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Showing posts with label Asian Markets at Close Report I CNBC.. Show all posts
Showing posts with label Asian Markets at Close Report I CNBC.. Show all posts

Aug 1, 2018

Asian Markets at Close Report: Asia markets close mixed amid trade news; Caixin China PMI hits a low I CNBC

Asia markets close mixed amid trade news; Caixin China PMI hits a low

Cheang Ming

Asian stocks closed mixed on Wednesday as investors digested headlines related to a months-long trade dispute between the U.S. and China.
The Nikkei 225 advanced 0.86 percent, or 192.98 points, to close at 22,746.70, buoyed by extended softness in the yen. Steelmakers led gains for the day, with JFE Holdings rising 10.37 percent. Exporters, including automakers, notched firm gains, as did bank shares.
NIKKEI NIKKEI 22746.70 192.98 0.86%
HSI HSI 28340.74 -242.27 -0.85%
ASX 200 S&P/ASX 200 6275.70 -4.50 -0.07%
SHANGHAI Shanghai 2824.21 -52.19 -1.81%
KOSPI KOSPI Index 2307.07 11.81 0.51%
CNBC 100 CNBC 100 ASIA IDX 8364.81 8.03 0.10%
Over in South Korea, the Kospi gained 0.51 percent to end at 2,307.07. Tech was a mixed picture, with some Apple suppliers giving up early gains made after the iPhone maker beat earnings expectations. LG Innotek shed 0.31 percent after rising more than 2 percent.
Chinese shares moved into negative territory as sentiment took a hit from trade headlines while investors digested the release of a private survey of Chinese manufacturing activity, which met expectations. The Shanghai Composite fell 1.81 percent to close at 2,824.21, with shares selling off in the afternoon, and blue-chip CSI 300 index finished the day down 2.01 percent.
Meanwhile, Hong Kong's Hang Seng Index pared early gains to slip 0.54 percent by 3:03 p.m. HK/SIN, with steep losses seen in the real estate sector before the market close.
Also compounding the moves lower was the fact that the Shanghai benchmark faced resistance at the 2,900 level, while the impact of central government support had started to fade slightly, Kenny Wen, a strategist at Everbright Sun Hung Kai Wealth Management, said in an email.
Elsewhere, Australia's S&P/ASX 200 hovered both above and under the flat line before eventually closing lower by 0.07 percent at 6,275.70.
MSCI's index of shares in Asia Pacific excluding Japan slipped 0.05 percent in afternoon trade, erasing the moderate advance seen earlier following news that the U.S. and China were attempting to restart trade talks.

Trade back in focus

Representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are in private talks to resume negotiations on trade matters in a bid to avoid a trade war, Bloomberg News reported, citing two sources. Mnuchin had told CNBC last week that "quiet conversations" with Beijing continued to take place.
"Markets took some relief on news that trade talks between the U.S. and China could be back on the menu as the U.S. gears up to impose tariffs on another $16 billion of Chinese imports — a move that will likely be met with an equal-sized retaliatory measure by China," ANZ Head of FX Research Daniel Been said in a morning note, adding that details were lacking.
Market sentiment was somewhat affected by separate, less upbeat news on the trade front, with Reuters citing a source that the Trump administration intends to propose a larger 25 percent tariff on $200 billion worth of Chinese goods. That would be greater than the 10 percent tariff the administration had mentioned earlier this month.
The latest developments in the trade dispute between the world's two largest economies came after U.S. tariffs on $34 billion worth of Chinese goods took effect early in July, a move that was swiftly met with retaliation from Beijing.
The mixed session also came after Wall Street advanced on Tuesday, which was also the last trading day of the month. For July, U.S. stocks recorded their largest monthly gains since January amid robust corporate earnings and economic data.
Around 60 percent of S&P 500 companies having reported results, with 82 percent of those announcing expectation-topping earnings, according to Thomson Reuters I/B/E/S.
In currencies, the dollar broadly firmed ahead of the conclusion of the Federal Reserve's policy meeting. The dollar index, which tracks the greenback against a basket of currencies, last traded at 94.664.
Against the yen, the dollar traded at 112.06 at 2:42 p.m. HK/SIN. The Japanese currency extended declines after softening overnight when the Bank of Japan kept policy steady and made some minor communication tweaks.
Stateside, the Federal Open Market Committee will conclude its two-day meeting during U.S. hours and is expected to keep rates on hold.
— CNBC's Fred Imbert contributed to this report.

Jul 9, 2018

Asian Markets at Close Report I CNBC

Asia markets gain after US-China trade tariffs kick in; dollar softer

Cheang Ming

Asian shares closed higher on Monday, taking cues from Wall Street's advance following the release of strong employment data for the month of June. Meanwhile, investors continued to keep an eye on trade after the U.S. and China exchanged tariffs last week.
Japan's Nikkei 225 rose 1.21 percent, or 264.04 points, to close at 22,052.18, buoyed by broad-based gains across sectors, including banking, electric appliances and metal products, with pharmaceuticals leading gains on the index. The broader Topix advanced 1.2 percent.
Elsewhere, the Kospi saw slimmer gains in South Korea, rising by 0.57 percent to end at 2,285.80 as tech stocks climbed while manufacturers declined. Index heavyweight Samsung Electronics rose 1.56 percent on the day and steelmaker Posco dropped 2.4 percent.
NIKKEI NIKKEI 22052.18 264.04 1.21%
HSI HSI 28688.50 372.88 1.32%
ASX 200 S&P/ASX 200 6286.00 13.70 0.22%
SHANGHAI Shanghai 2815.51 68.28 2.49%
KOSPI KOSPI Index 2285.80 12.93 0.57%
CNBC 100 CNBC 100 ASIA IDX 8291.87 104.10 1.27%
In Australia, the S&P/ASX 200 added 0.22 percent to finish at 6,286 amid gains in banks and resources plays. Mining major BHP was up 2.14 percent, with banks also ending the session higher.
Greater China markets rallied, outperforming other regional markets. Hong Kong's Hang Seng Index advanced 1.5 percent by 3:08 p.m. HK/SIN, with the services and materials sectors leading the gains before the market close.
On the mainland, the Shanghai composite rose 2.49 percent to close at 2,815.51 as banks and insurers notched gains. The smaller Shenzhen composite gained 2.51 percent to end at 1,574.54 and the blue-chip CSI 300 index surged 2.8 percent.
MSCI's broad index of shares in Asia Pacific outside of Japan rose 1.28 percent in Asia afternoon trade as nervousness seen in the markets recently appeared to somewhat subside.

Trade takes a backseat, for now

The improvement in sentiment in the session came after Friday's developments on the trade front when U.S. tariffs on $34 billion in Chinese goods took effect, ramping up the country's ongoing trade spat with China.
China followed up by promptly imposing duties of its own on the same value of U.S. products. China's Ministry of Commerce said it had no choice but to respond to the U.S. after the latter "launched the largest trade war in economic history."
U.S. President Donald Trump said on Friday that an additional $16 billion of Chinese goods would be subject to tariffs in two weeks, and that he was considering further slapping duties on an additional $500 billion in Chinese products.
"Trade talk, which is now becoming trade action, is creating uncertainty and starting to hurt business," David Lafferty, chief market strategist at Natixis Investment Managers, said in a recent note. "Inflation and higher prices are the least of my worries ... Disrupting global supply chains is a bigger risk than the dollar value of the tariffs themselves," he added.
Markets in Asia had taken a hit last week in the lead-up to U.S. and China tariffs kicking in on Friday, with investors jittery over the prospects of further escalation in tensions between the world's two largest economies having an impact on economic growth.
Monday's gains also came on the back of an advance in U.S. stocks on Friday as better-than-expected jobs data stateside overshadowed tariffs kicking in. The Dow Jones Industrial Average rose 0.41 percent, or 99.74 points, to close at 24,456.48 and the Nasdaq composite surged 1.34 percent.
The U.S. economy added 213,000 jobs in June, topping the 195,000 forecast in a Reuters poll. Wage growth, however, slightly missed expectations.
"Overall, it was a solid report and there is no evidence of any let-up in labor market strength ... The momentum in the jobs data is still consistent with the Fed hiking in September," ANZ analysts said in a note.
In corporate news, smartphone maker Xiaomi debuted for trade in Hong Kong on Monday after the company priced its initial public offering at 17 Hong Kong dollars ($2.17) per share, the low end of an indicative range. Xiaomi said last month that it did not have a time frame for its share offering on the mainland.
The dollar was broadly softer, with the dollar index at 93.839 at 3:02 p.m. HK/SIN, compared to levels above the 94 level last week. Against the yen, the dollar edged up to 110.50.
The Chinese currency was firmer on Monday amid, with the on-shore yuan trading at 6.6203 at 3:18 p.m. HK/SIN, around 0.4 percent firmer from Friday's close.
"Predictably, we have seen a fair amount of short-covering in risk proxies as the dust settled over the latest blows in the trade war. How far it has to run is anyone’s guess, but make the most of it; the rally will falter as tensions pickup anew down the line," Sue Trinh, head of Asia foreign exchange strategy at RBC Capital Markets, said in a note.
Elsewhere, British Prime Minister Theresa May last week won agreement from her cabinet to remain in a free trade area for goods with the European Union, which analysts see as a "soft Brexit." The pound was steady $1.3311 after the U.K.'s Brexit secretary resigned.

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