The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Asia-Pacific equities mostly leap
On Wednesday, stock indices of the Asia-Pacific region generally gained following mixed signals from Wall Street, while soaring commodity prices backed equities of commodity companies.
Nevertheless, worries about global trade wars remain. Traders are also concerned over Italy's debt. Additionally, the new leaders of Italy told that they are on the verge of increasing spending and cutting taxes. They’re reluctant to stick with austerity policies to control Italy’s debt.
As for the Australian market, it’s moving forward, reflecting the ascend in mining as well as crude stocks. Banking equities went down. Greater than anticipated, GDP surge in Australia also backed investor sentiment.
Meanwhile, in the banking space, equities of Westpac, Commonwealth Bank as well as National Australia Bank headed south, fluctuating in the rage 0.2%-0.8%.
Besides this, ANZ Banking stocks dived by 0.2% right after the Australian Competition and Consumer Credit Commission officially confirmed that ANZ Banking, Citigroup and Deutsche Bank are accused of criminal cartel violations having to do with the placement of equities in August 2015.
The key mining companies managed to grow, underpinned by the leap in prices for iron ore. In addition to this, equities of BHP Billiton as well as Rio Tinto ascended more than 2%, while Fortescue Metals gained more than 1%.
The Japanese market tacked on, although at a weak tempo. Among the major exporters, equities of Sony and Panasonic jumped by more than 1%, while Mitsubishi Electric slumped by more than 1%. Furthermore, Canon lost up to 0.3%.
Toyota managed to ramp up its capitalization by about 1%. On the contrary, Honda lost 0.1% of the value of its stocks.
Sharp Corp made up its mind to buy Toshiba's personal computers for Y4 billion. In addition to this, Sharp equities rallied by 1%, while Toshiba gained approximately 0.3%.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
RBA Rate Statement is released on Tuesday at 07:30 MT time.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.