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Asian shares lower despite G20 growth pledge

Hong Kong: Asian shares at stock markets mostly lost ground in morning trade Monday, with investors little moved by the G20´s commitment at the weekend to boost global growth by $2 trillion over five years.

After a weak lead from Wall Street, markets were looking to a string of US data in the week ahead for clues about the health of the world´s largest economy, with figures due out on housing, consumer confidence and GDP growth.

In Tokyo the benchmark Nikkei-225 index was flat, edging up 0.1 percent on thin trade by mid-morning, while the yen remained relatively low, boosting Japanese exporters. Seoul lost 0.43 percent and Sydney nudged down 0.15 percent.

Hong Kong shares vaulted lower, falling 1.15 percent by mid-morning, while Shanghai tumbled 2.45 percent on reports of curbs to property lending on the Chinese mainland.

The world´s biggest economies vowed Sunday to boost global growth by more than $2 trillion over five years, shifting their focus away from austerity as a fragile recovery takes hold.

The G20 members, who account for 85 percent of the world´s economy, said they aim to lift their collective GDP by more than two percentage points over the next five years.

However, investors appeared to be focusing more on the forthcoming US figures, as analysts suggested the data may disappoint.

 

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Asian shares lower despite G20 growth pledge

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