Asian markets fall

on 22/10/2012 07:21:03

Asian stock markets fell today, responding to disappointing corporate earnings out of the US last week and a widening trade deficit in Japan.

Disappointing results from Wall Street giants Microsoft, General Electric and McDonald's surprised traders and caused US stocks to finish lower.

Markets may stay subdued ahead of the release later in the week of key data out of the US, including new home sales, durable goods orders and third-quarter GDP figures, analysts said.

The US presidential election and developments in the eurozone debt crisis were also likely to keep investors cautious, analysts said.

Japan's Nikkei 225 fell 0.8% to 8,928.49. South Korea's Kospi lost 1.1% at 1,923.20 and Australia's S&P/ASX 200 lost 0.7% to 4,536.50. Hong Kong's Hang Seng bucked the trend, rising 0.1% to 21,582.15.

A widening trade deficit in Japan also took a toll on markets. Exports plummeted 10% from a year ago, hurt by a strong Japanese yen and various economic crises in Europe, a major destination for Japanese goods.