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Home / Business / Asia Stocks Fall Led by Slide in Hong Kong Shares: Markets Wrap

Asia Stocks Fall Led by Slide in Hong Kong Shares: Markets Wrap



(Bloomberg) – Shares in Hong Kong led most Asian stocks lower Monday, after two protesters were shot by police during tomorrow's commute. U.S.A. Shares in Shanghai also declined and the yuan settled lower, while traders also watched Alibaba's single day for a consumer health measure in China. Japanese stocks were flat at the lunch break. The yen climbed with gold as ports caught a bid. Contracts on the S&P 500 resigned after the US benchmark index hit a new record high on Friday. Veteran's Day in the United States means no trading in government bonds.

The recent ramp up in unrest on Monday in Hong Kong has reminded investors of the geopolitical risk that lies ahead. Meanwhile, data over the weekend showed Chinese factories threatening to cut prices around the world as producer prices fell for a fourth month in October. Alibaba's saliva event started with a bang, with 136 billion yuan ($ 19 billion) in less than five hours. The world's largest shopping event can help investors gauge how willing Chinese consumers are to spend because economic growth threatens to slip below 6% and the trade war continues.

"We are careful about the situation" in Hong Kong, Patrik Schowitz, global strategist at JPMorgan Asset Management, said on Bloomberg TV. "It's not an area where we as global investors and investors want to take a huge amount of risk."

Relief of financial worries and signs of progress toward a temporary trade transaction had helped lift the risk shares with global equities rising over the past five weeks. President Donald Trump said that trade talks with China are going "very nice" and Beijing wants a trade "much more than I do." There is now a risk that market prices already represent a partial agreement between the US and China, said Oliver Pursche, a market strategist at Bruderman Asset Management LLC.

"I get the feeling that we are very close to a trade," he told Bloomberg TV. But "we do not know what the step-by-step reduction of tariffs looks like. There is a danger of disappointment there." party leader Pedro Sanchez if he should form a government.

Meanwhile, Saudi Aramco will allow investors to start bidding on stocks from November 17. The company said it will provide the number and percentage of shares sold at a later date, with book-building starting this week.

Elsewhere, the pound swung after Britain's sovereign credit rating was put on negative outlook by Moody's Investors Service, which said the country's ability to set policies has weakened during Brexit times with its commitment to fiscal discipline. [19659010] Here are some important events coming up this week:

Revenue includes Tencent, Nissan Motor, Japan Post Bank and Mitsubishi UFJ.New Zealand's political decision is expected on Wednesday, with market pricing tilting in favor of an interest rate cut. Chairman Jerome Powell addresses the Joint Economic Committee for Congress in Washington on Wednesday. Minneapolis Fed President Neel Kashkari speaks in La Crosse, Wisconsin. Thursday brings China retail and industrial production data. U.S. Retail sales on Friday are expected to pick up again in October following an unexpectedly falling month the previous month. The health of US spending is key to expanding the record-breaking expansion.

These are the most important movements in the markets:

Shares

Japan's Topix index was little changed from 11:30 AM in Tokyo. Hong Kong's Hang Seng fell by 2.2%. Shanghai Composite Index falls 1%. The features of the S&P 500 dropped 0.3%. The underlying meter posted 0.3% on Friday. Australia's S & P / ASX 200 index added 0.6%. South Korea's Kospi index lost 0.8%.

Currencies

The Yen rose 0.2% to 109.07 per dollar. The offshore yuan slid 0.2% to $ 6,992 per dollar. Euro bought $ 1,1020, little changed.

Bonds

The yield on 10-year government bonds dropped three basis points to 1.94% on Friday. Futures were flat. Australia's 10-year return was still 1.29%.

Commodities

Intermediate crude oil in West Texas slid 0.7% to $ 56.87 a barrel. Gold rose 0.3% to $ 1,463.04 per gram.

To contact the reporters about this story: Adam Haigh in Sydney at ahaigh1@bloomberg.net; Sybilla Gross in Sydney at sgross61@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea Papuc, Joanna Ossinger

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