OPEC meeting, China PMI, Bank of Korea, pound in focus

Japan’s Nikkei 225 was off 0.11 percent as major tech names traded lower. Sony fell 2.22 percent in addition to Nintendo was 2.9 percent lower. Financials, trading houses in addition to automakers, however, mostly notched gains.

In South Korea, the benchmark Kospi index declined 0.6 percent, however was trading off session lows after the Bank of Korea’s raised interest rates for initially in six years. The central bank increased rates to 1.5 percent coming from 1.25 percent in a move in which had been widely expected by markets.

“The markets are priced for today’s move, so the impact is usually likely to be muted,” Prakash Sakpal, Asia economist at ING, said in a note.

Samsung Electronics in addition to SK Hynix, the two-largest names on the index, fell 2.66 percent in addition to 5.1 percent, respectively, with the tech sector the worst-performing sector on the day.

Down Under, the S&P/ASX 0 lost 0.58 percent, with losses in materials, technology in addition to banking stocks dragging the index lower.

Australian financial stocks declined 0.87 percent after the government said the idea could launch an inquiry into the sector. Top executives coming from the country’s so-called “Big Four” had earlier sent a joint letter to Treasurer Scott Morrison calling for “a properly constituted inquiry” into sector in a bid to “restore trust.” Commonwealth Bank was down 2.07 percent in addition to ANZ fell 0.87 percent.

Mainland China markets were little changed, with the Shanghai Composite higher by 0.06 percent in addition to the Shenzhen Composite edging down by 0.05 percent.

China’s official manufacturing Purchasing Managers’ Index came in at 51.8 for November, above the 51.4 forecast by economists in a Reuters survey. The services sector PMI reading came the idea at 54.8, compared to the 54.3 seen last month.

In Hong Kong, the Hang Seng Index fell 0.97 percent, with property in addition to casino stocks edging lower. Technology shares also recorded declines after U.S. tech stocks slid inside the last session. Tencent was down 1.75 percent in addition to Meitu fell 1.64 percent.

Philippine markets are closed for Bonifacio Day. Markets in Kuwait, Bahrain in addition to the United Arab Emirates will also be closed.

Leave a Reply

Your email address will not be published. Required fields are marked *


5 × 4 =