Asian markets mixed in cautious trade

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(RTTNews) – Asian stock markets traded mixed on Wednesday, following mixed signals from Wall Street overnight, reflecting economic optimism following announcement of the US Senate’s approval of a bill of $ 1 trillion infrastructure. Traders also remained concerned about the rapid spread of the delta variant of the coronavirus in the region. Asian markets closed largely higher on Tuesday.

Traders are also cautiously awaiting the US consumer price inflation reading for July later today for directional clues to the global economic recovery. Inflation data could have an impact on the outlook for monetary policy.

The Australian stock market is slightly higher on Wednesday, extending the winning streak of the previous five sessions, with the benchmark S & P / ASX 200 just below the 7,600 level near new all-time highs, despite Wall’s mixed indices. Street overnight, helped by commodities, financials and energy stocks.

Traders are agitated amid concerns over the worsening national coronavirus situation in New South Wales and the extended lockdown, with 344 new cases reported on Tuesday. Victoria has registered 20 new cases of COVID-19, with 118 active cases of coronavirus across Victoria. Queensland has four new cases of the locally acquired virus.

The benchmark S & P / ASX 200 is up 27.40 points or 0.36% to 7,590.00, after hitting an all-time high of 7,615.10 earlier. The broader All Ordinaries index is up 29.90 points or 0.38% to 7,860.30. Australian stocks ended slightly higher on Tuesday.

Among the major miners, BHP Group and Fortescue Metals each gain more than 2%, while Rio Tinto gains almost 2%. OZ Minerals is up almost 1%.

Mineral Resources shares are down nearly 5%, even after beating market expectations with a 230% increase in after-tax profit and a fully franked final dividend of $ 1.75.

Oil stocks are higher. Oil Search is gaining more than 1 percent, Woodside Petroleum is adding nearly 1 percent, and Beach’s energy is up more than 2 percent. Origin Energy and Santos are higher by more than 1% each.

In the tech space, WiseTech Global is down over 1%, Appen is down almost 1%, and Xero and Afterpay are down almost 2%. Among the Big Four banks, Westpac earns almost 1%, while Commonwealth Bank, National Australia Bank and ANZ Banking earn more than 1% each.

The Commonwealth Bank doubled its dividend to $ 2 and announced a $ 6 billion share buyback after reporting 20% ​​higher annual profit to $ 8.65 billion.

The Reserve Bank of New Zealand (RBNZ) issued a formal warning to the local Westpac Banking Corp unit for failing to report nearly 8,000 transactions as required by anti-money laundering and anti-terrorism laws .

Among gold miners, Evolution Mining is down 0.3% and Resolute Mining almost 2%, while Newcrest Mining, Gold Road Resources and Northern Star Resources are down more than 1% each.

Shares of Iress are up nearly 5% after the software company gave private equity giant EQT exclusive due diligence as it returns this morning with an enhanced bid of $ 3.03 billion.

Kangaroo Island Plantation and Timber (KIPT) has been denied permission by the South Australian government to build a deepwater port. However, the stock is gaining more than 5%.

In economic news, consumer confidence in Australia remains weak in August, according to the latest Westpac Bank survey on Wednesday, its confidence index fell 4.4% to 104.1, against 108.8 in July. Confidence fell as three major cities in the country were stranded, with all components of the index falling.

In the currency market, the Australian dollar is trading at $ 0.735 on Wednesday.

The Japanese stock market is significantly higher on Wednesday, extending gains from the previous three sessions, with the Nikkei benchmark breaking through the 28,000 mark, despite mixed Wall Street indices overnight, though traders remain extremely concerned then as the country continues to struggle to contain the rapid spread of the delta variant of the coronavirus.

The benchmark Nikkei 225 closed the morning session at 28,069.28, up 181.13 points or 0.65%, after peaking at 28,146.88 earlier. Japanese stocks closed slightly higher on Tuesday.

Market heavyweight SoftBank Group lost nearly 2%, while operator Uniqlo Fast Retailing gained nearly 2%. Among automakers, Honda earns more than 1 percent and Toyota adds nearly 1 percent.

SoftBank Group posted a drop in net income of nearly 40% in the April-June quarter, after the previous year’s exceptional profit on the sale of shares of its US mobile phone subsidiary.

In the tech space, Screen Holdings is down nearly 3%, Tokyo Electron is down over 2% and Advantest is down over 3%.

In the banking sector, Sumitomo Mitsui Financial gains nearly 3%, Mitsubishi UFJ Financial gains more than 3% and Mizuho Financial is up more than 2%. Among the major exporters, Panasonic and Mitsubishi Electric each gain nearly 1%, while Canon and Sony are stagnant.

Among the other big winners, Toho Zinc gains almost 14%, Bridgestone adds almost 8% and Taiheiyo Cement is up more than 6%, while Kawasaki Kisen Kaisha and Daiichi Sankyo are higher by almost 6% each. . Yokohama Rubber and Yokogawa Electric each earn nearly 5%, while J. Front Retailing, Pacific Metals, Suzuki Motor, Daiwa House Industry and Marui Group each gain over 4% each. Kobe Steel, Mitsui Mining & Smelting, Mitsui Mining & Smelting are also up nearly 4% each.

Conversely, Sumco is down nearly 5%, while Kirin Holdings and Showa Denko KK are down nearly 3% each. Taiyo Yuden is down more than 2%.

In the currency market, the US dollar traded in the upper 110 yen range on Wednesday.

Elsewhere in Asia, New Zealand, Hong Kong, Malaysia, and China are 0.1-0.6% each higher, while South Korea, Indonesia, Taiwan, and Singapore are 0. 1 to 0.6% each.

On Wall Street, stocks posted another mixed performance during Tuesday’s session after closing on opposite sides of the line unchanged for two consecutive sessions. As the Dow Jones and S&P 500 hit new records, the highly technical Nasdaq fell.

The Dow Jones rose early in the session and remained firmly positive throughout the day before closing up 162.82 points or 0.5% at 35,264.67. The S&P 500 fluctuated during the session but managed to gain 4.40 points or 0.1% to 4,436.75. Meanwhile, the Nasdaq came under pressure after seeing its initial strength and ended the day down 72.09 points or 0.5% to 14,788.09.

Meanwhile, major European markets also moved higher on this day. While the UK FTSE 100 index climbed 0.4%, the German DAX index rose 0.2% and the French CAC 40 index rose 0.1%.

Crude oil futures stabilized sharply higher on Tuesday, recovering from recent losses as data showing increased fuel demand in India in July pushed prices higher. West Texas Intermediate crude oil futures for September ended $ 1.81 or 2.7% at $ 68.29 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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