Asian markets falling as G20 fails to impress
Asian stocks are falling as investors were left unimpressed by the G20's commitment of an extra $2 trillion in output over the next five years and continued to be concerned about the impact of Federal Reserve's withdrawal of stimulus.
"This goal is attainable and is in line with International Monetary Fund (IMF) analysis presented to the G20 this week. Measures to support investment, boost trade, and promote competition will be essential for more sustainable and robust growth, as noted by the G20,” said Christine Lagarde, the IMF’s managing director.
Shares are also taking a hit in the wake of reports from the Shanghai Securities News, suggesting that Industrial Bank may start reducing loans to developers.
New-home price growth slowed in China’s first-tier cities for the first time in 14 months in January, according to the data released by the National Bureau of Statistics on Monday.
Both the Hong Kong Hang Seng Index and Japan's Nikkei are down one per cent. The Topix has fallen 0.8 per cent while South Korea's Kospi is down 0.4 per cent.