Technical Analysis Reports

FXstreet.com (Barcelona) - Asian stocks have declined sharply on Thursday on renewed concerns arisen by weakening Chinese industrial production and slumping consumption on the US, both of them key markets for Asian manufacturers.

Tokyo Nikkei Index and Hong Kong hang Seng index have both posted declines beyond 5.5% by early afternoon, following a rather negative session on Wednesday in Wall Street, with the Dow Jones Industrial Index falling 4.7%, and the Nasdaq technological index 5.17% down.

Australian S&P ASX 200 index has lost 5.8% of its value so far today, falling to its lowest level in about four years, while the Korean Kospi Index has fallen 6.6%.

Chinese industrial production growth has been released to have declined to a 8.2% pace in October from 11.4% in September, which arises serious concerns over the slowdown of Chinese economy and its consequences, over the area's economies as well as globally.

In the US news about the decline of consumer spending are not much brighter, consumption doesn't seem to pick up in the crucial pre-christmas period, which will have an important negative impact over Asian producers.