Thursday, 31 August 2017

Asian stocks mixed as data weighs on sentiment

Posted by Anonymous at 10:15 Labels:

Asian stocks were mixed in early trading, with downbeat economic reports from Japan and China weighing on market sentiment despite improvements in the geopolitical side.

Australia ASX +40.30 +0.70% 5,774.10 05:20 GMT - OPEN
Shanghai Composite Index -13.14 -0.39% 3,350.49 05:20 GMT - OPEN
Hang Seng Index -181.05 -0.64% 27,913.56 05:20 GMT - OPEN
Nikkei 225 +161.02 +0.83% 19,667.56 05:20 GMT - OPEN
TSEC 50 Index -9.65 -0.09% 10,559.75 05:20 GMT - OPEN

On Wednesday, Asian markets ended in green territory, marching Wall Street’s renewed optimism after the UN Security Council decided not to adopt new sanctions against North Korea.

However, the 15-member council condemned in the strongest terms the latest missile launched by Pyongyang, which crossed Japanese airspace before falling in the Pacific Ocean.

Stocks came under pressure on Tuesday following US President Donald Trump assurance that “all options are on the table” to deal with increased tensions in the Korean peninsula.

US Ambassador to the UN Nikki Haley said “North Koreans should understand the risks they are putting themselves in” by moving forward with their ballistic and nuclear programs.

Japan's Nikkei 225 closed 0.74 percent higher at 19,506.54 and the South Korean Kospi rose 0.32 percent to end the 2,372.29, with tech sector contributing most gains. Hong Kong’s Hang Seng added 0.98 percent, while the Shanghai Composite eased 0.07 percent to 3,362.9947.

The midweek session served to reawaken demand for equities and other high-yielding assets as the risk-on mode progressively gained supporters.

As for currencies, the US dollar rebounded from a four-and-a-half-month low against the Japanese yen as fears of a military escalation in the Korean conflict reduced.

In economic news, ADP nonfarm employment came in above expectations, reporting a 237,000 jobs build in August. The revision on the second-quarter gross domestic product cheered investors by showing a 3.0 percent growth rate against a previous 2.6 percent.

Japanese industrial production fell 0.8 percent in July, more than the original estimation of a 0.5 percent draw. In other news, China’s manufacturing and non-manufacturing PMIs, which came in at 51.3 and 53.4 respectively, both below forecasts.

Key economic events for Thursday, 31 August 2017:

06:00 GMT  EUR Germany's Retail Sales (MoM) (Jul) Forecast: -0.4%
07:55 GMT  EUR Germany's Unemployment Rate (Aug) Forecast: 5.7%
08:00 GMT  EUR Germany's Unemployment Change (Aug) Forecast: -6K
09:00 GMT  EUR EU Core CPI (YoY)   Forecast: 1.2%
09:00 GMT  EUR EU CPI (YoY) (Aug)   Forecast: 1.4%
09:00 GMT  EUR EU Unemployment Rate (Jul) Forecast: 9.1%
12:30 GMT  USD US Core PCE Price Index (YoY) (Jul) Forecast: 1.4%
12:30 GMT  USD US Core PCE Price Index (MoM) (Jul) Forecast: 0.1%
12:30 GMT  USD US Initial Jobless Claims Forecast: 237K
12:30 GMT  USD US Personal Spending (MoM) (Jul) Forecast: 0.4%
14:00 GMT  USD US Pending Home Sales (MoM) (Jul) Forecast: 0.5%
23:50 GMT  JPY Japan's Capital Spending (YoY) (Q2) Forecast: 8.3%

2 comments :

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