Retailer David Jones slumped 2 percent after its third quarter total sales fell over 2 percent as a warm start to winter hurt sales.
The Australian dollar traded within range of last week’s one-year low of $.095. Experts warn of the pressure in the yield trade if the currency continues to slide.
“If the dollar does fall back to 90 cents as is appears to be, international clients will start to lose out on the differentials. The profits in the banks are particularly glaring, and repatriation is key for international investors. Losing out in the currency pairs would see the shine in the trade tarnished,” said Evan Lucas, market strategist, IG.
Shanghai Flat
Mainland markets were weighed down by weakness in real estate developers as rumors grows that the government may expand property tightening measures.
Gemdale and Vanke slipped 1 percent each. Recent property curbing measures such as higher down-payments have not yet succeeded in cooling rising home prices.
Kospi Up 0.5%
Technology stocks helped Seoul’s index outperform Asian peers and come off Friday’s nine-day low of 1,961 points. Optimism about the outlook for retail sales grew on news that South Korea’s key consumer sentiment measure rose in May, according to a central bank survey.
Electronics firm Daewoo and KP surged 15 percent each while PC manufacturer Jooyontech rallied 10 percent.
— By CNBC.com’s Nyshka Chandran. Follow her on Twitter @NyshkaCNBC
Source Article from http://www.cnbc.com/id/100767464
