Investing.com – Asian stocks fell in Monday with Chinese property developers being the worst affected after media reports that a medium sized bank is tightening its financing to these companies.
Also on Monay, China’s National Bureau of Statistics reported that country’s house prices, which are on the transactions involving conventional and conforming mortgages, fell to 9.6% in January from 9.9% in December.
Chinese property developers China Vanke Co. fell 5.9% while Gemdale Corporation fell 5.5% in Shanghai.
Nikkei fell 0.65%, Shanghai went down by 2.04%, while Hang Seng fell 1.36%.
During the weekend G-20 officials concluded their summit in Australia with an announcement that over the next few years they expect the global economy to grow by more than $2 trillion with the help of a strategy laid out by IMF.
In New Zealand, the Reserve Bank reported on Monday that the credit card spending in the country rose by 9.2% in January compared 4.7% rise in December.
On Friday, at the close of U.S. trading, the Dow Jones Industrial Average fell 0.19%, the S&P 500 index fell 0.19%, while the Nasdaq Composite index fell 0.10%.
The National Association of Realtors reported earlier that U.S. existing home sales declined 5.1% to 4.62 million units last month, outpacing expectations for a 4.3% drop to 4.68 million units.
In December, existing home sales were revised to a 0.8% rise to 487 million units from an initially estimated 1% increase.
The Federal Reserve has said it will pay close attention to data when deciding the pace at which it winds down its $65 billion monthly bond-buying program, which boosts stocks by lowering borrowing costs.
Stock-market investors concluded, however, that even if the Fed does take its time winding down the program, bond purchases are still on their way out.
Elsewhere, software maker Intuit, computer maker Hewlett-Packard and online travel booking company Priceline.com reported second-quarter results that beat market expectations.
Separately, Amazon.com shares rose after the Wall Street Journal reported the online retailer may add brands such as Ralph Lauren and J. Crew.
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