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Asia Market Update

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A global stock pullback moved into Asia on Thursday, with most markets down modestly following similar-sized declines overnight in Europe and the U.S., pausing what has been a big month of gains for many indexes.

Earnings weighed on U.S. stocks on Wednesday, including Chipotle Mexican Grill CMG, -14.58%   , AT&T T, -3.93% and Boeing BA, -2.85%  .

And with the European Central Bank’s meeting looming later Thursday, “Asian bourses are likely to tread cautiously,” said Oversea-Chinese Banking. The European Central Bank is expected to announce a slowed pace of bond buying for 2018.

But Japanese stocks NIK, +0.27% rebounded some after a last-hour selloff Wednesday resulted in the Nikkei Stock Average ending its record 16-day winning streak. The index was recently up 0.1%, though gains of up to 0.4% were seen earlier.

The yen USDJPY, -0.20% rebounded some overnight and extended that move in Asian trading, with the dollar falling to ¥113.45 from ¥113.74 in late New York action. The cap the currency move put on Japanese stocks helped offset gains seen by some financial names in anticipation of further U.S. interest-rate increases. Daiwa Securities jumped 5% and Nomura nearly 2%.

Declines in Asian stocks were modest, with New Zealand seeing one of the biggest declines at 0.3% for the NZX 50.

That index, which yesterday also lagged behind broad gains Wednesday and ended its 15-day winning streak, was again pressured by heavily weighted Fletcher Building. After falling 3.6% on another profit warning, it was down an additional 1.8% Thursday.

Elsewhere, Hong Kong stocks HSI, -0.16% reversed some of their Wednesday-afternoon rally, with the Hang Seng Index falling an early 0.1%.

Oil prices were down slightly in Asian trading on Thursday after a mixed session Wednesday. U.S. crude inventories surprisingly rose slightly last week, sending the WTI U.S. benchmark lower.

Source: marketwatch.com

A global stock pullback moved into Asia on Thursday, with most markets down modestly following similar-sized declines overnight in Europe and the U.S., pausing what has been a big month of gains for many indexes.

Earnings weighed on U.S. stocks on Wednesday, including Chipotle Mexican Grill CMG, -14.58%   , AT&T T, -3.93% and Boeing BA, -2.85%  .

And with the European Central Bank’s meeting looming later Thursday, “Asian bourses are likely to tread cautiously,” said Oversea-Chinese Banking. The European Central Bank is expected to announce a slowed pace of bond buying for 2018.

But Japanese stocks NIK, +0.27% rebounded some after a last-hour selloff Wednesday resulted in the Nikkei Stock Average ending its record 16-day winning streak. The index was recently up 0.1%, though gains of up to 0.4% were seen earlier.

The yen USDJPY, -0.20% rebounded some overnight and extended that move in Asian trading, with the dollar falling to ¥113.45 from ¥113.74 in late New York action. The cap the currency move put on Japanese stocks helped offset gains seen by some financial names in anticipation of further U.S. interest-rate increases. Daiwa Securities jumped 5% and Nomura nearly 2%.

Declines in Asian stocks were modest, with New Zealand seeing one of the biggest declines at 0.3% for the NZX 50.

That index, which yesterday also lagged behind broad gains Wednesday and ended its 15-day winning streak, was again pressured by heavily weighted Fletcher Building. After falling 3.6% on another profit warning, it was down an additional 1.8% Thursday.

Elsewhere, Hong Kong stocks HSI, -0.16% reversed some of their Wednesday-afternoon rally, with the Hang Seng Index falling an early 0.1%.

Oil prices were down slightly in Asian trading on Thursday after a mixed session Wednesday. U.S. crude inventories surprisingly rose slightly last week, sending the WTI U.S. benchmark lower.

Source: marketwatch.com

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