Asian Shares Climb As Fed Hike Bets Ease

RTTNews | 959日前
Asian Shares Climb As Fed Hike Bets Ease

(RTTNews) - Asian stocks advanced on Wednesday as weak U.S. data released overnight boosted expectations of a less hawkish Federal Reserve.

Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November. Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.

Regional stocks gave up some early gains in the wake of unexpectedly weak earnings from technology giants Alphabet Inc and Microsoft.

Chinese and Hong Kong stocks rose notably, recovering further from a sharp selloff earlier this week on concerns that President Xi Jinping will continue with his ideology-driven approach at the cost of economic growth.

China's Shanghai Composite index rose 0.78 percent to 2,999.50 while Hong Kong's Hang Seng index gained 1.0 percent to close at 15,317.67.

Japanese shares rose for the third consecutive session to reach a seven-week high. The Nikkei average climbed 0.67 percent to 27,431.84 while the broader Topix index ended 0.58 percent higher at 1,918.21.

Denka shares surged 6.4 percent after the chemical products manufacturer announced it would exit its cement business. Shipping companies led losses, with Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha both falling around 3 percent.

The Japanese yen continued weakening against the dollar as traders extended beets against currency market intervention by the government. Yields fell sharply after the Bank of Japan again said it would increase bond buying operations.

Seoul stocks gained on hopes for slower U.S. rate hikes. The Kospi average inched up 0.65 percent to 2,249.56. Samsung Electronics and Samsung SDI both rose about 3 percent. Battery maker LG Energy Solution jumped 3.5 percent after reporting a turnaround in the third-quarter earnings.

Australian markets ended off their day's highs after data showed inflation reached a 32-year high last quarter, pointing to more economic ructions and putting additional pressure on the Reserve Bank to raise interest rates further.

The benchmark S&P/ASX 200 index inched up 0.18 percent to 6,810.90 while the broader All Ordinaries index closed 0.16 percent higher at 7,005.10.

Coles Group, the second-largest supermarket chain in the country, fell 2.7 percent after it flagged rising cost pressures due to elevated inflation and adverse weather. Across the Tasman, New Zealand's benchmark S&P NZX-50 index rallied 1.32 percent to 11,046.50.

Overnight, U.S. stocks rallied to score a three-day winning streak after a sharp pullback by Treasury yields and better than expected third quarter earnings from the likes of General Motors and Coca-Cola.

The Dow rose 1.1 percent, the tech-heavy Nasdaq Composite jumped 2.3 percent and the S&P 500 added 1.6 percent to reach their best closing levels in over a month as weak data on housing prices and consumer confidence stoked hopes the Fed will slow its aggressive pace of interest rate hikes.

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Japanese Market Notably Lower

Japanese Market Notably Lower

The Japanese market is trading notably lower on Thursday, snapping a four-session winning streak, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling well below the 38,200 level, with weakness across most sectors led by automakers, exporters and technology stocks. Financial stocks are the only bright spot.
RTTNews | 14分前
Indonesia Bourse May Extend Wednesday's Losses

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Australian Market Slightly Higher

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Hong Kong Bourse May Hand Back Wednesday's Gains

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Continued Consolidation Called For Singapore Shares

Continued Consolidation Called For Singapore Shares

The Singapore stock market has moved lower in two straight sessions, sinking more than 15 points or 0.4 percent along the way. The Straits Times Index now sits just beneath the 3,920-point plateau and it may take further damage on Thursday.
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Renewed Selling Pressure Expected For Malaysia Shares

Renewed Selling Pressure Expected For Malaysia Shares

The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had gained almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's likely to head south again on Thursday.
RTTNews | 2時22分前
Japan Stock Market May Run Out Of Steam On Thursday

Japan Stock Market May Run Out Of Steam On Thursday

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