Sep 18, 2023: Most Asian stocks fell on Monday as investors remained broadly risk-off before a string of major central bank rate decisions this week, with the Federal Reserve being the main point of focus. Regional trading volumes were somewhat muted on account of a Japanese market holiday. Hong Kong’s Hang Seng index was the worst performer among its peers, down 1.6% and in sight of a 10-month low amid renewed selling in property stocks. China Evergrande Group (HK:3333) slid nearly 20% after the embattled developer delayed a decision to restructure its debt. Some employees of Evergrande’s wealth management unit…
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Sep 18, 2023: Gold prices rose on Monday as markets bet that the Federal Reserve will keep interest rates on hold this week, while growing fears of a U.S. government shutdown spurred some safe haven demand. The yellow metal saw some gains in recent sessions as strong inflation and economic activity data failed to convince markets that a U.S. interest rate hike was imminent. But gains were also limited as the dollar raced to six-month highs on the data. Bullion prices are also expected to see some safe haven demand amid concerns over a U.S. government shutdown, as top Republican…
Sep 18, 2023: Shares of major Asian chipmaking firms sank on Monday, after a Reuters report said that Taiwan’s TSMC- the world’s largest contract chipmaker- had asked its suppliers to delay deliveries amid concerns over slowing demand. The report follows a warning by TSMC (TW:2330) (NYSE:TSM) during its second-quarter earnings, where CEO C.C. Wei warned that a boom in artificial intelligence development was unlikely to offset a broader, cyclical slowdown in the industry. TSMC’s Taiwan-listed shares fell more than 3%, while South Korean memory chip makers SK Hynix Inc (KS:000660) and Samsung Electronics Co Ltd (KS:005930) lost more than 2%…
Sep 18, 2023: Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd has plans to invest $2 billion in Turkey in the coming period, its president Michael Evans said at a meeting with Turkish President Tayyip Erdogan, the company’s Turkish unit said on Monday. Evans said Alibaba had already invested $1.4 billion in Turkey through its unit Trendyol, one of Turkey’s best known e-commerce platforms, Trendyol said in the statement.
Sep 18, 2023: The U.S. dollar barely moved in Asian trades on Monday, even as sterling blipped higher and the yen dipped, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets. The Bank of Japan’s policy meeting on Friday is the highlight of the week in Asia, after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy. That’s made the BOJ somewhat of a standout in a week packed with central bank meetings, with the U.S. Federal Reserve seen doing a hawkish pause on Wednesday and Bank…
Sep 15, 2023: China’s fiscal revenue rose 10% in the Jan-Aug period of 2023, slower than 11.5% growth in Jan-July, official data showed, even as the economy showed signs of stabilisation in the wake of recent policy support measures. Fiscal revenue totalled 15.18 trillion yuan ($2.09 trillion) for the eight months, while fiscal expenditures grew 3.8% to 17.14 trillion yuan, the finance ministry said in a statement on Friday. In August alone, fiscal revenue fell 4.6% on year, cooling from a 1.9% gain in July, according to Reuters calculations based on the official data. Meanwhile, fiscal expenditure rose 7.2%, sharply…
Sep 15, 2023: The U.S. dollar retreated in early European trade Friday, while the euro rebounded from multi-month lows after the European Central Bank’s latest meeting signaled the rate hike will be its last. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 104.982, falling from the previous session’s six-month peak of 105.43. ECB signals interest rates peakEUR/USD rose 0.2% to 1.0667, bouncing from Thursday’s new three-month low seen in the wake of the latest ECB policy-setting meeting. Although the central bank raised its key interest…
Sep 15, 2023: European stock markets traded higher Friday, boosted by better-than-expected Chinese economic data as well as optimism that the European Central Bank may be close to peak interest rates. At 03:35 ET (07:35 GMT), the DAX index in Germany traded 1% higher, the CAC 40 in France climbed 0.7% and the FTSE 100 in the U.K. rose 1.3%. Chinese data boosts sentimentEuropean stocks have followed the positive lead from Asia after data released earlier Friday showed Chinese industrial production and retail sales grew more than expected in August. This followed Thursday’s announcement from the People’s Bank of China…
Sep 15, 2023: Gold prices rose in Asian trade on Friday as markets bet that the Federal Reserve will keep rates on hold despite recent increases in inflation, while copper prices surged on more stimulus measures from major importer China. Data released this week showed that U.S. consumer and producer inflation rose more than expected through August. But the increases were insufficient in convincing traders that the Federal Reserve will hike rates further when it meets next week. While gold benefited from this notion, further gains in the yellow metal were held back by a dollar rally, as the greenback…
Sep 15, 2023: The AUD/USD currency pair has been climbing for the second consecutive day, reaching a nearly two-week high during Friday’s Asian trading session. The pair’s increase is largely attributed to optimism over additional stimulus from China and positive Chinese economic data. China’s National Bureau of Statistics (NBS) reported that the country’s August retail sales grew by 4.6% YoY, surpassing expectations of 3.0% and a previous growth of 2.5%. Furthermore, China’s industrial production exceeded estimates as well, increasing by a 4.5% YoY rate in August compared to July’s 3.7% rise. These encouraging figures, coupled with more stimulus measures from…
