Stock Markets Mixed In Asia

Stock Markets Mixed In Asia

Japanese equities dip, China edges higher

Stock markets were a mixed bag in Asia after Wall Street limped to an almost unchanged finish despite the Powell testimony steadying the ship. The finished 0.12% higher, the closed 0.22% lower, and the edged 0.13% higher. With little direction from Wall Street, which seems to be focusing on upcoming earnings now, Asian markets were left to their own individual devices.

The fell 0.88% as speculation mounted that the Bank of Japan will downgrade its for the economy at tomorrow’s policy . Despite a slightly hawkish bent to the statement, the Bank of Korea kept rates at a record low of this morning, which lifted the by 0.45%.

In China, the solid, if unspectacular, data dump today saw the edge 0.20% higher, while the was up just 0.10%. However, jumped 1.15% as China tech giants talked about opening up their ecosystems to each other, something markets feel will please their ultimate bosses in Beijing. Hong Kong should also benefit from a rotation of China IPOs from the US going forward.

rose by 0.45% today, while fell 0.40% after another surge in COVID-19 cases. and , quite surprisingly, climbed by 0.50% in what I assumed were technical moves after some previously tricky sessions. I would approach rallies in each with a large grain of salt given the COVID-19 situations both are experiencing.

Regional Asia had the most to lose from a change in Fed tone, and the Powell testimony overnight likely drove the gains. was 0.20% higher while fell 0.80%.

The impressive Australian data was not enough to keep markets in the green there, as new cases of COVID-19 popped up across Australia, raising fears of ever-expanding lockdowns. The was 0.30% lower, while the eased by 0.10%.

European stock markets should ignore Asia as a result of their vaccination premium. With the Fed still unconcerned about , that should be enough to lift European stocks initially. It is unlikely that Wall Street will sustain any significant dips into the end of the week either. As I have said before, respect the momentum.

Original Post

Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: