ASIA MARKETS / Up with good assists from Wall Street | News

SHANGHAI / HONG KONG (Dow Jones) – Positive signs from Wall Street earlier this week pushed East Asian stocks up. There, after five trading days, he raised the fees again. This was due to diminishing concerns that the US Federal Reserve may raise interest rates by 100 basis points at the next meeting. At the July 27 meeting, a further interest rate hike by 75 bp is seen as an agreement agreed by the majority to contain sustained high inflation. Additionally, there were good economic data from the US, which raised hopes that the US will not fall into recession as a result of interest rate hikes.

The chairman of the Federal Reserve for St. Louis, James Bullard, recently called for a stronger one rate hike. He was in favor of raising interest rates to 3.75 to 4 percent this year. So far, he has campaigned for a raise to 3.5 percent. The Fed needs to act more aggressively this year to contain “persistently high inflation”. Bullard did not want to commit to a rate hike at the next meeting.

The largest increases were recorded by the Shanghai Composite and Hong Kong Hang Seng Index, by 1.6 and 2.4 percent respectively (late trade). Market watchers also spoke of a recovery from strong sales on Friday, as lower-than-expected economic growth in China in the second quarter resulted in a strong downturn.

The focus was once again on the real estate sector. The mood here was helped by statements from the People’s Bank of China over the weekend, which promised greater support for the economy, said Jeffrey Halley, senior market analyst in Oanda. “It looks like wheels are spinning behind the scenes to devise a financing mechanism for developers who are struggling to continue and complete their housing projects,” he added. Shanghai Construction Group shares increased 1.0 percent and China Communications Construction gained 3.1 percent.

In Seoul, Kospi increased by 1.9 percent. Here it was mainly stocks from the tech and retail sectors that showed significant gains. Shares of the two largest indices, Samsung Electronics and SK Hynix, rose by 3.2 and 2.3 percent, respectively. Traders spoke of a better mood for chip makers after solid quarterly data from Taiwan Semiconductor last week. There was no trade in Tokyo due to a public holiday on Monday.

Suncorp sells ANZ’s banking business

In Sydney, the S & P / ASX 200 index improved by 1.2 percent. The index was supported mainly by increases in the financial and raw materials sectors. Shares of the Commonwealth Bank of Australia, Westpac and National Australia Bank rose from 1.0 to 1.9 percent. Shares of the insurer Suncorp increased by 6.1 percent. The group sells its banking business to ANZ for AUD 4.9 billion ($ 3.33 billion). Rio Tinto, BHP and Fortescue increased between 2.1 and 3.4 percent.

According to the latest inflation data, New Zealand increased by 0.4%. In the second quarter, consumer prices increased by 7.3 percent. compared to the previous year, while economists only expected an increase of 7.1 percent. However, Capital Economics analysts assume that inflation is likely to have peaked. According to ANZ-konomen, the possibility of New Zealand’s central bank raising interest rates by 75 basis points at its mid-August meeting has become “very real”. The bank expects the main interest rate to reach 4.0 percent by the end of the year, compared to 3.5 percent previously. According to ANZ, this means the base scenario of increases by 50 basis points in the remaining three sessions this year.

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

S & P / ASX 200 (Sydney) 6 687.10 + 1.2% -10.2% 08:00

Nikkei-225 (Tokyo) HOLIDAY

Kospi (Seoul) 2,375.25 + 1.9% -20.2% 08:00

Shanghai Comp. 3,278.10 + 1.6% -9.9% 09:00

Hang Seng (Hong Kong) 20 777.27 + 2.4% -13.2% 10:00

Taiex (Taiwan) 14,719.64 + 1.2% -19.2% 07:30

Straits-Times (Sing.) 3,120.44 + 0.7% -0.9% 11:00

KLCI (Malaysia) 1,422.43 + 0.3% -9.5% 11:00

BSE (Bombay) 54,283.93 + 1.0% -6.8% 12:00

FOREX last + / -% 00:00 Fri, 9:13% YTD

EUR / USD 1.0138 + 0.5% 1.0085 1.0014 -10.8%

EUR / JPY 140.04 + 0.2% 139.72 138.77 + 7.0%

EUR / GBP 0.8497 -0.0% 0.8498 0.8475 + 1.1%

GBP / USD 1.1932 + 0.5% 1.1868 1.1816 -11.8%

USD / JPY 138.12 -0.3% 138.56 138.58 + 20.0%

USD / KRW 1,313.91 -0.4% 1,319.23 1,329.24 + 10.5%

USD / CNY 6.7404 -0.3% 6.7575 6.7664 + 6.1%

USD / CNH 6.7483 -0.3% 6.7657 6.7797 + 6.2%

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

AUD / USD 0.6830 + 0.6% 0.6791 0.6726 -5.9%

NZD / USD 0.6174 + 0.3% 0.6154 0.6128 -9.6%

Bitcoin

BTC / USD 22 239.56 + 5.9% 21 008.14 20 659.30 -51.9%

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

WTI / Nymex 99.98 97.59 + 2.4% 2.39 + 38.5%

Brent / ICE 103.77 101.16 + 2.6% 2.61 + 38.5%

GAS VT close +/- EUR

Dutch TTF 169.94 163.45 + 5.1% 8.24 + 32.2%

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

Gold (spot) 1,717.91 1,770.70 + 0.6% +10.21 -6.1%

Silver (Spot) 18.89 18.70 + 1.0% +0.19 -19.0%

Platinum (Spot) 866.30 848.75 + 2.1% +17.55 -10.7%

The future of copper 3.30 3.24 + 2.1% +0.07 -25.6%

YTD at the end of the day

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Contact the author: maerkte.de@dowjones.com

DJG / DJN / ros / thl

(END) Dow Jones Newswires

July 18, 2022 03:44 ET (7:44 GMT)

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