Showing posts with label Asian Markets. Show all posts
Showing posts with label Asian Markets. Show all posts

Sep 25, 2020

Asian Markets Closing Report: Evergrande shares in Hong Kong plunge in mixed trading day for Asia-Pacific markets

 

Eustance Huang


Major Australia bank stocks surge

Meanwhile, stocks of major Australian banks jumped on Friday.

Shares of the "Big Four" banks helped lift the broader S&P/ASX 200 index higher by 1.51% on the day to 5,964.90. Australia and New Zealand Banking Group surged 6.28%, Commonwealth Bank of Australia jumped 3.01%, Westpac soared 7.39% and National Australia Bank rose 6.86%. 

The moves came after authorities announced changes to simplify credit access for consumers and small businesses.

"Our current regulatory framework with respect to lending is not fit for purpose," Australian Treasurer, Josh Frydenburg, told reporters. "It's become overly prescriptive, it's become increasingly costly, it's become increasingly complex and responsible lending has become restrictive lending."

"We need our banks to be extending credit, we need the regulation to be streamlined, we need customers to be able to access credit," Frydenburg said.

In Japan, the Nikkei 225 rose 0.51% to close at 23,204.62 while the Topix index added 0.48% to end its trading day at 1,634.23. South Korea's Kospi also advanced 0.27% to 2,278.79.

Overall, the MSCI Asia ex-Japan index edged 0.48% higher.

Onshore Chinese yuan strengthens

Investors monitored Chinese assets after FTSE Russell announced Thursday that Chinese government bonds are scheduled to be included in the FTSE World Government Bond Index starting October 2021.

Following the announcement, the onshore Chinese yuan strengthened to 6.8193 per dollar, but was still off levels below 6.78 against the greenback seen earlier this week. The offshore Chinese yuan was at 6.8263 per dollar, also weaker than levels below 6.8 seen earlier in the trading week.

"I think even before the inclusion or the announcement of the inclusion, we are optimistic on Chinese bonds," Tai Hui, Asia chief market strategist at JPMorgan Asset Management, told CNBC's "Squawk Box Asia" on Friday.

"We are in a zero-yield world and you know, Chinese bonds do offer somewhere between 2.5% to 3% when it comes to government bonds," he said. "From that perspective, especially given the fact that we've seen the (Chinese yuan) on a stronger footing in the past few months, it does offer a pretty attractive proposition."

Overnight on Wall Street, stocks eked out small gains. The Dow Jones Industrial Average closed 52.31 points higher, or 0.2%, at 26,815.44. The S&P 500 added 0.3% to finish its trading day at 3,246.59 while the Nasdaq Composite advanced 0.4% to close at 10,672.27. The moves stateside came in a wild session that saw the Dow down more than 200 points at its session low and up more than 300 points at one point.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 94.32 after rising from levels below 93 this week.

The Japanese yen traded at 105.41 per dollar, having weakened from levels below 104.4 against the greenback this week. The Australian dollar changed hands at $0.7071, following this week's slip from levels above $0.72.

Oil prices rose in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 0.55% to $42.17 per barrel. U.S. crude futures added 0.4% to $40.47 per barrel.

Aug 26, 2018

Asia markets in mixed territory after Fed comments and China's yuan announcement I CNBC



Asia markets were mixed in early hours trade on Monday after the S&P 500 and Nasdaq closed at record highs on Friday following comments by the U.S. Federal Reserve Chairman Jerome Powell. This also follows an announcement by China's central bank regarding the yuan's daily midpoint the same day.
Japan's Nikkei 225 was in positive territory in early trade, up by 0.64 percent with most sectors seeing gains.
In Australia, the ASX 200 was down by 0.11 percent, with the heavily weighted financials sector down by 0.39 percent. South Korea's Kospi traded largely flat.
NIKKEI Nikkei 225 Index 22756.22 154.45 0.68%
HSI Hang Seng Index 28016.66 344.79 1.25%
ASX 200 S&P/ASX 200 6261.90 14.60 0.23%
SHANGHAI Shanghai 2729.25 -0.18 -0.01%
KOSPI KOSPI Index 2298.09 4.88 0.21%
CNBC 100 CNBC 100 ASIA IDX 8240.53 69.64 0.85%
Wall Street ended the last trading week in positive territory. The S&P 500 rose 0.6 percent to close at 2,874.69 while the Nasdaq Composite climbed 0.9 percent to close at 7,975.98, a record high close for both indexes. The Dow Jones Industrial Average was up by 133.37 points to close at 25,790.35.
Last Friday, Powell delivered a speech at the Jackson Hole Symposium in Wyoming, where leading central bankers met to discuss the future of monetary policy. He said "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.
Powell's comments came hours after the People's Bank of China announced that it was tweaking its methodology for the fixing of the yuan's daily midpoint in an effort to stabilize the currency market.
In a morning note, Ray Attrill, head of foreign exchange strategy at National Australia Bank, said the "combined impact" of the dollar's weakness following Powell's speech and yuan strength after the China's central bank's announcement will likely be "dominant" as early week influences.
The U.S. dollar index, which tracks the greenback against a basket of currencies, traded at 95.071 at 8:23 a.m. HK/SIN. The Japanese yen traded largely flat against the dollar at 111.29 while the Australian dollar traded with a moderate gain at $0.7339.
Here's a look at the day ahead:
  • China – July industrial profits at 9:30 a.m. HK/SIN
  • Hong Kong – July trade at 4:30 p.m. HK/SIN
CNBC's Fred Imbert and Reuters contributed to this report.

Jul 2, 2013

Asian Markets, Latest News at the time; July 02, 2013.

Asia

Japan's Suntory Beverage makes tepid debut TOKYO--Shares of Suntory Beverage & Food Ltd. (2587.TO) received a tepid response from investors Wednesday in Japan's biggest initial public offering this year, with the issue opening 0.6% above its premarket price. 11 min ago
Asia stocks weaken on China data, U.S. cues Asian stocks fall as concerns about growth in China’s services sector add to the selling pressure amid caution ahead of U.S. jobs data later in the week, dragging on Australian and Hong Kong equities in particular. 49 min ago
Australia trade data strong, but retail sales weak LOS ANGELES (MarketWatch) -- Australia received a mixed bag of May economic data Wednesday, as retail sales disappointed with weak gains but the trade surplus widened well above forecasts. Retail sales rose 0.1% during May, rebounding from April's 0.1% drop. The result was below expectations for a 0.3% increase, according to a Dow Jones Newswires poll. But May's trade surplus came in above expectations, widening to 670 million Australian dollars ($615 million), up from April's A$171 million and beating a projected gain of just A$53 million, according to a Dow Jones Newswires survey. The growth in the surplus came as exports rose 4% from a year earlier, while imports were 2% higher. 9:42 p.m. Today

Jun 24, 2013

Asian Markets, Latest News at the time; June 24, 2013.

Asia

Asia stocks mostly gain, but Shanghai down further Most of the major Asian stock markets rebound after concerns about a liquidity squeeze in China spark a global selloff the previous day, but Shanghai shares extend losses on worries about the impact from high money-market rates.





Shanghai stocks extend losses; Hong Kong rises HONG KONG (MarketWatch) -- Mainland Chinese stocks fell further Tuesday amid concerns over the impact from a liquidity squeeze in the interbank money markets, with banks extending their sharp recent losses. The Shanghai Composite fell 1% to 1,944.01, a day after it plunged 5.3%, triggering a selloff in global equity markets. Shares of China Minsheng Banking Corp. dropped 5.4% on top of Monday's 10% tumble, with Industrial Bank Co. losing 3.5% and China Everbright Bank Co. shrinking 2.2%. Meanwhile, stocks in Hong Kong rebounded after a five-day losing streak, with the Hang Seng Index rising 0.5% to 19,921.63, but shy of the 20,000-point level, while the Hang Seng China Enterprises Index climbed 0.4%. Gains were led by stocks beaten down recently, with conglomerate Wharf Holdings Ltd. s[: WARFY] rising 3% and New World Development Co. rising 3.3%. 9:47 p.m. Today
 
Australia stocks down as China worries hover LOS ANGELES (MarketWatch) - Australian stocks fell Tuesday, with losses taking hold after a sharp drop in the previous session spurred by worries about a credit crunch in China, the nation's largest trading partner. The S&P/ASX 200 was down 0.2% at 4,661.60, though banking stocks held to small gains. Australia & New Zealand Banking Group shares picked up 0.5% and Commonwealth Bank of Australia was higher by 0.5%. Concerns about economic growth in China weighed on mining stocks, with Rio Tinto Ltd. down 1.6% and BHP Billiton Ltd. off 1.2%. But shares of iron-ore producer Fortescue Metals Group Ltd. notched a 1.7% rise, reaching for their first advance in four sessions. The S&P/ASX 200 benchmark now stands about 0.2% higher for the year, nearly giving up its gain for 2013. 8:42 p.m. Today

Jun 3, 2013

Asian Markets, News At The Time by MarketWatch; June 03, 2013.

Asia

Hong Kong stocks choppy in early trade HONG KONG (MarketWatch) -- Hong Kong stocks wavered after a higher opening on Tuesday, with Chinese property developers pulling back after recent gains, while energy producers gained. The Hang Seng Index was up 0.1%, after dropping for four straight days, and the Hang Seng China Enterprises Index was up 0.2% in choppy movements. Shares of China Overseas Land & Investment Ltd. fell 0.9% and China Resources Land Ltd. gave up 0.8%. Energy shares were mildly higher after crude-oil prices rose overnight. PetroChina Co. added 0.3% and coal miner China Coal Energy Co. gained 1%. China's Shanghai Composite Index dropped 0.5% to 2,289.02 amid lingering worries about an economic slowdown.  
 
Japan stocks slide on yen firmness; Korea gains Japanese stocks skid after a choppy start as exporters tumble on the U.S. dollar’s drop below the 100-yen level, while South Korean shares rebound in the wake of an upbeat finish on Wall Street. 9:10 p.m. Today
 
Australia stocks at 4-month low; rate decision due LOS ANGELES (MarketWatch) - Stocks in Australia slipped early Tuesday, with banking shares mostly lower ahead of an interest-rate decision by the Reserve Bank of Australia. The S&P/ASX 200 was down 0.2% at 4,879.20, a day after finishing at its lowest level in four months. In the heavily weighted financials sector, shares of Macquarie Group Ltd. dropped 1.5% and Westpac Banking Corp. fell 0.5%, though National Australia Bank Ltd. traded up by 0.4%. Mining stocks were solidly higher following gains in some metal prices, with gold producer Newcrest Mining Ltd. up 2.1%. The Australian dollar bought 97.58 U.S. cents compared with 97.50 U.S. cents on Monday. Most economists expect Australia's central bank to hold the key interest rate at 2.75%, and indicate that future rate cuts are possible. In other developments Tuesday, Billabong International Ltd. said talks about a takeover of the sportswear company have ended, and it's now turning to discussions about alternative refinancing and asset sale transactions. Billabong is also seeking to have its shares resume trading. 8:32 p.m. Today

Jul 4, 2012

Asian Markets: Mostly higher on commodity stock prices.

Asian Markets

Asia markets mostly up on commodity stocks Most Asia markets end higher as sharp overnight gains for gold and crude-oil prices spur resource stocks, although Hong Kong and Chinese shares fall on profit-taking after recent advances and ahead of key global economic events. 4:39 a.m. Today

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