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Asian stocks are stable but are ready for weekly losses as global growth fears resentment by Reuters

Asian stocks are stable but are ready for weekly losses as global growth fears resentment by Reuters

© Reuters. FILE PHOTO: Investors stand in front of an electronic table showing stock information on the first trading day after the week-long lunar New Year holiday at a brokerage house in Shanghai, China, February 15, 2016. REUTERS / Aly Song // File photo

By Alun John

HONG KONG (Reuters) – Asian stocks fell on Friday after losses earlier in the week, but China shook and concerns about global growth weighed on investors’ minds while the dollar was close to a three-week high.

European equities also appeared to rise at opening with pan-region up 0.61% and futures 0.41% higher.

MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.12% on Friday, but expected to end 2.7% this week, which would be the worst week in four.

“We’re looking at a market that’s nervous, even though the mood has not seen a direct bearish,” said Kyle Rodda, an analyst at IG Markets.

“If you’re looking for catalysts that can justify the next step upward in equities and risk values, they are nowhere to be seen because global growth problems are keeping investors at the forefront.”

Hong Kong rose 0.23% with traders looking for oversold stocks after the benchmark hit its lowest close in 10 months the day before as the China Evergrande Group saga went to a conclusion.

The developed real estate developer’s shares fell a further 11.8% on Friday, down 35% this week, but there were gains elsewhere, including in technology stocks. The previously shattered Hang Seng Tech index rose 2.8%, on track for its best day in three and a half weeks.

Australian stocks fell 0.8% as a fall in iron ore prices hurt miners, but Chinese blue chips rose 0.58% and gained 0.62% to go back towards a 31-year high hit on Monday.

US stock futures, the, rose 0.7%.

Chinese data earlier this week suggested growth in the world’s second-largest economy will slow in the second half of this year, while economists polled by Reuters said they expected the US economic rebound to have bulged in Q3 , partly on the spread of the Delta coronavirus variant.

Respondents to that poll also pushed back expectations that the US Federal Reserve will announce a write-down of asset purchases by November.

This means that next week’s Fed policy meeting is likely to be less consistent than one would have expected a few months ago, as many investors thought a declining announcement in September was a possibility, but traders will still follow closely for any political traces of the meeting, especially after the US had an unexpected increase in retail sales in August Thursday.

Next week, there will also be a police meeting at Indonesia’s central bank, but all 25 analysts surveyed by Reuters expected Bank Indonesia to keep interest rates stable.

The dollar held on to its overnight gains in Asian hours on Friday, after being backed by strong retail data, while the benchmark return was 1.3362% slightly changed from its US close of 1.331%, after also rising on the data.

It stood at 92,849, near Thursday’s three-week high of 92,965

Gold regained some with the spot price of $ 1,761 per. Ounce, up 0.45% after falling 2.3% on Thursday as higher interest rates hurt non-interest-bearing metal. [GOL/]

fell 0.26% to $ 72.42 per share. barrel and fell 0.21% to $ 75.50 per barrel. barrel as more supply came back online in the U.S. Gulf of Mexico after two hurricanes, but both are still set to post weekly gains.

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