Asian Shares Mixed As Fed Sounds Hawkish On March Rate Cut

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(RTTNews) - Asian stocks turned in a mixed performance on Thursday as the U.S. Federal Reserve sought to temper expectations on rate cuts and China reported mixed economic data.

A cautious undertone prevailed after the Fed kept key rates unchanged but indicated that cuts to interest rates are not imminent in view of elevated inflation.

A private survey showed activity in China's manufacturing sector continued to grow in January, thanks to stable growth in output, quicker logistics and the first rise in new export orders since June.

On the flip side, the sharp slowdown in China's home sales dragged on in January, piling pressure on policymakers to step up efforts to arrest the slump.

China's Shanghai Composite index fell 0.64 percent to 2,770.74 amid persisting signs of economic weakness in the country.

Hong Kong's Hang Seng index rose 0.52 percent to 15,566.21 following a two-day plunge as data showed Hong Kong's economy expanded at a faster pace at the end of the year.

Japanese markets fell notably while the yen strengthened as the Bank of Japan laid the ground for an end to its negative-rate policy and hopes for early rate cuts in the U.S. receded.

The Nikkei average dropped 0.76 percent to 36,011.46, snapping a three-day winning streak. The broader Topix index settled 0.67 percent lower at 2,534.04, with insurance, rubber product and machinery shares pacing the decliners.

In economic releases, a survey revealed that business conditions across the Japanese manufacturing sector deteriorated at a modest rate in the start of 2024.

Seoul stocks posted strong gains, with auto, tech and financial shares leading the surge. The Kospi average jumped 1.82 percent to 2,542.46 after a survey showed factory activity in the country increased in January for the first time in 19 months. Australian markets fell sharply after reaching a record high in the previous session. The benchmark S&P ASX 200 fell 1.20 percent to 7,588.20, with mining, tech, energy and financial stocks leading losses. The broader All Ordinaries index closed 1.19 percent lower at 7,818.80.

Tech major Xero hit its lowest since Jan. 18 before closing 1.3 percent lower. Origin Energy shed 1.2 percent as the power retailer announced the retirement of its Chief Financial Officer Lawrie Tremaine.

On the data front, activity across Australia's manufacturing sector stabilized in January, while the total number of dwellings approved fell 9.5 percent in December, separate reports revealed.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index rose 0.38 percent to 11,916.78.

U.S. stocks tumbled overnight as Alphabet and Microsoft forecast rising artificial intelligence costs, ADP private sector jobs data disappointed and the Fed dashed investor hopes for a March rate cut amid 'elevated' inflation.

The tech-heavy Nasdaq Composite plunged 2.2 percent, the S&P 500 slumped 1.6 percent and the Dow dropped 0.8 percent.

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 | 16 minuter sedan

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 | 18 minuter sedan

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 | 33 minuter sedan

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 | 36 minuter sedan

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 | 48 minuter sedan

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.

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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 | 1h 48minuter sedan

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 | 2h 18minuter sedan

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