Arab Today, arab today asian stocks mixed on us rate talk china fears
Last Updated : GMT 17:07:25
Arab Today, arab today
Arab Today, arab today

Asian stocks mixed on US rate talk, China fears

Arab Today, arab today

Arab Today, arab today Asian stocks mixed on US rate talk, China fears

Asian stocks
Hong Kong - AFP

Asian markets were mixed Wednesday as traders assessed the prospects of an early US interest rate rise and China's moves to stem a recent market rout.

The dollar advanced to a four-month high after a US Federal Reserve official expressed support Tuesday for an interest rate rise as early as September.

Tokyo put on 0.46 percent, or 93.70 points, to close at 20,614.06, while Seoul ended flat, gaining 1.77 points to 2,029.76.

Sydney lost 0.42 percent, or 23.9 points, to close at 5,674.0, despite big gains by miners on the back of an iron ore price rise.

Hong Kong was up 0.47 percent in afternoon trading, while Shanghai was down 0.36 percent as investors took profits after strong gains the previous day sparked by new restrictions on short-selling.

The Shanghai and Shenzhen exchanges said Monday investors who borrow shares must wait until the next day to repay the loans, instead of settling the same day as previously.

That measure followed earlier interventions including banning major shareholders from selling and funding a state-backed firm to buy stocks.

"The government's unprecedented, rushed market intervention may have supported prices initially but at the expense of its long-term credibility," Alex Wolf, an economist for emerging markets at Standard Life Investments, told Bloomberg News.

Traders were also taking note of a International Monetary Fund declaration Tuesday that "significant work" needs to be done in reviewing the inclusion of China's currency in its basket of "special drawing rights" reserve currency.

The Chinese government is seeking to expand use of the yuan by having it included in the SDR, an international reserve asset that currently is comprised by four currencies: the dollar, euro, pound and yen.

- Wary market -

Tokyo ticked up after a brief slide in opening trade, rising on positive earnings reports and a weaker yen, but analysts advised caution.

Among Japanese firms that have already reported in the latest earnings season, 61 percent exceeded profit expectations, an improvement from the 48 percent that beat forecasts in the previous quarter, according to data compiled by Bloomberg.

"The overseas environment will continue to be a drag on the market," Hiroichi Nishi, a manager at SMBC Nikko Securities Inc. in Tokyo, told Bloomberg News.

"Lockhart's comments made the market wary of rate hikes once again. Caution toward the Chinese economy continues to weigh on the market as well."

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, said Tuesday he supports raising rates in September barring an unexpected stumble in the economy.

Currency traders are keeping a close eye on US economic data as they try to gauge the timeline for a rate increase -- a plus for the dollar -- which is widely expected in September or December.

In Tokyo forex trade, the dollar was at 124.40 yen at the close, up from 123.93 yen early Tuesday.

The greenback traded at 124.36 yen in New York late Tuesday.

The euro was at $1.0870 and 135.22 yen compared with $1.0882 and 124.40 yen in US trade.

The dollar's strength appeared to hit already declining demand for gold, which is less sought after in times of higher interest rates.

It fetched $1,087.79 an ounce compared with $1,092.65 on Tuesday.

US stocks ended lower Tuesday following a mixed batch of earnings reports and a fall by Apple of 3.2 percent, leaving it down more than 12 percent since its July 21 earnings release.

The Dow Jones Industrial Average dropped 0.27 percent. The broad-based S&P 500 fell 0.22 percent, while the tech-rich Nasdaq Composite Index slid 0.19 percent.

Oil prices rose on expectations of upbeat US stockpiles and jobs data due at the end of the week. US benchmark West Texas Intermediate for September delivery gained 51 cents to $46.26 while Brent crude for September was up 59 cents to $50.59

In other markets:

-- Wellington was flat, inching ahead 0.08 percent or 4.76 points to 5,938.51.

Contact Energy was up 0.80 percent at NZ$5.06 while Genesis Energy was down 1.14 percent at NZ$1.73.

-- Taipei rose 0.37 percent, or 31.41 points, to 8,542.27.

Taiwan Semiconductor Manufacturing Co shed 1.83 percent to Tw$134.0, while Fubon Financial Holding closed 1.22 percent higher at Tw$58.0.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asian stocks mixed on us rate talk china fears Arab Today, arab today asian stocks mixed on us rate talk china fears

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today asian stocks mixed on us rate talk china fears Arab Today, arab today asian stocks mixed on us rate talk china fears

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday