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Asian Markets Update

FOREX_Markets-of-Asia_news-and-analysis-today_FXPIG

Stock indexes in Japan and South Korea suffered earnings-related hits Friday, with Samsung Electronics falling more than 4% after rival Apple’s latest quarterly financial results.

Meanwhile, China’s benchmark index logges its biggest weekly loss since 2016, with fresh concerns about Beijing’s campaign to cut financial risk and predictions of a slowing economy helping erase half of the market’s year-to-date gains in just a few days.

Apple AAPL, -0.38% reported a slight drop in iPhone sales in the three months through December and gave a downbeat revenue forecast for the current quarter. Its shares still rose 3.4% in after-hours trading as the tech giant’s overall results beat expectations and because the stock‘s performance had been lackluster for several months on worries about demand for the iPhone X.

Samsung 005930, -4.26% down 4.3%, has its own line of smartphones but also makes various phone components including chips and screens. Chip maker SK Hynix 000660, -2.96% dropped 3%, contributing to the Kospi’s SEU, -1.68%  1.7% decline.

Japan’s Nikkei Stock Average NIK, -0.90%  , closed down 0.9% following earnings-related news. Airline ANA Holdings 9202, -4.06% and investment bank Nomura Holdings 8604, -2.89% reported results after the bell Thursday, and their shares fell 4.1% and 2.9%, respectively.

Chinese stocks SHCOMP, +0.44%  erased an earlier loss to close up 0.4%, but still ended down 2.7% for the week, the biggest weekly loss since December 2016. The weakness came on the back of local data this week that showed China’s manufacturing-sector growth slowed in January. In addition, the People’s Bank of China has drained money from the financial system via open-market operations for six consecutive days.

The 10-year U.S. Treasury yield TMUBMUSD10Y, +1.88%  nearly reached 2.8% in Asian trading and was at four-year highs. The WSJ Dollar Index BUXX, +0.63%  was recently up 0.3%, while S&P 500 futures ESH8, -0.59%  fell 0.6% as traders looked ahead to the closely watched U.S. jobs report. The data come out at 8:30 a.m. Eastern Time.

In India, where the government released its budget for the coming fiscal year on Thursday, the Sensex benchmark 1, -2.34%  ended down 2.3% as investors weigh the reintroduction of a capital-gains tax.

Australia’s S&P/ASX 200 XJO, +0.51% climbed 0.5%, boosted by a 2.4% jump in the energy sector, that group’s best day in three months. Oil futures CLH8, +0.24%  were higher during Australian trading hours with crude at $66.11 a barrel. ANZ Bank said the market’s focus has returned to the positive macroeconomic backdrop, looking past record levels of U.S. oil production.

Bitcoin prices BTCUSD, -6.81%  fell further in Asia, approaching $8,500, according to CoinDesk, about 15% below levels from 24 hours earlier. The volatile cryptocurrency is at levels last seen in late November.

Source:marketwatch.com

Stock indexes in Japan and South Korea suffered earnings-related hits Friday, with Samsung Electronics falling more than 4% after rival Apple’s latest quarterly financial results.

Meanwhile, China’s benchmark index logges its biggest weekly loss since 2016, with fresh concerns about Beijing’s campaign to cut financial risk and predictions of a slowing economy helping erase half of the market’s year-to-date gains in just a few days.

Apple AAPL, -0.38% reported a slight drop in iPhone sales in the three months through December and gave a downbeat revenue forecast for the current quarter. Its shares still rose 3.4% in after-hours trading as the tech giant’s overall results beat expectations and because the stock‘s performance had been lackluster for several months on worries about demand for the iPhone X.

Samsung 005930, -4.26% down 4.3%, has its own line of smartphones but also makes various phone components including chips and screens. Chip maker SK Hynix 000660, -2.96% dropped 3%, contributing to the Kospi’s SEU, -1.68%  1.7% decline.

Japan’s Nikkei Stock Average NIK, -0.90%  , closed down 0.9% following earnings-related news. Airline ANA Holdings 9202, -4.06% and investment bank Nomura Holdings 8604, -2.89% reported results after the bell Thursday, and their shares fell 4.1% and 2.9%, respectively.

Chinese stocks SHCOMP, +0.44%  erased an earlier loss to close up 0.4%, but still ended down 2.7% for the week, the biggest weekly loss since December 2016. The weakness came on the back of local data this week that showed China’s manufacturing-sector growth slowed in January. In addition, the People’s Bank of China has drained money from the financial system via open-market operations for six consecutive days.

The 10-year U.S. Treasury yield TMUBMUSD10Y, +1.88%  nearly reached 2.8% in Asian trading and was at four-year highs. The WSJ Dollar Index BUXX, +0.63%  was recently up 0.3%, while S&P 500 futures ESH8, -0.59%  fell 0.6% as traders looked ahead to the closely watched U.S. jobs report. The data come out at 8:30 a.m. Eastern Time.

In India, where the government released its budget for the coming fiscal year on Thursday, the Sensex benchmark 1, -2.34%  ended down 2.3% as investors weigh the reintroduction of a capital-gains tax.

Australia’s S&P/ASX 200 XJO, +0.51% climbed 0.5%, boosted by a 2.4% jump in the energy sector, that group’s best day in three months. Oil futures CLH8, +0.24%  were higher during Australian trading hours with crude at $66.11 a barrel. ANZ Bank said the market’s focus has returned to the positive macroeconomic backdrop, looking past record levels of U.S. oil production.

Bitcoin prices BTCUSD, -6.81%  fell further in Asia, approaching $8,500, according to CoinDesk, about 15% below levels from 24 hours earlier. The volatile cryptocurrency is at levels last seen in late November.

Source:marketwatch.com

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