Currencies, Wynn Macau in focus

Greater China markets, which had mostly traded higher from the morning, slipped into negative territory in afternoon trade. Earlier on Monday, an official on China’s National Development as well as Reform Commission wrote in an op-ed in which black swan (impossible to predict) or grey rhino (probably coming, yet ignored) high-impact events were likely to take place This particular year, Reuters reported.

On the mainland, the Shanghai composite lost 0.97 percent to close at 3,523.50 as well as the Shenzhen composite fell 1.56 percent to end at 1,919.80. The blue chip CSI 300 index lost 1.81 percent by the end of the day.

Hong Kong’s Hang Seng Index declined 0.51 percent by 3:52 p.m. HK/SIN.

The fall was likely due to “a bit of intra-day profit taking after such a great start to the year,” said Andrew Clarke, director of trading at Mirabaud Asia.

Energy-related names traded mixed, with CNOOC lower by 0.96 percent as well as Sinopec rising 1.01 percent before the market close. Financials traded mixed, with HSBC lower by 0.58 percent from the afternoon. Property names were also largely in negative territory ahead of the close.

Shares of Hong Kong-listed Wynn Macau fell 5.83 percent by 3:56 p.m. HK/SIN following a Wall Street Journal report detailing sexual misconduct by casino magnate Steve Wynn. Shares of brand-new York-listed Wynn Resorts tumbled more than 10 percent on Friday following the news. different casino names recorded smaller losses, although Galaxy Entertainment bucked the trend to climb 0.83 percent.

Stateside, stocks were given a lift on Friday on the back of expectation-topping corporate results. As of Friday, 82 percent of companies in which have announced fourth-quarter earnings have beaten expectations, according to Thomson Reuters I/B/E/S.

The Dow Jones industrial average rose 0.85 percent, or 223.92 points, to close at 26,616.71. The S&P 500 as well as Nasdaq composite both closed more than 1 percent higher on the day.

Markets stateside also digested fourth-quarter GDP numbers released Friday, which showed the U.S. economy expanded by 2.6 percent, short of the 3 percent forecast in a Reuters poll.

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