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

Aug 6, 2018

Asian Stock Markets at Close Report: Asia pares gains as China leads losses after tariff threat I CNBC

Asia pares gains as China leads losses after tariff threat

Cheang Ming

Asian shares closed mixed on Monday, paring gains seen earlier as trade returned to the fore after another set of tariffs on U.S. goods were announced by China.
The Nikkei 225 pared moderate gains seen earlier to close lower by 0.08 percent, or 17.86 points, at 22,507.32. Gains in the iron and steel as well as telecommunications sectors were offset by declines in most other sectors, including banks and miscellaneous product makers. The broader Topix ended the day down 0.56 percent, with 24 of its 33 subindexes closing in negative territory.
NIKKEI NIKKEI 22507.32 -17.86 -0.08%
HSI HSI 27819.56 143.24 0.52%
ASX 200 S&P/ASX 200 6273.00 38.20 0.61%
SHANGHAI Shanghai 2705.84 -34.60 -1.26%
KOSPI KOSPI Index 2286.50 -1.18 -0.05%
CNBC 100 CNBC 100 ASIA IDX 8253.94 18.45 0.22%
In South Korea, the Kospi slipped 0.05 percent to 2,286.50, with the index also giving up gains seen earlier. Steelmakers ended the day higher, with Posco climbing 2.64 percent while tech names were a mixed picture. Index bellwether Samsung Electronics added 0.11 percent while SK Hynix dropped 4.68 percent.
Down Under, the S&P/ASX 200 rose 0.61 percent to finish at 6,273, with the materials subindex leading gains as mining majors advanced. BHP was up 2.16 percent and Rio Tinto added 0.63 percent.
Over in Hong Kong, the Hang Seng Index rose 0.34 percent by 3:12 p.m. HK/SIN after closing lower for the past five straight sessions. The advance was led by conglomerates before the market close while overall gains were capped by falls in materials and services.
Mainland Chinese stocks led losses in the region, with indexes steepening losses in the afternoon. The Shanghai Composite declined 1.26 percent to close at 2,705.84 and the smaller Shenzhen Composite lost 2.08 percent.
MSCI's index of shares in Asia Pacific excluding Japan tacked on 0.29 percent in Asia afternoon trade.

More proposed tariffs

The mixed session seen in Asia, along with the steep declines in China, came after new tariffs on U.S. goods announced by China on Friday pushed the trade dispute between the two countries back into the spotlight. China said it was preparing levies, ranging from 5 percent to 25 percent, on around $60 billion in U.S. imports, including many agriculture-related goods.
China said the latest duties would be implemented if the U.S. proceeded to impose more tariffs on Chinese goods. U.S. President Donald Trump had earlier this month asked the U.S. Trade Representative to consider increasing proposed tariffs on $200 billion worth of Chinese goods to 25 percent, from an initially announced 10 percent rate.
"In the last couple of months, the idea of a trade war is being used as an excuse by the asset allocators to rotate out of all emerging markets and what that's done is to create a sort of a liquidity flow, which has made it very difficult for market indices to fight against," Mark Tinker, head of Framlington Equities Asia at AXA Investment Managers, told CNBC's "Squawk Box."
"There's no doubt that there's a lot of noise in what is a quiet season for a lot of investors," he added.
In foreign exchange, the offshore yuan was mostly flat after firming on Friday when the People's Bank of China moved to stabilize the currency following recent weakness.
The offshore yuan last traded at 6.8491 to the dollar — stronger than Friday's intraday weak point, which exceeded 6.9. The on-shore yuan, meanwhile, pared earlier gains to trade at 6.8397 to the dollar. Before the market open, the central bank had fixed the yuan mid-point at 6.8513, its lowest level since May 31, 2017.
The dollar index, which tracks the greenback against a basket of currencies, was firmer at 95.301 at 3:15 p.m. HK/SIN. Against the yen, the dollar was traded at 111.27.
Wall Street had gained on Friday as investors digested the latest jobs data. Nonfarm payrolls rose by 157,000 in July, missing the 190,000 forecast in a Reuters poll, although the broad employment picture remained strong.
On the earnings front, HSBC, Europe's largest bank, said profit before tax went up by 4.58 percent year-over-year to $10.71 billion in the first-half of 2018 after posting a surprise fall in profit in the first quarter. HSBC's shares in Hong Kong erased gains of more than 1 percent before the lunch break to trade flat at 3:17 p.m. HK/SIN.
Elsewhere, Singapore lender OCBC saw its shares rise 2.82 percent by 3:17 p.m. HK/SIN after it announced net profit rose 16 percent from one year ago. Still, the bank was cautious about its outlook, saying that the operating environment was "increasingly challenging."
— CNBC's Yen Nee Lee contributed to this report.

Jul 25, 2018

Asian Stock Markets at Close Report I CNBC

Asia markets close mixed as Chinese stocks waver after recent gains

Cheang Ming

Asian markets closed mixed on Wednesday, with benchmarks in Japan and Hong Kong tracking higher after Wall Street mostly advanced on the back of strong corporate results overnight.
The Nikkei 225 closed higher by 0.46 percent, or 103.77 points, at 22,614.25, with steelmakers and other metal stocks among the best-performing sectors: JFE Holdings rose 2.98 percent and Nisshin Steel rallied 2.21 percent. Despite broader gains, Mitsubishi Motors dropped 2.91 percent as investors took profit after the automaker reported expectation-topping earnings in the previous session.
NIKKEI NIKKEI 22614.25 103.77 0.46%
HSI HSI 28920.90 258.33 0.90%
ASX 200 S&P/ASX 200 6247.60 -18.20 -0.29%
SHANGHAI Shanghai 2904.37 -1.19 -0.04%
KOSPI KOSPI Index 2273.03 -7.17 -0.31%
CNBC 100 CNBC 100 ASIA IDX 8381.69 26.78 0.32%
Mainland China stocks finished the session near breakeven, with the Shanghai Composite closing lower by 0.04 percent at 2,904.37, snapping a recent winning streak which saw three consecutive sessions of gains. The smaller Shenzhen Composite inched lower by 0.07 percent to 1,624.72.
In Hong Kong, the Hang Seng Index climbed 1.01 percent by 3:00 p.m. HK/SIN, with the index's overall gains led by the advance in services and energy.
In Seoul, the Kospi slipped 0.31 percent to 2,273.03 after reversing a rise seen earlier as major technology stocks turned lower. Elsewhere, the S&P/ASX 200 shed 0.29 percent to finish at 6,247.60 as declines in health care and consumer staples led the move lower.
MSCI's index of shares in Asia Pacific excluding Japan advanced 0.36 percent in Asia afternoon trade.
Investors cheered Beijing's announcement earlier this week that it would turn to more vigorous fiscal policy, including corporate tax cuts, Reuters reported, with the changes coming in the wake of the U.S.-China trade war. Chinese equities were given a boost in the last session on the back of those policy changes, with the Shanghai Composite leading the advance in major Asian markets in the previous session.
"As compared to Beijing’s actions in 2008/9, when it unleashed a 4 trillion yuan spending package, China’s government is now seeking to address growth concerns with a chisel instead of a sledgehammer," Tai Hui, chief market strategist at J.P. Morgan Asset Management, said in a note.
"Recent market reaction seems to welcome this development ... The announcement could potentially be the catalyst needed to support investor sentiment and prompt them to re-engage in the near term."

Trade rumblings

On the trade front, the Trump administration intends to offer as much as $12 billion in aid to support farmers affected by tariffs in ongoing disputes between the U.S. and its trading partners.
U.S. tariffs on $34 billion in Chinese imports took effect earlier this month and were met with retaliatory measures from Beijing that targeted the same value of U.S. goods, including American soybeans among other products.
U.S. President Donald Trump said in a Twitter post earlier on Tuesday that "Tariffs are the greatest! Either a country which has treated the United States unfairly on Trade negotiates a fair deal, or it gets hit with Tariffs. It’s as simple as that - and everybody’s talking!"
That came ahead of his meeting with European Commission President Jean-Claude Juncker on Wednesday U.S. time, with talks expected to be focused on American tariffs on steel and aluminum and other trade-related issues.
In currencies, the dollar index, which tracks the U.S. currency against a basket of peers, slipped slightly to 94.486 while the euro was just a touch firmer at $1.1694 in the lead up to the meeting.
Against the yen, the dollar was mostly steady at 111.17 at 3:05 p.m. HK/SIN.
The mixed session in Asia also came on the back of U.S. stocks mostly rising overnight on the release of strong corporate earnings, with Google-parent Alphabet jumping 3.9 percent after the company reported expectations-topping results after the market close on Monday.
Among individual movers, LG Display fell 4.66 percent after the company said it expected the LCD industry to go through "restructuring," Reuters said. The manufacturer had earlier gained after reporting a smaller-than-expected loss of 228 billion won ($202.2 million) in the morning.
Meanwhile, SK Engineering and Construction shareholder companies saw their stocks drop after a dam the construction company was building in Laos collapsed. Hundreds of people are currently missing in the wake of the accident, Reuters reported. SK Holdings dropped 5.11 percent and SK Discovery lost 11.89 percent.
Elsewhere, shares of Changsheng Bio-technology were halted from trade on Wednesday, with the suspension expected to lift on Thursday, according to Reuters. The pharmaceuticals company has seen its stock plunge amid a vaccine scandal happening in China over safety standards violations.

Jul 19, 2018

Asian Stock Markets at Close Report: Asia Markets close mixed, China Stocks decline as yuan softens I CNBC

Asia markets close mixed; China stocks decline as yuan softens

Cheang Ming

Asian stocks closed mixed on Thursday, with major markets fading after initially trading higher on the back of Wall Street's earnings-led advance, while Chinese shares extended their losing streak.
The Nikkei 225 slipped into negative territory after gaining during morning trade, closing lower after four straight sessions of gains. The benchmark closed lower by 0.13 percent, or 29.51 points, at 22,764.68. Declines in consumer stocks and power companies weighed on the benchmark, although banks, steelmakers and semiconductor industry plays held onto gains, with Advantest rising 3.36 percent.
NIKKEI NIKKEI 22764.68 -29.51 -0.13%
HSI HSI 28010.86 -106.56 -0.38%
ASX 200 S&P/ASX 200 6262.70 17.60 0.28%
SHANGHAI Shanghai 2772.98 -14.28 -0.51%
KOSPI KOSPI Index 2282.29 -7.82 -0.34%
CNBC 100 CNBC 100 ASIA IDX 8247.15 -4.74 -0.06%
Over in South Korea, the Kospi edged lower by 0.34 to close at 2,282.29 despite large cap tech stocks advancing. Steelmakers dropped after the European Union said it would initiate measures to target steel imports after the U.S. administration imposed tariffs on steel and aluminum earlier this year. Posco finished the day lower by 1.41 percent.
Hong Kong's Hang Seng Index closed lower by 0.38 percent at 28,010.86, the consumer and services stocks leading the declines.
Mainland China indexes saw steeper losses. The Shanghai composite shed 0.51 percent to close at 2,772.98, marking a fifth straight session of declines. The Shenzhen composite finished the day down 0.79 percent. Airline stocks slumped amid the weaker yuan, with Air China and China Eastern Airlines falling 5.03 percent and 5 percent, respectively.
Amid the declines, Australia's S&P/ASX 200 bucked the trend to advance 0.28 percent to 6,262.70 as industrials and heavily weighted financials rose. Elsewhere, Southeast Asian indexes were also in the money ahead of the market close, with Singapore's Straits Times Index gaining 0.98 percent and Malaysia's KLCI higher by 0.47 percent at 3:00 p.m. HK/SIN.
MSCI's index of shares in Asia Pacific outside of Japan inched lower by 0.14 percent in the afternoon.
The mixed trade came after markets stateside closed higher for the most part on Wednesday as stocks were buoyed by strong corporate earnings reports from Morgan Stanley and rail transportation company CSX. Both posted stronger-than-expected results in the second quarter. Sector-wise, financials led the climb, while technology stocks declined.
Analysts at FactSet expect S&P 500 earnings to have grown by 20 percent in the second quarter. With slightly more than 9 percent of S&P 500 companies having released their latest set of results, earnings have grown 22.1 percent.
Meanwhile, Federal Reserve Chairman Jerome Powell mostly reinforced his upbeat view on the U.S. economy in his second testimony to congress in the week. Analysts, however, pointed out that Powell had said the U.S. was not quite at full employment.
On the trade front, White House economic advisor Larry Kudlow said trade talks with China have stalled.
"I think this is still part of the negotiation. We're taking some kind of extreme views. I'm hoping cooler heads prevail and realize that we need to reach some kind of agreement because we do not want to derail the global economy. Obviously nobody is going to benefit if we teeter into a global recession," Jack McIntyre, portfolio manager at Brandywine Global Investment Management, told CNBC's "Squawk Box."
However, negotiations with other trading partners could prove to be more promising, with Kudlow adding that a trade offer from the European Union was in the works. Also of note, Trump on Wednesday said the U.S. could "do a deal separately" with Mexico and Canada, raising questions over the fate of the North American Free Trade Agreement (NAFTA).
The dollar index, which tracks the dollar against a basket of currencies, firmed to trade at 95.189. Meanwhile, the yen was mostly steady, trading at 112.81 to the dollar after touching its lowest level in around six months in the last session.
The Australian dollar pared gains made on the back of better-than-expected jobs data, trading at $0.7392 at 2:47 p.m. HK/SIN.
Meanwhile, the yuan slipped further against the dollar after the Chinese central bank set the official mid-point at 6.7066 to the dollar, past the key 6.7 level. The on-shore yuan traded at 6.7494 to the dollar at 2:48 p.m. HK/SIN after touching a one-year low earlier in the session.
On the energy front, oil prices were mostly steady after an unexpected rise in U.S. crude inventories was overshadowed by strong U.S. demand data for gasoline overnight. U.S. crude futures edged lower by 0.1 percent to trade at $68.69 per barrel and Brent crude slipped 0.27 percent to trade at $72.70. Both contracts settled higher by 1 percent on Wednesday.
— CNBC's Fred Imbert contributed to this report.

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