Forex News

Asian stock markets are mostly lower on Tuesday, following the mixed cues from Wall Street overnight, on continued concerns over the fallout from the Silicon Valley Bank collapse, which triggered heavy selling, particularly in the banking sector. Traders now await key US inflation data due later in day with hopes the Fed will pause its tightening cycle due to the debacle in the banking sector.

Indian shares look set to open largely unchanged on Tuesday as investors weigh the SVB fallout concerns against falling oil prices and expectations that the Federal Reserve will be less aggressive in raising rates.

The Japanese stock market is sharply lower on Tuesday, extending the losses in the previous two sessions, with the Nikkei 225 falling below the 27,200 level, following the mixed cues from Wall Street overnight, with banking stocks tumbling amid fears that a U.S. banking debacle may follow last week's collapse of Silicon Valley Bank, even though banking regulators have allayed all such fears.

The Thai stock market has finished lower in back-to-back sessions, plunging more than 40 points or 2.5 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,575-point plateau and it's likely to open in the red again on Tuesday. The global forecast for the Asian markets is mixed to lower on continuing fears of a financial crisis. The European markets were sharply lower and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead.

The Indonesia stock market bounced higher again on Monday, one session after ending the modest two-day winning streak in which it had collected more than 30 points or 0.4 percent. The Jakarta Composite Index now sits just above the 6,785-point plateau although it may tick lower again on Tuesday. The global forecast for the Asian markets is mixed to lower on continuing fears of a financial crisis. The European markets were sharply lower and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead. The JCI finished modestly higher on Monday following mixed performances from the financials and transportation companies, while the resource stocks were soft. For the day, the index added 21.65 points or 0.32 percent to finish at 6,786.96 after trading between 6,727.44 and 6,812.87. Among the actives, Bank Danamon Indonesia tumbled 2.14 percent, while Bank CIMB Niaga collected 0.81 percent, Bank Negara Indonesia eased 0.28 percent, Bank Central Asia climbed 1.18 percent, Bank Mandiri dipped 0.24 percent, Bank Rakyat Indonesia was up 0.21 percent, Indosat Ooredoo Hutchison advanced 1.07 percent, Indocement plummeted 3.92 percent, Semen Indonesia tanked 2.21 percent, United Tractors surged 4.66 percent, Astra International sank 0.84 percent, Astra Agro Lestari rose 0.31 percent, Aneka Tambang retreated 1.60 percent, Vale Indonesia plunged 3.52 percent, Timah surrendered 2.62 percent and Bumi Resources, Indofood Suskes and Energi Mega Persada were unchanged. The lead from Wall Street offers little clarity as the major averages spent most of Monday bouncing back and forth across the unchanged line before finally ending mixed and little changed.

The Australian stock market sharply higher on Tuesday, extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 falling below the 7,000 mark, following the mixed cues from Wall Street overnight, as traders remain spooked that a U.S. banking debacle may follow last week's collapse of Silicon Valley Bank, even though banking regulators have allayed all such fears.