Asian Stocks Retreat Amidst Renewed Fed Fears

(RTTNews) - Asian stocks finished mostly lower, tracking Wall Street's losses on Thursday amidst fresh concerns over a hawkish interest rate decision by the Fed in its review next week. Retail Sales in the U.S. grew 0.3 percent in August versus a 0.4 percent decline in July and expectations of a flat reading. The losses are despite an unexpected jump in China's industrial output.

China's Shanghai Composite Index dropped 74 points or 2.30 percent to finish at 3,126.40. The day's trading ranged between 3,126.40 and 3,191.83. The Shenzhen Component Index also lost 2.3 percent to close at 11,261.50.

The Japanese benchmark Nikkei 225 shed 308 points or 1.11 percent to end trading at 27,567.65. The day's trading range was between 27,525.68 and 27,654.99.

Fukuoka Financial Group was the biggest gainer with a 4.3 percent uptick. Resona Holdings, and Shizuoka Bank, both added more than 3 percent. Chiba Bank as well as Kansai Electric Power Co also gained more than 2 percent.

Kawasaki Kisen Kaisha is the biggest loser with a decline of more than 5 percent. Nippon Express Co, Trend Micro, Tokyo Electron, and IHI Corp have all declined more than 4 percent.

The Hang Seng Index of the Hong Kong Stock Exchange shed 169 points or 0.89 percent from the previous close to finish trading at 18,761.69. The day's trading range was between a high of 18,905.28 and a low of 18,678.22.

Korean Stock Exchange's Kospi Index shed 19 points or 0.80 percent to close trading at 2,382.78. The day's trading range was between 2,371.11 and 2,395.10.

Australia's S&P/ASX200 closed trading at 6,739.10 after losing 104 points or 1.52 percent. The day's trading was between 6,736.30 and 6,842.90.

Star Entertainment Group topped the gainers charts with a 5.1 percent rally. Computershare and gambling business Tabcorp Holdings, both gained more than 4 percent. Platinum Asset Management strengthened 3.64 percent, followed by Reliance Worldwide Corporation that added 2.51 percent.

Resolute Mining plunged more than 15 percent. Atlas Arteria dropped close to 10 percent. Gold Road Resources and St Barbara declined more than 8 percent whereas Silver Lake Resources declined more than 6 percent.

The NZX50 of the New Zealand Stock Exchange shed 78 points or 0.67 percent to close at 11,580.46. Trading ranged between 11,580.46 and 11,667.28.

Air New Zealand is the top gainer with a 3.7 percent overnight rally. EROAD and KMD Brands have also rallied more than 3 percent. Stride Property and Sanford follow with gains in excess of 2 percent.

Restaurant Brands New Zealand declined as much as 6 percent in the day's trading. Mainfreight followed with losses of more than 3 percent. Medical instruments business Fisher & Paykel Healthcare, NZX and Sky Network Television have all declined more than 2 percent. The Wall Street had closed with losses on Thursday amidst the strong retail sales numbers. Markets perceive the unexpected 0.3 percent growth in Retail Sales versus the 0.4 percent decline in the previous month, as increasing the headroom available for Fed to step up its fight against inflation. Nasdaq Composite dropped 1.43 percent to close at 11,552.36 and the Dow Jones Industrial Average shed 0.56 percent to end at 30,961.82.