ASIA MARKETS / Stable interest rates in China increase real estate inventories | News

Author: Steffen Gosenheimer

TOKIO / HONG KONG (Dow Jones) – On Monday, the East Asian stock market was split. While the indices held in Shanghai and Hong Kong, they fell elsewhere. The Nikkei index in Tokyo fell 0.7 percent. to 25,771 points, and in Seoul Kospi fell by as much as 2 percent. Sydney, Australia (-0.6%) also fell, for the seventh consecutive time, following a rebound in the US stock markets on Friday from previous large losses that were rather weak and confined to technology indices.

Concerns about further sharp increases in global interest rates and the associated risk of a recession continued to weigh on sentiment. US Treasury Secretary Janet Yellen He warned again over the weekend against “unacceptably high” prices that are likely to hold on for the rest of the year. He also expects the economy to slow down, but believes the recession can be avoided. In addition, US Federal Reserve banker Loretta Mester warned of the risk of a recession and admitted that Monetary policy it reacted too late to high inflation.

Rate decision increases yuan and real estate stocks

The support on the Chinese stock exchanges was the fact that the Chinese central bank left as expected the annual and five-year benchmark interest rates for bank loans, the so-called Loan Prime Rate (LPR). In the currency market, the yuan gained as a possible cut in LPR would further narrow the interest rate differential to the US.

Meanwhile, on the Hong Kong Stock Exchange, real estate stocks gained in relief that the LPR was not raised. An additional impulse was provided by data from the real estate industry, according to which the dynamics of real estate sales has improved recently. Nomura analysts attribute this to pent-up demand. Country Garden grew by more than 7 percent at the end of the trade, China Vanke by 5.4, China Resources Land by 8.7, China Overseas Land & Investment by 9.4, Agile Group by 7.9, Seazen Group by 13.8, and Longfor Group Holdings by 5.5 percent.

On the other hand, casino stocks have come under some pressure as Macau’s gaming paradise experienced a resurgence in the Covid-19 infection for the first time in months. Sands China lost 1.7 percent and Galaxy Entertainment 0.4 percent.

Sydney’s very weak commodity stocks

In Sydney, commodities in particular have been hit by widespread fear of an impending recession. Rio Tinto, BHP and Fortescue lost 5.1 to 8.6 percent. The energy sub-index fell 5.2 percent. He reports that the Competition Authority is monitoring the industry more closely due to potential market manipulation in relation to the soaring prices weighing in here.

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

S & P / ASX 200 (Sydney) 6,433.40 -0.6% -13.6% 08:00

Nikkei-225 (Tokyo) 25,771.22 -0.7% -9.8% 08:00

Kospi (Seoul) 2,391.03 -2.0% -19.7% 08:00

Shanghai Comp. 3315.43 -0.0% -8.9% 09:00

Hang Seng (Hong Kong) 21,148.54 + 0.3% -9.9% 10:00

Taiex (Taiwan) 15,367.58 -1.7% -15.7% 07:30

Strait times (Sing.) 3 098.65 + 0.0% -0.9% 11:00

KLCI (Malaysia) 1,442.17 -1.0% -7.1% 11:00

BSE (Bombay) 51,396.64 + 0.1% -11.8% 12:00

FOREX last + / -% 00:00 Fri, 9:38% YTD

EUR / USD 1.0516 + 0.2% 1.0490 1.0525 -7.5%

EUR / JPY 141.63 + 0.0% 141.63 141.14 + 8.2%

EUR / GBP 0.8600 + 0.2% 0.8581 0.8547 + 2.4%

GBP / USD 1.2228 + 0.0% 1.2225 1.2311 -9.6%

USD / JPY 134.67 -0.2% 134.98 134.01 + 17.0%

USD / KRW 1,291.22 -0.0% 1,291.50 1,293.16 + 8.6%

USD / CNY 6.6856 -0.5% 6.7167 6.6976 + 5.2%

USD / CNH 6.6859 -0.4% 6.7136 6.7030 + 5.2%

USD / HKD 7.8499 + 0.0% 7.8498 7.8500 + 0.7%

AUD / USD 0.6972 + 0.5% 0.6934 0.6987 -4.0%

NZD / USD 0.6338 + 0.4% 0.6314 0.6327 -7.2%

Bitcoin

BTC / USD 19 960.13 -2.0% 20 366.18 21 054.30 -56.8%

ROHOEL the last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 109.74 109.56 + 0.2% 0.18 + 50.8%

Brent / ICE 113.46 113.12 + 0.3% 0.34 + 50.6%

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

Gold (spot) 1,840.69 1,840.30 + 0.0% +0.39 + 0.6%

Silver (Spot) 21.58 21.67 -0.4% -0.09 -7.4%

Platinum (Spot) 940.50 933.70 + 0.7% +6.80 -3.1%

The future of copper 3.97 4.01 -1.0% -0.04 -10.5%

Contact the author: maerkte.de@dowjones.com

DJG / DJN / gos / cln

(END) Dow Jones Newswires

June 20, 2022 03:32 ET (7:32 GMT)

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