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Asian stocks trade lower, European stock markets are set to open mixed ahead of Eurozone GDP, CPI data

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Most Asian stocks traded lower on Tuesday as Chinese PMI data came in worse than expected while the Bank of Japan (BoJ) tweaked its bond yield control policy following its October meeting.

Asian equities trade in negative territory after the downbeat Chinese data and BoJ rate decision. China’s Manufacturing PMI eased to 49.5 in October vs. 50.2 prior, Services PMI dropped to 50.6 in October versus 51.7 prior. Bank of Japan kept the rate unchanged, decided to make YCC more flexible. European stock markets head to open mixed ahead of Eurozone data. Markets might turn cautious ahead of the Federal Reserve meeting on Wednesday.

2 expansion in September, worse than the market expectation of 50.2. Meanwhile, NBS Services PMI dropped to 50.6 in October versus 51.7 prior, below the market consensus of 51.8. In Japan, the Bank of Japan committee decided to keep the interest rate and 10-year Japanese Government Bond yield target at -0.1% and 0% respectively, after its October meeting. Japanese central bank decided to make YCC more flexible and changed the language around the 1.0% 10-year JGB yield cap.

 

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