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Asian Markets Update

FOREX_Asian-markets-news-and-analysis-daily_FXPIG

The global stock-market retreat continued Monday in Asia, with many indexes recording declines of at least 1%.

But Chinese equities, after slumping in recent days and logging their worst week since 2016, were holding up, potential amid state buying.

The Shanghai Composite Index SHCOMP, +0.73%   closed up 0.7%, and a strong move from session lows helped Hong Kong stocks do the same. The Hang Seng Index HSI, -1.09%  , which started down 2.7%, finished off 1%.

The declines followed Friday’s heavy selling in Europe and the U.S. after some downbeat corporate earnings reports and an uptick in wages in the latest U.S. monthly employment report.

Yields on the benchmark 10-year U.S. Treasurys TMUBMUSD10Y, +2.36%  have risen to 2.86% from 2.42% at the start of the year. They started 2017 at 2.43%.

The region’s biggest stock declines were in Japan, where the Nikkei Stock Average NIK, -2.55%  fell below 23000 for the first time this year and closed down 2.5%. That was its biggest drop since Nov. 9, 2016, when markets initially sold off as U.S. election results showed Donald Trump would be the next president. Since then, equities have essentially been on a straight line upward globally.

Against the backdrop of a broader risk-off mood in markets, the yen JPYUSD, +0.261242% rebounded in Asian trading, with the dollar pulling back to ¥109.95 from ¥110.15 in New York trading late Friday.

S&P 500 futures ESH8, -0.40%  were down 0.3% after the index fell 2.1% on Friday, its biggest drop in 17 months.

The global pullback comes after a roaring start to the year for equities. Even with Friday’s drop, the Dow industrials DJIA, -2.54%  were up 3.2% for 2018 and the Nasdaq Composite COMP, -1.96%  was 4.9% higher. Hong Kong’s Hang Seng Index HSI, -1.09%  entered Monday’s trading having risen 9% since the start of the year.

However, while some investors might be tempted to buy on the dips, Lam urged caution on some Asian technology names, where the past year’s stock surge may have gotten ahead of earnings growth. A 2%-or-so pullback on the back of January’s 5% gain and the past year’s 20%-25% rise isn’t much of a bargain, he said.

Commodities also extended their losses. Oil futures were down about 1% in Asia while gold fell 0.3%. Crude’s slide, and the post-earnings selloff in Chevron and Exxon on Friday, sent shares of some major Asian oil companies down about 4%.

Commodities also extended selling. Oil futures w CLH8, -0.43%  ere down about 1% in Asia while gold fell 0.3%. Crude’s slide, and the post-earnings selloff in Chevron CVX, -5.57%  and Exxon XOM, -5.10%  on Friday, sent shares of some major Asian oil companies down some 4%.

Source:marketwatch.com

The global stock-market retreat continued Monday in Asia, with many indexes recording declines of at least 1%.

But Chinese equities, after slumping in recent days and logging their worst week since 2016, were holding up, potential amid state buying.

The Shanghai Composite Index SHCOMP, +0.73%   closed up 0.7%, and a strong move from session lows helped Hong Kong stocks do the same. The Hang Seng Index HSI, -1.09%  , which started down 2.7%, finished off 1%.

The declines followed Friday’s heavy selling in Europe and the U.S. after some downbeat corporate earnings reports and an uptick in wages in the latest U.S. monthly employment report.

Yields on the benchmark 10-year U.S. Treasurys TMUBMUSD10Y, +2.36%  have risen to 2.86% from 2.42% at the start of the year. They started 2017 at 2.43%.

The region’s biggest stock declines were in Japan, where the Nikkei Stock Average NIK, -2.55%  fell below 23000 for the first time this year and closed down 2.5%. That was its biggest drop since Nov. 9, 2016, when markets initially sold off as U.S. election results showed Donald Trump would be the next president. Since then, equities have essentially been on a straight line upward globally.

Against the backdrop of a broader risk-off mood in markets, the yen JPYUSD, +0.261242% rebounded in Asian trading, with the dollar pulling back to ¥109.95 from ¥110.15 in New York trading late Friday.

S&P 500 futures ESH8, -0.40%  were down 0.3% after the index fell 2.1% on Friday, its biggest drop in 17 months.

The global pullback comes after a roaring start to the year for equities. Even with Friday’s drop, the Dow industrials DJIA, -2.54%  were up 3.2% for 2018 and the Nasdaq Composite COMP, -1.96%  was 4.9% higher. Hong Kong’s Hang Seng Index HSI, -1.09%  entered Monday’s trading having risen 9% since the start of the year.

However, while some investors might be tempted to buy on the dips, Lam urged caution on some Asian technology names, where the past year’s stock surge may have gotten ahead of earnings growth. A 2%-or-so pullback on the back of January’s 5% gain and the past year’s 20%-25% rise isn’t much of a bargain, he said.

Commodities also extended their losses. Oil futures were down about 1% in Asia while gold fell 0.3%. Crude’s slide, and the post-earnings selloff in Chevron and Exxon on Friday, sent shares of some major Asian oil companies down about 4%.

Commodities also extended selling. Oil futures w CLH8, -0.43%  ere down about 1% in Asia while gold fell 0.3%. Crude’s slide, and the post-earnings selloff in Chevron CVX, -5.57%  and Exxon XOM, -5.10%  on Friday, sent shares of some major Asian oil companies down some 4%.

Source:marketwatch.com

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