Thursday, 25 January 2018
Asian markets close in red territory; ECB meeting eyed
Asian stock markets
traded mainly lower on Thursday as the greenback extended its path to the
downside following remarks by Treasury Secretary Steven Mnuchin from Davos.
Mnuchin said a
weaker greenback is good for the economy, although reassuring the dollar will
not lose its place as the primary world trade and reserve currency.
“A weaker dollar is
good for us as it relates to trade and opportunities. Longer term, the strength
of the dollar is a reflection of the strength of the US economy and that it is,
and will continue to be, the primary reserve currency.”
The Japanese
benchmark Nikkei 225 was down 1.13 percent or 271.29 points at 23,669.49, with
financials, manufacturing, automakers ending in red numbers. These sectors are
feeling the pressure of a stronger yen as the dollar continues to soften across
the board.
The US dollar
index, which measures the greenback against six major currencies, was trading
0.16 percent lower at 88.87 by the time of this writing.
The S&P/ASX 200
suffered some minor losses, with materials rising as dollar-denominated
commodities enjoy of a stronger demand, but with financials weighing on the
index.
Wall Street top
indexes closed mixed near fresh record highs, with Dow Jones industrial average
standing at 26,252.12, the S&P 500 easing half a percent and the Nasdaq
too.
<<< Asian
Stock Indexes at 07:40 GMT >>>
Australia ASX
S&P -4.10 -0.07% 6,164.70
Shanghai
Composite -11.16 -0.31% 3,548.31
Hong
Kong Hang Seng -220.69 -0.67% 32,738.00
Japan
Nikkei 225 -271.29 -1.13% 23,669.49
Taiwan
TSEC 50 Index +13.79 +0.12% 11,165.95
<<< Next
in Europe >>>
In Europe,
Germany’s GfK consumer climate for February is due for release at 07:00 GMT (Forecast:
10.8), while business expectations (Forecast: 109.4) and current assessment
(Forecast: 125.4) for January will be out as of 09:00 GMT. The lfo business
climate index for January will be available by that same hour (Forecast:
117.1).
However, Investors
will be focusing mainly at the European Central Bank monetary policy meeting
and a speech by President Mario Draghi following an official statement. The
interest rate decision will be announced at 12:45 GMT, while Draghi is set to
speak at 13:30 GMT.
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