|Day's range||27,774.50 - 27,977.63|
|52-week range||24,899.93 - 30,280.12|
The World Health Organization (WHO) on Thursday said at a press conference the outbreak did not yet constitute a global public health emergency.
Australian employment outpaced forecasts for a second month in December pushing the jobless rate to a nine-month low, a much-needed improvement that could forestall a near-term cut in interest rates. Japan posted a deficit for a second straight year last year as its exports were hurt by a slowdown of demand in China amid a tariff war with the United States.
Seoul shares ended sharply higher after data showed South Korea’s government spending surge helped the economy post its fastest quarterly growth in more than two years.
Wall Street ended about steady while European stocks finished in the red on Wednesday as markets remained focused on the economic impact of a virus that originated in China and has begun to spread to other parts of the globe. The S&P 500 and Nasdaq Composite, which hit fresh intraday records earlier in the session, lost their vim by the end of the day. The Dow Jones Industrial Average ended modestly lower, while the Nasdaq Composite gained 0.1 per cent.
Stocks in Hong Kong led losses regionally among major Asian markets on Tuesday after ratings agency Moody’s cut its rating for the city to Aa3 from Aa2 on Monday.
Hong Kong’s Hang Seng index closed down 2.8 per cent in its biggest one-day drop this year, while the CSI 300 index of stocks listed in Shanghai and Shenzhen ended its session 1.7 per cent lower. Capital Economics, recalling the previous Sars outbreak in China 17 years ago, said travel and tourism spending had initially been hit hard back in 2003. The broader Stoxx Europe 600 index closed 0.1 per cent lower, weighed down by its travel and leisure sector, which fell 0.5 per cent.
Chinese pharmaceutical stocks skyrocketed Monday as China reported more than 100 new cases of pneumonia caused by a new strain of coronavirus.
The United States removed China from a list of countries considered currency manipulators just two days before top trade negotiators for Washington and Beijing signed a key “Phase One” trade deal, the Treasury Department announced on January 13.
The Australian share market surged into record territory on Thursday, passing the 7000-point milestone for the first time ever. The Bank of Japan is expected to keep monetary policy steady next week.
The fact that tariffs are likely to remain in place until after the 2020 U.S. presidential elections is rattling investors along with U.S. Treasury Secretary Steven Mnuchin’s comment that existing tariffs on Chinese goods would stay, pending further talks.
the label of the country as a currency manipulator, ahead of the signing this week of a “phase one” trade deal between the two sides. China a currency manipulator in August after the Chinese central bank allowed the renminbi to weaken beyond Rmb7 to the dollar. Lifting that label on Monday, Steven Mnuchin, US Treasury secretary, said China had “made enforceable — commitments to refrain from competitive devaluation” and pointed to the imminent broader agreement on trade.
Australian shares hit record highs on Tuesday, powered by gains in financial and mining sectors, as optimism over a planned signing of a preliminary Sino-U.S. trade deal lifted investor spirits.
China’s blue-chip index closed at a near 2-year high on Monday, amid strength in technology shares, as investors turned optimistic ahead of the signing of the trade deal.
(Bloomberg) -- Hong Kong is experiencing a period of triple-short covering that’s helping drive stocks higher despite headwinds in the local economy, according to Jefferies Financial Group Inc.Improving sentiment in a trio of markets -- the yuan, interest rates and initial public offerings -- has left investors with short positions in equities forced to cover, strategist Sean Darby wrote in a note Monday.Months of political unrest have pushed the city into recession, yet equities have held their ground with the Hang Seng China Enterprises Index of mainland China shares listed in the city clawing back its losses since bottoming out in August. The gauge climbed Monday, and has risen almost 2% so far this year.“While domestic political issues are still present, the shift in currency and interest-rate markets is overwhelming any pessimism over the economy,” Darby wrote. “The China H-share index is by and large the biggest beneficiary,” thanks in part to its sensitivity to moves in the yuan.The three Hong Kong factors which have surprised investors according to Jefferies are:A stronger yuan as the U.S. and China closes in on a phase-one trade deal, cooling earlier expectations of a depreciationA stronger Hong Kong dollar thanks to inflows from the U.S.-H.K. rate differential. The HIBOR-LIBOR spread has reached its widest since the 1997 Asia financial crisis on Federal Reserve moves that have pushed U.S. rates lower than Hong Kong’sA revival in initial public offerings in thanks to the popularity of dual-listed shares, especially Alibaba Group Holding Ltd.’s successful secondary listingDarby suggests investors look for A shares sensitive to the onshore yuan, including the China airlines, and H shares correlated to HIBOR, namely China financials.The H share index overall is “not overbought on valuation or risk while neutral on momentum” said Darby, who remains bullish on the gauge.Stock-Market SummaryMSCI Asia Pacific Index ex-Japan up 0.5%Hong Kong's Hang Seng Index up 0.8%; Hang Seng China Enterprises up 1%; Shanghai Composite little changed; CSI 300 up 0.3%Taiwan's Taiex index up 0.5%South Korea's Kospi index up 0.7%; Kospi 200 up 0.6%Australia's S&P/ASX 200 down 0.5%; New Zealand’s S&P/NZX 50 little changedIndia's S&P BSE Sensex Index up 0.6%; NSE Nifty 50 up 0.5%Singapore's Straits Times Index little changed; Malaysia’s KLCI down 0.2%; Jakarta Composite little changed; Thailand's SET up 0.4%; Vietnam's VN Index little changedS&P 500 e-mini futures up 0.3% after index closed down 0.3% in last sessionTo contact the reporter on this story: Eric Lam in Hong Kong at email@example.comTo contact the editors responsible for this story: Christopher Anstey at firstname.lastname@example.org, Cecile Vannucci, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
In economic news, Australia’s retail sales data for November beat expectations, jumping 0.9%, the largest increase since last February, according to a Reuters report. A Reuters poll had forecast a 0.4% gain.
China’s consumer inflation steadied while factory-gate prices fell at a slower pace in December, giving Beijing room to stay the course on monetary easing as economic growth cools.
Conflict-related tensions lifted shares of Chinese goldminers and defense companies, with the CSI national defense industry index rising to a near four-month high as discussions of a war intensified.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.U.S. stocks fell as investors remained wary of an escalation in tensions with Iran. The dollar advanced, while oil continued its retreat from multimonth highs.The S&P 500 dropped for the second time in three sessions, with investors cautious after Iran threatened a military response to a U.S. airstrike that killed a top general four days ago. Chipmakers buoyed the benchmark.Havens showed little reaction to the bellicose Iranian rhetoric, with West Texas crude falling below $63 a barrel and gold slightly higher. The dollar advanced versus the yen, while the 10-year Treasury yield rose to 1.82% after indicators pointed to a resilient U.S. economy.“Markets are to some degree calming down from the trash talk that we’ve seen over the last couple of days,” said Matt Forester, chief investment officer at BNY Mellon’s Lockwood Advisors, about the U.S.-Iran conflict. “The issue is whether there will be heightened conflict in the future. I don’t think markets know yet. This could easily flare back up again.”Even as investors appeared to have started the first full trading week of 2020 in a defiantly upbeat mood, the unfolding crisis in the Middle East, which triggered a broad sell-off on Friday, returned to the forefront Tuesday. Traders are now waiting to see how Iran fulfills its threats.Here are some events to watch for this week:Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans speak on Thursday.The U.S. monthly employment report is due Friday.These are moves in major markets:StocksThe S&P 500 Index fell 0.3% as of 4 p.m. New York time.The Stoxx Europe 600 Index gained 0.3%.The U.K.‘s FTSE 100 Index was little changed.The MSCI Asia Pacific Index climbed 0.9%.CurrenciesThe Bloomberg Dollar Spot Index increased 0.3%.The euro declined 0.5% to $1.1147.The British pound fell 0.4% to $1.3119.The Japanese yen decreased 0.2% to 108.53 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 1.82%.Germany’s 10-year yield gained less than one basis point to -0.29%.Britain’s 10-year yield added two basis points to 0.792%.CommoditiesWest Texas Intermediate crude dipped 1% to $62.63 a barrel.Gold rose 0.3% at $1,574.00 an ounce.\--With assistance from Cecile Gutscher and Yakob Peterseil.To contact the reporters on this story: Claire Ballentine in New York at email@example.com;Vildana Hajric in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Randall JensenFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Questions are being raised over how China will meet a target of spending billions of dollars more on agricultural goods after the world’s second largest economy said it will not increase its annual low-tariff import quotas for corn, wheat and rice.
In economic news, China’s services sector expanded at a slower pace in December following a strong rebound in the previous month, with business confidence falling to the second lowest on record despite a pick-up in new orders, a private survey showed on Monday.
Hong Kong hit a five-month high and China followed up a strong 2019 with solid gains the first few sessions of the new year, after China’s central bank made a couple of dovish moves. Shares fell in Australia as the Australian Dollar’s strength worried the RBA
Aussie shares may have also been boosted by a drop in the Australian Dollar. This came as a relief to the Reserve Bank of Australia (RBA) who feared the strengthening currency would have a negative impact on exports and thus economic growth.