Nike has dropped to lows unseen since November of 2020 as it faces a boycott in China over Xinjiang's cotton issues.
Asian equities are narrowly mixed in quiet trade
On Thursday, Asian equities were narrowly mixed, with mere movement with Hong Kong carrier Cathay Pacific in the spotlight.
The Nikkei 225 went down 0.07%, Australia's S&P/ASX 200 sank 0.07%, the Hong Kong index stood intact, and the Shanghai Composite soared 0.38%.
A first-half loss of HKD 2.05 billion – that’s what Cathay Pacific reported on Thursday. The company attributed its mediocre performance in the first half of 2017 to surging competition as well as higher fuel prices. The company’s equities stood still.
Overnight, American shares concluded higher, shaking off poor American housing data along with earlier dismal sentiment following Donald Trump's intention to have his manufacturing council disbanded amid a raft of CEO exits.
Then, traders shifted their attention to the minutes from the Fed’s July gathering later in the trading session that showed members were split on the path of rate lifts considering the slowdown in inflation.
Chinese stocks were pressed by the US plans to kick them off US stock exchanges. Alibaba has already plunged by 4% in pre-market hours.
Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.