Asian Shares Retreat On US Debt Ceiling Worries

RTTNews | il y a 824

(RTTNews) - Asian stocks fell on Wednesday as worries over U.S. debt deal persisted, and investors awaited cues from industrial sector surveys in Europe and the United States.

Spot gold edged lower, and the dollar index held steady as another round of U.S. debt ceiling negotiations ended without resolution.

The kiwi dollar came under pressure against other major currencies after the Reserve Bank of New Zealand surprised markets with a dovish 25-bps rate hike, saying that this would be the final rate hike of the current tightening cycle.

Oil prices hit three-week highs after a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts.

Chinese markets tumbled amid mounting concerns over the outlook for the country's economy.

The benchmark Shanghai Composite index slipped 1.28 percent to 3,204.75 while Hong Kong's Hang Seng index plunged 1.62 percent to 19,115.93.

Japanese shares fell notably as concerns over the U.S. debt limit impasse overshadowed survey results showing that business sentiment at big manufacturers turned positive for the first time in 2023.

The Nikkei average fell 0.89 percent to 30,682.68 while the broader Topix index settled 0.42 percent lower at 2,152.40.

Cosmetics giant Shiseido slumped 5.6 percent and CyberAgent Inc, a major investor in a new share sale in Rakuten Group Inc, tumbled 4.7 percent. Rakuten shares gave up 2 percent.

Toyota Motor jumped 5.4 percent, rebounding from a sudden plunge in the final minute of trading Tuesday.

Seoul stocks ended on a flat note as data showed business sentiment improved slightly for June. The Kospi average finished marginally lower at 2,567.45.

Australian markets ended lower, dragged down by miners and healthcare stocks. The benchmark S&P/ASX 200 dropped 0.63 percent to 7,213.80 while the broader All Ordinaries index closed 0.73 percent lower at 7,392.90.

Mining heavyweights BHP and Rio Tinto fell over 2 percent, tracking weak iron ore prices in top steel producer China.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.23 percent to 11,971.83 as the Reserve Bank indicated that the tightening cycle is over.

Investors shrugged off data showing New Zealand's retail sales volume fell an annual 4.1 percent in the first quarter of 2023, marking its second straight quarterly contraction.

U.S. stocks fell sharply overnight, as growing worries over raising the nation's debt limit overshadowed data showing fairly sharp growth in U.S. private sector activity and a jump in new home sales to a level not seen in over a year.

The Dow shed 0.7 percent, the S&P 500 dropped 1.1 percent and the tech-heavy Nasdaq Composite gave up 1.3 percent as another round of debt ceiling talks ended without an agreement.

Japanese Market Significantly Lower

The Japanese stock market is trading significantly lower on Tuesday, reversing the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight, with the Nikkei 225 falling below the 42,400 level, with weakness across most sectors led by index heavyweights, exporters and financial stocks.

RTTNews | il y a 17 minutes

Indonesia Bourse May Hand Back Monday's Gains

The Indonesia stock market on Monday wrote a finish to the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,925-point plateau although it's looking at a soft start on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 20 minutes

Hong Kong Shares May Be Stuck In Neutral On Tuesday

The Hong Kong stock market has moved higher in two straight sessions, improving more than 825 points or 3.4 percent along the way. The Hang Seng Index now rests just beneath the 25,830-point plateau although it may open under pressure on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 35 minutes

Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Tuesday, recouping the slight gains in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, financial and technology stocks partially offset by gains gold miners.

RTTNews | il y a 38 minutes

China Stock Market Due For Consolidation

The China stock market has moved higher in four straight sessions, advancing almost 160 points or 4.4 percent along the way. The Shanghai Composite Index now sits just above the 3,880-point plateau although it may see profit taking on Tuesday.

RTTNews | il y a 50 minutes

Taiwan Bourse May Hand Back Monday's Gains

The Taiwan stock market bounced higher again on Monday, one session after ending the two-day winning streak in which it had gained more than 600 points or 2.6 percent. The Taiwan Stock Exchange now rests just above the 24,275-point plateau although it's expected to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. For the day, the index surged 512.91 points or 2.16 points to finish at 24,277.38 after trading between 24,108.75 and 24,362.02. Among the actives, Mega Financial and United Microelectronics Corporation both eased 0.12 percent, while Fubon Financial jumped 1.93 percent, E Sun Financial and Formosa Plastics both sank 0.74 percent, Taiwan Semiconductor Manufacturing Company accelerated 3.08 percent, Hon Hai Precision rallied 2.47 percent, Largan Precision added 0.42 percent, MediaTek soared 3.30 percent, Novatek Microelectronics climbed 1.18 percent, Nan Ya Plastics surged 3.53 percent, Asia Cement gained 0.40 percent and Cathay Financial, CTBC Financial and Catcher Technology were unchanged.

RTTNews | il y a 1h 20min

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 1h 50min

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 2h 20min

EURUSD	1.16429	GBPUSD	1.34744	AUDUSD	0.64776
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