On Tuesday, Wall Street managed to rally due to the fact that market participants neglected news that China is going to respond to another pack of American levies…
Asian equities are caught tumbling
On Tuesday, Asian equities mostly lost, although Hong Kong shares managed to rebound from early weakness after the Lunar New Year holiday.
The Hang Seng Index went down 0.3%, having dived 1.3% when key financial equities, particularly China-based businesses, faced weakness. Tencent 0700 along with HSBC HSBC, both rallied approximately 1%.
While on Tuesday after the holiday stock trading might have resumed in Hong Kong, other Asian shares headed south after Monday’s huge revenues.
The sag took place as EU equities rebounded overnight. S&P 500 futures dived 0.2% before Tuesday’s start to a short trading week in America.
With China’s markets unavailable until Thursday due to the holiday, market participants need to be cautious as for excessively reading into recent price action because of extremely thin volumes, as some financial analysts pointed out.
The Nikkei Stock Average, which turned to be the top notch performer is the Asia-Pacific region on Monday, boasting a 2% ascend, faced a tough Tuesday, losing 1% during afternoon trade. As for Electronics as well as financial equities, they headed south.
The selling took place even as the currency pair USD/JPY, widely declined against other currencies. Versus the evergreen buck, it showed ¥106.86 compared to Monday’s reading of ¥106.49.
South Korea’s Kospi index SEU went down 1.2%. Besides this Samsung Electronics slumped 1.5%, thus stretching Monday’s 1.3% dive. Equities rallied 9.6% the previous week, which is the most impressive outcome for 2 ½ years.
As for other key regional stock benchmarks, on Tuesday they slumped no more than 0.3%. In Taiwan financial markets are going to reopen on Wednesday following a week-long holiday break.
Apart from stocks, Brent crude futures dived 0.4% in Asia following Monday’s 1.3% leap.
BTCUSD managed to surge to $11,400, proceeding with its rebound from February’s minimum of $5,947.
On Tuesday, Asian equities managed to surge due to the fact that market participants mostly neglected the latest round of American levies on $200 billion of China’s products set to come true next week…
On Tuesday, European equities started nearly intact right after American leader dared to slap 10% levies on an extra $200 billion worth of China’s imports, and also warned of duties on more goods if the Asian country got down to retaliatory actions…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…