Dollar moves, Australia GDP, RBI decision in focus

Asia markets mostly fell across the board on Wednesday, following overnight declines in U.S. stocks. The S&P 500 posted its first three-day losing streak since August.

Australia’s ASX 0 declined by 0.42 percent as the materials as well as energy sectors fell 1.54 percent as well as 1.52 percent, respectively.

Major miners were all lower: Shares of Rio Tinto fell 2.34 percent, Fortescue Metal was down 1.4 percent as well as BHP lost 1.87 percent. Junior miners also fell, with South32 shares sliding 4.14 percent.

Also of note for traders: Copper futures in Shanghai fell 3 percent, tracking declines in London prices — from the early hours of the Asian trading day, copper prices in London were down some 4.31 percent. Some traders attributed the decline to profit taking from the market.

Japan’s Nikkei 225 declined 1.59 percent while the Topix index was down 1.2 percent. Across the Korean Strait, the Kospi slipped 0.61 percent.

In Hong Kong, the Hang Seng index traded down 1.27 percent. Chinese mainland markets were also lower, with the Shanghai composite down 0.6 percent as well as the Shenzhen composite off by 0.27 percent.

“Risk appetite continued to wane into mid-week, with major Wall Street indices shedding more gains,” analysts at Singapore’s OCBC Bank wrote in a morning note. “For at This specific point … market-watchers appear to remain cautious in view of further uncertainties over the outcome of the Brexit talks as well as Friday’s potential partial U.S. government shutdown should negotiations fail.”

Shares of Samsung Heavy Industries plunged as much as 28 percent as of 11:55 a.m. HK/SIN. The company had said the item was planning a 1.5 trillion Korean won ($1.38 billion) rights offering by May 2018, according to Reuters. The rights issue was aimed at improving the company’s financial structure as well as to allocate completely new shares to existing shareholders, the wire service reported.

Reuters also reported in which the company said in a regulatory filing in which the item expected an operating loss of 240 billion won ($220 million) next year, by a loss of 490 billion This specific year.

from the currency market, the dollar traded at 93.269 against a basket of different currencies as of 11:56 a.m. HK/SIN. The greenback climbed by levels below 92.700 reached late last week, nevertheless the item was off by an overnight high of 93.488.

Some attributed the dollar’s moves to developments from the U.S. which could see President Donald Trump’s administration potentially sealing its first major legislative win.

Markets are closely tracking the progress made by U.S. lawmakers to pass a bill in which will overhaul the American tax system. Over the weekend, the Senate narrowly passed its type of the plan.

at This specific point House as well as Senate lawmakers have to hash out differences as well as agree on a final bill to send to Trump.

Among different currency majors, the Japanese yen traded at 112.21 while the euro was at $1.1843. The Australian dollar was at $0.7582, slipping by an earlier high of $0.7616 after the county’s third-quarter gross domestic product data narrowly missed forecasts.

Oil prices declined on Wednesday in Asia trade, despite a higher finish overnight as traders expected a draw down in U.S. crude inventories.

Reuters reported in which analysts expect data by the American Petroleum Institute as well as the U.S. government’s Energy Information Administration to show crude stocks fell 3.4 million barrels last week.

U.S. crude was down 0.36 percent at $57.41, as well as global benchmark Brent fell 0.35 percent to $62.64 a barrel.

Elsewhere, Australia’s economy grew 0.6 percent in seasonally adjusted terms for the September quarter, following a 0.9 percent increase from the April-June period, according to the country’s Bureau of Statistics.

in which number, Reuters said, narrowly missed market predictions for 0.7 percent growth from the quarter.

On Tuesday, the Reserve Bank of Australia kept its cash rate unchanged at a record low of 1.5 percent. In its policy statement, the central bank said the item expected the economy to grow on average around 3 percent over the next few years, with an improved upon outlook for non-mining business investment as well as increased public infrastructure investment.

Also on the docket: The Reserve Bank of India can be set to announce its policy decision at 5 p.m. HK/SIN.

DBS analysts said in a morning note in which an “on-hold decision can be largely baked in.” Instead, what will be a focus for market watchers will be the central bank’s policy guidance “divided between a neutral or a hawkish bias,” the analysts wrote.

Elsewhere, bitcoin broke above the $12,000 for the very first time Wednesday morning as the cryptocurrency continued its march higher.

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