Tuesday, 10 October 2017

Asian markets extend gains despite Wall Street weak close

Posted by Anonymous at 11:14 Labels:

Asian markets traded in green territory on Tuesday as market players held a positive sentiment despite rising tensions over the North Korea and political uncertainty on Japan's snap election.

Australia ASX +2.00 +0.03% 5,807.10 CLOSED
Shanghai Comp +6.87 +0.20% 3,381.25 CLOSED
Hang Seng Index +143.20 +0.51% 28,469.79 OPEN
Nikkei 225 +132.80 +0.64% 20,823.51 CLOSED
TSEC 50 Index +14.54 +0.14% 10,532.81 CLOSED

On the data front, Japan’s adjusted current account exposed a surplus of 2.27 trillion yen, larger than the originally expected 1.98 trillion yen.

Regional indexes were able to shrug off Wall Street’s Monday close to the downside. Financials and healthcare sectors came under pressure as a new earnings season approached.

The Dow Jones Industrial Average ended at 22,761. The S&P 500 took a 0.18 percent loss and the Nasdaq Composite declined 0.16 percent to close at 6579.73.

Later this week, key banking institutions in the US are set to report third-quarter earnings, including JPMorgan Chase & Co , Citigroup, Bank of America and Wells Fargo.

Meanwhile, the Chinese Statistics Bureau reassured the nation is not likely to face problems meeting its yearly economic growth target of nearly 6.5 percent.

While sentiment remained on the positive side, tensions on the Korean peninsula are increasing worries among investors. President Donald Trump has recently said that “only one thing will work” when it came to stopping Pyongyang’s aggressions.

Russian Foreign Minister Sergei Lavrov and US Secretary of State Rex Tillerson had a phone conversation on Monday in which the Russian part explained an escalation was unacceptable.

Russia and China insist that the only way to downscale the conflict in the region is to have direct dialogue with Kim Jong Un’s regime and came to a diplomatic agreement.

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