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Showing posts with label Asia And Europe Markets at Close Report.. Show all posts
Showing posts with label Asia And Europe Markets at Close Report.. Show all posts

Jul 26, 2021

Asia and Europe Markets at Close Report on Monday 26, 2021: Hong Kong's Hang Seng Closes More Than 4% Down And Europe Stocks Close Slightly Lower.


Hong Kong's Hang Seng index closes more than 4% down as China tech and education shares plunge

Eustance Huang

Chinese stocks fall as tensions with U.S. rise

Mainland Chinese stocks also saw sizable declines on Monday, with the Shanghai composite down 2.34% to 3,467.44 while the Shenzhen component fell 2.646% to 14,630.85.

Tensions between Washington and Beijing may have weighed on investor sentiment, as a high-level meeting between the two economic powerhouses got off to an acrimonious start.

China's vice foreign minister said during Monday talks with the U.S. deputy secretary of state that the two countries' relationship is "now in a stalemate and faces serious difficulties," according to an English-language press release from China's Ministry of Foreign Affairs.

In other markets, South Korea's Kospi closed 0.91% lower at 3,224.95. In Australia, the S&P/ASX 200 ended the trading day flat at 7,394.30.

Returning to trade following holidays on Thursday and Friday, Japanese stocks bucked the overall trend regionally. The Nikkei 225 jumped 1.04% on the day to 27,833.29 while the Topix index advanced 1.11% to close at 1,925.62.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 2.15%.

Singapore's manufacturing output declined 3% in June on a seasonally adjusted, month-on-month basis, according to official data released Monday.

Covid restrictions in Asia

Investors likely continued to monitor the Covid situation in Asia as it weighs on sentiment.

In South Korea, the second highest level of virus restrictions will be applied to non-capital areas starting Tuesday, local agency Yonhap reported. Elsewhere, Tokyo's daily coronavirus tally has exceeded 1,000 for six days in a row, according to Kyodo News.

Indonesia on Sunday also extended its Covid restrictions by a week, according to Reuters. The country has been among multiple Southeast Asian nations that have been grappling with a resurgence in infections.

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On Friday, the Dow Jones Industrial Averaged closed above 35,000 for the first time ever while the S&P 500 jumped 1.01% to 4,411.79 and the Nasdaq Composite gained 1.04% to 14,836.99. Friday's moves upward saw all three major indexes stateside at new closing highs.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.864 following a recent bounce from below 92.8.

The Japanese yen traded at 110.18 per dollar, weaker than levels below 110 seen against the greenback last week. The Australian dollar changed hands at $0.7335, above levels below $0.732 seen last week.

Oil prices were lower in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 1.67% to $72.86 per barrel. U.S. crude futures slipped 1.89% to $70.71 per barrel.



European stocks close slightly lower as investors watch corporate earnings, Covid cases

Elliot Smith

European stocks closed slightly lower on Monday, tracking lackluster global sentiment as investors monitored corporate earnings and looked ahead to a key meeting of the U.S. Federal Reserve.

The pan-European Stoxx 600 provisionally ended around 0.12% lower, with healthcare stocks falling 1.3% to lead losses while mining stocks jumped over 2.7%.

Shares in Asia-Pacific were mostly lower on Monday, with Hong Kong's Hang Seng index falling sharply along with mainland Chinese markets. Regulatory pressure and an acrimonious start to a summit between China and the U.S. pushed down tech and education stocks in the region.

Stateside, the S&P 500 hovered around its record on Monday ahead of a busy week of earnings. Investors are also looking ahead to the Federal Open Market Committee meeting later this week for hints as to when the central bank may begin tapering its stimulus program.

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On the data front, German business sentiment fell unexpectedly in July, the Ifo Institute's monthly survey showed Monday, as supply chain constraints and rising Covid-19 infections dampened recent optimism. The business climate index fell to 100.8 from June's revised 101.7, missing a projection of 102.1 from a Reuters poll of analysts.

In terms of individual share price movement, tech investment company Prosus slid 8.8% on the back of China's new measures against social media and gaming titan Tencent.

Faurecia dropped 5.7% after warning that semiconductor shortages could continue to weigh on productivity into 2022, and Philips 4% after narrowing its guidance amid a recall of its respiratory devices.

Toward the top of the European blue chip index, Swedish mining company Boliden gained 5.3%.

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