performing loans at banks was higher as of the end of September, marking a 12th consecutive quarter of rising bad loans. The non-performing-loan ratio climbed to 1.16%, marking the highest level in four years.

Chinese banks suffered broad-based declines, with China Citic Bank Corporation Ltd. /zigman2/quotes/205809997/delayed HK:998 +0.24%  skidding 4.1%, China Minsheng Banking Corp., Ltd. /zigman2/quotes/208095167/delayed HK:1988 +0.55%  falling 2.1%, and Bank of Communications Co., Ltd. /zigman2/quotes/203442771/delayed HK:3328 +0.97%  dropping 2%.

However, several local Hong Kong banks bucked the weaker trend, with BOC Hong Kong Holdings Ltd. [ /zigman2/quotes/200479222/delayed HK:2388 -0.18%  , the only clearing bank for yuan transactions in Hong Kong, edging 0.2% higher.

Over on the mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.32%  also gave up its initial advance and slipped 0.2%.

Other major Asian markets also closed lower, as Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.43%  lost 0.8%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.07%  dipped 0.1%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,400.70
+206.90 +0.89%
Volume: 0.00
Feb. 19, 2020 3:15p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,671.86
+6.15 +0.37%
Volume: 0.00
Feb. 19, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.2660
-0.0960 -0.0862%
Volume: 0.0000
Feb. 19, 2020 6:06p
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/zigman2/quotes/208507587/delayed
JP : Japan: Tokyo
¥ 1,631.00
-14.00 -0.85%
Volume: 2.96M
Feb. 19, 2020 3:00p
P/E Ratio
9.25
Dividend Yield
3.80%
Market Cap
¥1862.49 billion
Rev. per Employee
¥103.65M
loading...
/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,057.00
+70.50 +3.55%
Volume: 6.24M
Feb. 19, 2020 3:00p
P/E Ratio
44.39
Dividend Yield
0.49%
Market Cap
¥2553.79 billion
Rev. per Employee
¥22.14M
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/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 11,330.00
+200.00 +1.80%
Volume: 1.25M
Feb. 19, 2020 3:00p
P/E Ratio
15.40
Dividend Yield
1.59%
Market Cap
¥1405.84 billion
Rev. per Employee
¥13.41M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,355.00
+30.00 +0.15%
Volume: 626,700
Feb. 19, 2020 3:00p
P/E Ratio
47.89
Dividend Yield
N/A
Market Cap
¥3900.38 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,655.81
+125.61 +0.46%
Volume: 1.47M
Feb. 19, 2020 4:08p
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/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 4.21
+0.01 +0.24%
Volume: 17.96M
Feb. 19, 2020 4:08p
P/E Ratio
4.24
Dividend Yield
6.22%
Market Cap
HK$205.53 billion
Rev. per Employee
HK$6.26M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 5.51
+0.03 +0.55%
Volume: 10.18M
Feb. 19, 2020 4:08p
P/E Ratio
3.97
Dividend Yield
7.14%
Market Cap
HK$239.93 billion
Rev. per Employee
HK$6.25M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.21
+0.05 +0.97%
Volume: 20.78M
Feb. 19, 2020 4:08p
P/E Ratio
4.43
Dividend Yield
6.54%
Market Cap
HK$383.20 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/200479222/delayed
HK : Hong Kong
HK$ 27.60
-0.05 -0.18%
Volume: 10.10M
Feb. 19, 2020 4:08p
P/E Ratio
9.20
Dividend Yield
5.32%
Market Cap
HK$292.34 billion
Rev. per Employee
HK$7.03M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,975.40
-9.57 -0.32%
Volume: 31.51B
Feb. 19, 2020 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,144.60
+30.90 +0.43%
Volume: 1,232
Feb. 20, 2020 8:58a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,210.34
+1.46 +0.07%
Volume: 591,155
Feb. 19, 2020 3:30p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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