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Fort Financial Services - EN

Tuesday, 17 April 2018

Asian stock indexes under pressure; fresh data in focus

Posted by Anonymous at 10:17

Asian equity markets were again mixed on Tuesday, with major indexes trading lower as market participants digested upbeat economic data from China and as the dollar was able to recover its stability following previous session losses in the light of easing geopolitical tensions.

As no further developments were known concerning Syria’s conflict, market players felt a bit more released about a potential escalation of military actions between the US and Russia.

In other news, US President Donald Trump accused China and Russia of playing a “currency devaluation game,” calling it unacceptable as the Federal Reserve continues to raise rates.

Trump tweeted on Monday: "Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!"

Japan’s Nikkei 225 settled close to breakeven, adding 0.07 percent, while the broader Topix was down 0.36 percent, with oil-related stocks being one of the only well-performing sectors.

In South Korea, the Kospi benchmark eased 0.15 percent. Elsewhere, Australia’s S&P/ASX 200 ended unchanged with all subindexes trading in green territory.

In mainland China, the Shanghai composite was down 1.47 percent and the Shenzhen composite 1.96 percent into red ground by the time of this writing. The Hang Seng Index traded 0.33 percent lower.

Earlier in the day, China reported an economic growth of 6.8 percent in the first quarter of 2018, outperforming an estimated growth rate of 6.7 percent.

On Monday, the Dow Jones industrial average closed 212.90 points higher at 24,573.04. The S&P 500 added 0.8 percent to end at 2,677.84, with materials and telecommunications contributing most gains. The Nasdaq composite edged up 0.7 percent to 7,156.28.

On the data front, retail sales for March came in line with analysts’ forecast of a 0.2 percent growth rate. Retail sales were above expectations with a 0.6 percent rise.

Economic calendar:

Ahead in the day, building permits and housing starts for March are due for release as of 12:30 GMT, while industrial production figures will be out at 13:15 GMT.

Investors will also keep an eye on FOMC speakers, including Williams (13:15 GMT), Quarles (14:00 GMT), Harker (15:00 GMT) and Bostic (21:40 GMT).

FortFS

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