October 28, 2021

Politics & News

Politics and Commentary News Aggregator

Asian Stocks Mostly Calm Amidst Default And Taper Tantrums

3 min read
Latest Commentary Online Magazine

Latest Commentary delivers political news and commentary articles.

Asian stock markets traded in mixed territory as FOMC and Evergrande continued to reverberate, albeit on a lesser note. Chinese stock markets resumed trading after local holidays but were not overwhelmed by the Evergrande fiasco. While major benchmarks of Australia and New Zealand ended positive, Japanese Nikkei continued to be beleaguered. Markets in Hong Kong and Korea were closed due to local holidays.

China’s Shanghai composite overcame the initial setback of a gap down opening at 3563.21 and finally closed the day’s trading at 3628.49, up 14.52 points or 0.40 percent from previous close. Liquidity infusion by PBoC as well as assurances by China Evergrande helped soothe markets.

Though tensions eased on the solvency crisis at China Evergrande, Japan’s Nikkei 225 index shed 200.31 points or 0.67 percent, partly due to fretting on Fed’s future course and partly due to concerns about domestic economic situation. Meanwhile, Bank of Japan maintained a status quo on short-term interest rates and issued a bleak commentary on factory output and exports. Weak inflation and weak consumption amidst supply chain disruptions dampened sentiment but also reinforced expectations that the central bank may not follow its global peers in immediate rollback of pandemic-era stimulus. The benchmark closed the day’s trading at 29,639.40.

Tokyo Electric Power company rallied 3.56 percent while Kawasaki Kisen Kaisha, engaged in marine transportation business gained 3.28 percent.

Tokai Carbon Co, a producer and exporter of graphite material for use mainly in nuclear energy lost the maximum with a decline of 5.48 percent. Marubeni Corp followed suit with a decline of 4.26 percent.

Australia’s S&P/ASX200 closed trading at 7,296.90 after gaining 23.10 points or 0.32 percent. The index is currently 4.40 percent below its 52-week high of 7632.80.

Metal recycling company Sims Metal Management was the best performing stock with a rally of 6.14 percent. Energy business related technical service provider Worley, iron ore exploration company Champion Iron, oil and gas exploration company Beach Energy, all gained more than 5 percent.

Specialty fashion retailer Premier Investments declined 4.49 percent after a brokerage cut its price target. Insurance Australia Group slumped around 3 percent amidst pay-out concerns on the earthquake in Victoria on Wednesday morning. Energy infrastructure company Ausnet Services dropped 2.7 percent amidst a takeover battle between Brookfield and APA.

The NZX50 of the New Zealand Stock Exchange gained 28.86 points or 0.29 percent to close flat at 13,215.80. At closing levels, the index was 3.14 percent below the 52-week high of 13643.78.

Dairy business Synlait Milk was the lead gainer – 3.80 percent. Outdoor and surfing accessories maker Kathmandu Holdings followed suit with a gain of 2.74 percent.
Financial services group Heartland Group Holdings declined 2.58 percent whereas retirement home developer Ryman Healthcare shed 2.53 percent.

On Tuesday, the American stock indices had showed lackluster performance as “Evergrande” continued to haunt investors ahead of Thursday’s scheduled coupon payments on the embattled company’s bonds. Fed’s potential tapering timeline too evoked caution amongst traders. Nasdaq-100 had edged up 0.10 percentage to close at 15,027.77, whereas Dow Jones Industrial Average had declined further by 0.15 percent to end at 33,919.84.

For comments and feedback contact: editorial@rttnews.com

2021-09-22 05:21:12

All news and articles are copyrighted to the respective authors and/or News Broadcasters. LC is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.