The Asian markets started the day queasily with bad news from all sides, mostly from banks, with the ShangHai composite down 2.14%, the Nikkei 225 down 1.28%, and the Hang Sen Index down .96%. What’s going on?
- Australia’s Nufarm, a major agricultural supplier, booked a 53% fall in profit. Droughts have dried up its sales. That sent its stock tumbling 14%; Australia’s All Ordinaries stock index is down .26%
- Some people are blaming the poor showing of a US housing indicator. We’re not so sure. While pending home sales fell .4% in February, much of that was the decline in foreclosure and short sales; conventional sales continued to rise.
Not a great day—not that we believe in bad omens or anything.