13th November 2013
Asian stock markets have fallen today (November 13th), with sentiment among investors dampened following an inconclusive meeting of China's Communist Party leaders.
The four-day summit - known as the Third Plenum - was expected to provide a clear direction for Chinese policy over the coming decade, but policymakers merely announced the creation of a new committee to reform the free market aspect of the country's economy.
Following the release of this statement, the Hang Seng plummeted by 1.7 per cent, while the ASX/200 index in Australia closed 1.37 per cent lower. Chinese banking stocks were big losers, with the China Minsheng Bank and the Industrial and Commercial Bank of China declining by 3.2 per cent and 3.1 per cent respectively.
In Tokyo, the Nikkei 225 index inched 0.15 per cent lower to 14,567.16 points, with investors monitoring the dollar's movements against the yen in forex trading markets as the greenback moved off recent highs against the Japanese currency.
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