MARKTE ASIA / Mini-Profits – Two central banks raise interest rates | News

TOKYO / SHANGHAI (Dow Jones) – Most East Asian equity markets recovered slightly on Wednesday. Attendees spoke of reluctance to anticipate the eagerly anticipated US consumer price report, which will be released after the Asian markets close at around 2:30 PM CEST. Forecasts are as high as 8.8 percent of annual inflation. If this number were to a similar level, it would increase fears of harsh actions by the US Federal Reserve. But other central banks are tightening interest rates as well. Two central banks – South Korean and New Zealand – raised their key interest rates by 50 basis points.

Smaller bonuses in some stock exchanges such as Seoul (+ 0.7%) also prompted participants to plunge oil prices sharply the day before, which did not improve significantly on Wednesday. Meanwhile, Asian currencies consolidated and the dollar continued to strengthen against the yen, gaining 0.2%. Following fears of recession, further losses of Asian currencies versus the dollar are expected. The day before, the dollar reached parity against the euro for the first time since 2002.

In the Japanese market, increases in car and aviation shares pushed the Nikkei 225 up slightly by 0.5 percent. Honda Motor grew by 2.5 percent and ANA Holdings by 1.1 percent. With the lighter oil price, Inpex lost 1.7 percent.

Taiwan strong tall

The Taiwanese market saw strong growth of 2.7 percent, boosted by the prospect of government intervention to stabilize the market. The Treasury Ministry announced on Tuesday that it launched a stock stabilization fund, on the same day the benchmark Taiex index closed at the lowest level since December 2020. It fell 25 percent from the January peak.

In Hong Kong, traders saw a technical recovery after two days of losses. However, according to KGI Research, the recent banking crisis in rural Henan in China has raised investor concerns about the impact of the slowdown in the real estate sector on the banking system.

Concerns over the Covid pandemic and the countermeasures initially weighed on mainland China until the market crawled into positive territory. This was supported by data showing 13.2 percent. export growth in the first half of the year, with acceleration of foreign trade in May and June. Demand was in the real estate sectors, while banks and mining stocks fell.

In South Korea, airlines and electronic stocks pushed up to the leading index. Institutional investors acted as net buyers after two days of decline. For the first time, the central bank announced a key interest rate hike of half a percentage point, thus joining the aggressive policy of tightening the policies of the US central bank and other central banks to combat high inflation. Analysts expect further interest rate hikes.

Meanwhile, New Zealand’s Central Bank raised interest rates by 50 basis points for the third month in a row to curb the highest inflation in decades and announced further rate hikes. The main interest rate rose to 2.50 percent. This was the sixth increase in the Reserve Bank of New Zealand since October, when it raised interest rates from a record low of 0.25 percent. The leading NZX-50 index closed 0.1 percent. higher.

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

S & P / ASX 200 (Sydney) 6,621.60 + 0.2% -11.1% 08:00

Nikkei-225 (Tokyo) 26,478.77 + 0.5% -8.5% 08:00

Kospi (Seoul) 2 334.07 + 0.7% -21.6% 08:00

Shanghai Comp. 3,284.29 + 0.1% -9.8% 09:00

Hang Seng (Hong Kong) 20,891.73 + 0.2% -10.9% 10:00

Taiex (Taiwan) 14 324.68 + 2.7% -21.4% 07:30

Straits-Times (Sing.) 3 125.49 -0.6% + 0.6% 11:00

KLCI (Malaysia) 1,415.54 -0.7% -9.0% 11:00

BSE (Bombay) 53,940.52 + 0.1% -7.4% 12:00

FOREX last + / -% 00:00 Tue, 9:30% YTD

EUR / USD 1.0036 + 0.0% 1.0036 1.0014 -11.7%

EUR / JPY 137.65 + 0.2% 137.31 137.47 + 5.2%

EUR / GBP 0.8418 -0.3% 0.8442 0.8439 + 0.2%

GBP / USD 1.1922 + 0.3% 1.1887 1.1866 -11.9%

USD / JPY 137.15 + 0.2% 136.84 137.29 + 19.1%

USD / KRW 1,305.86 -0.0% 1,306.39 1,314.41 + 9.8%

USD / CNY 6.7189 -0.1% 6.7248 6.7341 + 5.7%

USD / CNH 6.7251 -0.2% 6.7375 6.7482 + 5.8%

USD / HKD 7.8496 -0.0% 7.8500 7.8498 + 0.7%

AUD / USD 0.6768 + 0.2% 0.6757 0.6725 -6.8%

NZD / USD 0.6131 + 0.0% 0.6129 0.6107 -10.2%

Bitcoin

BTC / USD 19 501.88 + 0.8% 19 342.92 19 976.63 -57.8%

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

WTI / Nymex 97.02 95.84 + 1.2% 1.18 + 34.4%

Brent / ICE 100.75 99.49 + 1.3% 1.26 + 34.5%

GAS VT close +/- EUR

Dutch TTF 0.00 177.40 0% 0.00 + 30.0%

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

Gold (spot) 1,725.40 1,726.16 -0.0% -0.76 -5.7%

Silver (Spot) 19.02 18.93 + 0.5% +0.09 -18.4%

Platinum (Spot) 848.75 849.38 -0.1% -0.63 -12.6%

The future of copper 3.28 3.30 -0.4% -0.01 -26.1%

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Contact the author: maerkte.de@dowjones.com

DJG / once / ros

(END) Dow Jones Newswires

Jul 13, 2022 03:23 ET (7:23 GMT)

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