Tuesday, 3 October 2017

Mixed sentiment in Asia; Chinese market closed

Posted by Anonymous at 10:20 Labels:

Asian equity indexes were mixed on Tuesday as China, one of the region’s most important markets, remains closed for the week and as traders await further economic reports.

Australia ASX -26.50 -0.46% 5,764.80 OPEN
Shanghai Comp +9.30 +0.28% 3,348.94 CLOSED
Hang Seng Index +449.50 +1.63% 28,003.80 CLOSED
Nikkei 225 +168.86 +0.83% 20,569.64 OPEN
TSEC 50 Index +13.29 +0.13% 10,478.45 OPEN

Attention in the Asia session was mainly directed to the Reserve Bank of Australia, who opted to hold steady its interest rate at a record low 1.50 percent, although it pointed out that the economy is continuing to expand satisfactory.

Key bank stocks struggled for direction, with the National Australia Bank down 0.63 percent, Commonwealth Bank falling 1.15 percent and ANZ adding 1.10 percent by time of this writing.

Earlier, the Australian government said building approvals increased 0.4 percent in August, falling short from an initially estimated 1.1 percent. Private house approvals declined 0.6 percent compared to a 1.0 percent advance from the previous month.

No other relevant data was released in Asia. Tuesday is expected to be a light day on the data front, with no major publications due in Europe or the United States.

In the United Kingdom, Markit’s construction PMI index for September is due at 08:30 GMT, with a 51.0 reading seen. Later on, commodity traders will be monitoring a fresh inventory report from the American Petroleum Institute as of 20:35 GMT.

Asian markets followed a strong lead from Wall Street on Monday, with the Dow Jones Industrial Average rising to 22,557.60, the S&P 500 adding 0.39 percent and the tech-heavy Nasdaq Composite arriving to 6516.72 by the end of the day, with a 0.32 percent gain.

The Institute for Supply Management said on Monday its manufacturing PMI for September came in at 60.8, outperforming expectations for a 58.0 reading and a prior 58.8 from August.

Germany’s stock market will be closed on Tuesday and we could expected lower-than-average activity and volatility in the European session.

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