Tokyo — Asian shares extended losses on Thursday after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week’s nearly nine-month highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9% in afternoon trade. Adding to the already subdued mood, data showed profit growth in China’s industrial firms slowed in September from the previous month’s rapid pace as several sectors showed weak activity, suggesting the world’s second-biggest economy remains underpowered. "Although industrial profits have gone back on track with more stable growth, unfavouring factors still exist," He Ping, a NBS official said in a note accompanying the data, noting weak market demand from both home and aboard, and fast-rising receivables that weighed on firms’ cash flow. The Hang Seng index fell 1.2%, while the China Enterprises index lost 1.6%. Besides Apple, results and forecasts from some other major US companies also weighe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.