Japan's machinery orders dropped 14.8%,which is seven times worse than estimates.As well,the current account balance fell about 63%,reflecting a drop in chemical and aerospace orders,and increased imports of liquefied natural gas.The Kansai Electric Ohi nuclear reactor number 3 is now running at full capacity,having been restarted last week,but it only supplies 2% of the country's electricity.A lot of LNG imports will still be needed until other reactors come back into service.
Chinese Premier Wen Jiabao said China will continue to intensify pre-emptive fine-tuning of policy.There are still relatively large downward pressures on the economy.Real estate market controls will continue,as speculation must be stopped.Don't expect such controls to be eased anytime soon.China's inflation declined for the fifth consecutive month below Mr.Wen's 4% target rate,settling at 2.2 %,below the 2.3% estimate.
Shares of Australian miners Iluka Resources and BHP Billiton dropped on fears of a Chinese hard landing and worsening global demand generally.The MSCI Asia Pacific Index was down 0.82% in early Monday trading,while India's Nifty Fifty futures index declined on the Chinese inflation numbers and U.S. jobs stagnation.The Chinese low inflation figures are being seen by analysts as a confirmation of continued weakness.
On a lighter note,South Korean golfer Na Yeon Choi,24,won the Women's U.S. Open at Black Wolf Run in Wisconsin.She survived some harrowing mistakes on the back nine with cool-headed recovery shots,earning her first major victory and her sixth total win on the LPGA Tour.Her countrywoman Amy Yang was second on the leaderboard.
BHP Billiton,Ltd.(BHP),Iluka Resources,Ltd.(ASE:ILU)
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