Friday, 29 September 2017
Asian markets mixed; profit taking extends
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Wall Street
Stocks in Asia struggled for a clear direction in early trading hours on Friday in the light of mixed economic reports from Japan and as the US dollar eased overnight on profit taking.
Australia ASX +17.30 +0.30% 5,748.80 OPEN
Shanghai Comp -3.09 -0.09% 3,342.19 OPEN
Hang Seng Index -86.21 -0.31% 27,556.22 OPEN
Nikkei 225 -14.62 -0.07% 20,348.49 OPEN
TSEC 50 Index +37.54 +0.36% 10,333.99 OPEN
Earlier in the Asian session, Japan reported a 0.2 percent increase on household spending for August, outperforming expectations for a 0.2 percent decline.
The jobs/applications ratio for August came in at 1.52, a tick down from an originally estimated 1.53 reading. The ratio did not suffered any changes since last month.
In a separate report, the consumer price index for August met analysts’ predictions at a 0.7 percent growth rate, up from a previous month 0.5 percent build.
Also, Japan’s industrial production grew by 2.1 percent in August, also above a forecasted 1.9 percent increase and correcting a prior 0.8 percent decline. Retail sales rose by 1.7 percent, falling short from a 2.6 percent increase seen and a prior 1.8 percent.
Market players are opting for a cautious position as the weekend gets closer and there are no certainties about how North Korea will behave in regard to its nuclear and ballistic programs.
The American currency gave up some previous gains as investors fixed weekly gains made on the back of higher expectations for further monetary policy adjustments by the end of this year.
Earlier this week, Federal Reserve Chairwoman Janet Yellen reiterated that the regulator plans to raise interest rates one more time in the upcoming months. According to Fed’s chief, adjusting policy “too gradually” could overheat the labor market.
Kansas City Fed President Esther George, a non-voting member of the Federal Open Market Committee, said Thursday that rising benchmark rates is appropriate for economic expansion.
Ahead in the day, attention will be directed to three key publications: Germany’s unemployment change for September, UK’s Q2 GDP final revision and the latest CPI in the euro zone.
As for those interesting in policy matters, ECB President Mario Draghi and BoE Governor Mark Carney are due to speak starting at 14:15 GMT.
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