MARKTE ASIA / sales with economic concerns and negative targets for the US | News

TOKIO / HONG KONG (Dow Jones) – Weak US forecasts and lingering economic fears weighed down on East Asian stock markets on Thursday. The late turn losses partially increased. The weak economic outlook continues to weigh on sentiment, he said. They were bolstered the day before by the World Bank and the Organization for Economic Co-operation and Development (OECD), which had drastically lowered their global growth forecasts. On top of that, oil prices continued to rise, fueling fears of persistently high inflation.

According to ANZ analysts, oil prices are broadly supported mainly by the optimistic outlook for demand. Positive signals are also coming from China: car sales in May increased by 30%. compared to the previous month, which should support fuel demand. Meanwhile, WTI and Brent prices fell slightly, even by 0.4%. in Asian trade.

Shanghai Composite fell 0.8 percent. Concerns about the restoration of the crown also weighed on the sentiment. Shanghai’s Minhang district announced it would begin a new round of testing for Covid-19 on Saturday, and instructed residents to stay home during this period.

The Hong Kong Hang Seng Index fell 0.9 percent towards the end of the trade. Good trade data in China were not supportive. May exports more than doubled than expected, and imports were also well above forecasts.

In Sydney, the S & P / ASX 200 fell 1.4 percent, while Seoul’s Kospi changed little. Here, among others The transport sector has come under pressure from ongoing strikes by South Korean truck drivers. Sydney’s commodity shares were weaker. Rio Tinto, Fortescue and BHP shares lost 0.3 to 2.4 percent. Bank stocks also fell again. There were still concerns about the impact of higher interest rates on the cooling of the real estate market.

Nikkei-225 has not changed much – weak yen support

The Nikkei 225 in Tokyo, which was clearly positive in the meantime, surrendered gains in the late course and closed almost unchanged at 28,247 points. The sentiment was supported to some extent by the continued weakening of the yen, which fell back to the 20-year low against the US dollar. This mainly fueled export stocks.

Monetary divergence is the main reason for the weakening of the yen, especially after Japanese central bank governor Haruhiko Kuroda reiterated that there would be no changes in the Bank of Japan’s rates, said Sophia Ng, a currency analyst at MUFG Bank. On the other hand, the US central bank tries to contain inflation by rapidly increasing interest rates. The European Central Bank (ECB) is also likely to announce a flash rate hike for July in the afternoon.

In Tokyo, Subaru shares rose 2.1 percent, Nissan Motor rose 1.9 percent and Softbank rose 1.7 percent. Softbank’s market participants also commented on the strong gains in Alibaba’s shares in the US, in which the company has a stake. Alibaba’s shares rose by another 1.2 percent. The reason is hopes for a relaxation of Chinese regulations for the tech sector.

On the other hand, Sharp’s share fell by 5.7%. In the fiscal year, the group expects a decrease in net profit by 32%. In Seoul, SBW shares have exceeded the daily limit of 30%. The company is reportedly considering a new offering on SsangYong Motor.

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Index (stock market) last +/-%% YTD end

S & P / ASX 200 (Sydney) 7,019.70 -1.4% -5.7% 08:00

Nikkei-225 (Tokyo) 28,246.53 + 0.0% -1.9% 08:00

Kospi (Seoul) 2 625.44 -0.0% -11.8% 08:00

Shanghai Comp. 3,238.95 -0.8% -11.0% 09:00

Hang Seng (Hong Kong) 21,826.37 -0.9% -6.0% 10:00

Taiex (Taiwan) 16,621.34 -0.3% -8.8% 07:30

Straits-Times (Sing.) 3 208.85 -0.5% + 3.2% 11:00

KLCI (Malaysia) 1 512.88 -0.7% -2.8% 11:00

BSE (Bombay) 54,918.08 + 0.0% -5.7% 12:00

FOREX Last + / -% 00:00 Wed, 9:32% YTD

EUR / USD 1.0714 -0.0% 1.0717 1.0686 -5.8%

EUR / JPY 143.12 -0.5% 143.85 142.57 + 9.4%

EUR / GBP 0.8557 + 0.1% 0.8548 0.8505 + 1.8%

GBP / USD 1.2521 -0.1% 1.2537 1.2566 -7.5%

USD / JPY 133.58 -0.5% 134.23 133.41 + 16.0%

USD / KRW 1,255.36 -0.1% 1,257.10 1,255.64 + 5.6%

USD / CNY 6.6797 -0.1% 6.6838 6.6734 + 5.1%

USD / CNH 6.6851 -0.2% 6.7001 6.6773 + 5.2%

USD / HKD 7.8489 + 0.0% 7.8484 7.8472 + 0.7%

AUD / USD 0.7180 -0.2% 0.7191 0.7206 -1.1%

NZD / USD 0.6450 + 0.1% 0.6446 0.6458 -5.5%

Bitcoin

BTC / USD 30 364.43 -0.0% 30 379.20 30 396.11 -34.3%

ROHL last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 121.68 122.11 -0.4% -0.43 + 67.2%

Brent / ICE 123.23 123.58 -0.3% -0.35 + 64.4%

METALS last day before +/-% +/- USD% YTD

Gold (spot) 1,851.79 1,853.43 -0.1% -1.64 + 1.2%

Silver (Spot) 22.02 22.06 -0.2% -0.04 -5.5%

Platinum (Spot) 991.20 1,009.50 -1.8% -18.30 + 2.1%

The future of copper 4.43 4.45 -0.6% -0.03 -0.4%

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Contact the author: maerkte.de@dowjones.com

DJG / DJN / ros / smh

(END) Dow Jones Newswires

June 9, 2022 03:39 ET (7:39 GMT)

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