|Day's Range||25,090.30 - 25,743.45|
|52 Week Range||25,090.30 - 33,484.08|
What to make of stocks’ ugly selloff? Our roundtable panelists see values surfacing from China and Russia to Mexico and Brazil.
Yes, Chinese and Hong Kong shares rallied after their mid-day breaks, but it took a whopping four hours for that to happen after China propped up the market earlier on Friday. The fact of the matter is, a 2 percent to 3 percent climb on Friday won’t remove China’s title as the world’s worst stock market. The bounce has certainly pulled other Asian markets up with the mainland rally (Shenzhen stocks climbed 2.6 percent) in afternoon trading, but the MSCI Asia Pacific Index was still down 0.2 percent as of 5 p.m. in Hong Kong after dropping as much as 1 percent earlier.
Weaker-than-expected GDP data and a sharp Thursday selloff couldn't dent Chinese stocks on Friday.
Hong Kong's Hang Seng index rose 0.51 percent as at 3.21 p.m. HK/SIN. Greater China markets made a strong comeback on Friday afternoon, following a series of measures announced by Chinese leaders to support the struggling stock market. After a turbulent morning following weaker-than-expected GDP data and a sharp sell-off the day before, shares in the mainland rebounded, rising more than 2 percent.
(Bloomberg) -- A risk-off tone gripped global financial markets, with U.S. stocks sliding while Treasuries climbed with the yen on demand for havens.
Treasuries declined and the dollar gained as Fed minutes appeared to lean toward the chance of more hikes in the future. Gains by banking giants Goldman Sachs and Morgan Stanley couldn’t counter concerns about China that hit Technology stocks, as well as worries about the Fed’s path that seeped into rates-sensitive shares. The dollar rose the most in two weeks before a report expected Wednesday by the U.S. that could label China a currency manipulator.
The S&P 500 surged more than 2 percent, all 30 members of the Dow Jones Industrial Average advanced and small caps in the Russell 2000 Index notched the best gain since the day after the 2016 election. The Nasdaq Composite saw its biggest gain since March as UnitedHealth Group bolstered health-care firms and Adobe’s forecast lifted software makers. Technology stocks looked set to extend gains in the futures session as Netflix rallied on a surge in net subscribers.
Global stocks trade mostly higher on Tuesday morning. The political tension between the US and Saudi Arabia over the disappearance of Jamal Khashoggi remains in focus.
Risk appetite trickles back into the markets early on supporting the commodity currencies, while the Kiwi gets a boost from Q3 inflation numbers.
The disappearance of Saudi Arabian journalist Jamal Khashoggi remains in focus, with some concerned about the potential impact the fallout could have on oil prices.
Global stocks trade lower at the beginning of the week on several international issues – rising bond yields, trade war, Italy and geopolitical tensions all weigh on the markets.
Brexit jitters hit the Pound, with Italy’s budget delivery to the EU later today weighing on the EUR, as risk aversion returns to the markets.
The benchmark had all but erased a morning rally that reached 1.7 percent, only to bounce higher after JPMorgan analysts said that selling forced by computer-driven strategies had likely run its course. Netflix Inc. rallied 6 percent amid an “opportunistic upgrade” from analysts at Citigroup Inc. Activision Blizzard Inc. drove gains in gaming shares after releasing a new version of “Call of Duty.” The 10-year Treasury yield rose for the first time in three days, reaching 3.16 percent, though down 10 basis points for recent highs.
Shares across the region rose in afternoon trading Friday, with markets in Hong Kong, Taiwan and South Korea gaining at least 1.9 percent. U.S. index futures also rebounded, with e-mini contracts on the S&P 500 Index jumping 1.3 percent. The U.S. Treasury Department’s staff has advised Secretary Steven Mnuchin that China isn’t manipulating the yuan as the Trump administration prepares to issue a closely watched report on foreign currencies, according to two people familiar with the matter.
The risk off sentiment continued through the early part of the day, with better than expected trade data out of China doing little to settle the markets.
Hong Kong retail investors who trade callable bull/bear contracts actually made a profit overall. Despite steady recent inflows into derivatives betting that the benchmark Hang Seng Index and Tencent Holdings Ltd. would rebound, their holdings of bearish contracts were enough to weather the losses. On Tencent, they might have generated a HK$61 million profit from the bear contracts, offsetting the HK$28 million lost on the bullish ones, Chau wrote in an email.
China’s benchmark equity gauge closed 5.2 percent lower, the biggest loss since February 2016, as a global sell-off spread. Hong Kong didn’t fare much better, with the Hang Seng Index dropping 3.5 percent , the biggest in eight months. Tencent Holdings Ltd., the most valuable stock listed in Asia, slid 6.8 percent to extend a record losing streak to a 10th day.
All but one stock listed on Japan’s Nikkei 225 Stock Average retreated, while the country’s Topix index posted its steepest decline since March. China’s Shanghai Composite sank 5.2 percent to close at its lowest since November 2014, while the Hang Seng Index lost 3.5 percent. The MSCI Asia Pacific Index headed for its worst day since June 2016 -- when the U.K. voted to leave the European Union -- with the measure sliding 3.5 percent and closing in on entering a bear market.
Around the world, stocks have tumbled on the back of concerns surrounding global economic growth and rising interest rates. Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth.
While the ECB monetary policy meeting minutes and Brexit will be eyed, U.S inflation figures could have a far greater influence this afternoon.
While countries in other parts of the world have adopted rules to integrate boardrooms, Asian regulators largely have been hands-off. As issues related to corporate governance and women’s empowerment have gained more attention, spurred by the #MeToo movement, global investors increasingly are focusing on the dearth of female directors at many companies.
The broad selloff took the S&P 500 to the lowest in three months, the Dow Jones Industrial Average plunged as much as 836 points and the Nasdaq 100 Index tumbled more than 4 percent for its worst day in seven years. Computer companies led the S&P 500 to a fifth straight loss, the longest slide since Donald Trump’s election win. Fastenal Co. added to angst that the trade war with China is raising materials costs that will crimp profit margins.
On Wednesday morning the markets are dominated by mixed dynamics. Political events in Europe have somewhat drawn attention from the U.S. debt markets and there is still pressure on the bonds.