Asian markets closed with some mild gains as investors remained jittery about the Fed’s tapering decision. Stocks in Asia failed to gather momentum from the US markets which closed with triple digit gains, because investors are not sure if the markets can survive by itself if Fed start pulling back from their support, and an increase in interest rate could hurt the global economic growth. The G8 officials agreed yesterday that the worst is gone and they do see a brighter future for economic growth.
The Shanghai Index was the best performing index during the session which closed with a gain of 0.13%. However, the index is still down nearly 6.13% so far this month. The Hang Seng index was the second best performer and closed flat by recovering early losses. But, it was the Nikkei 225 index which stayed under water and closed with a minor loss of 0.20%.
Real estate came under pressure during the trading hours in Hong Kong, but the picture changed rapidly when the official data showed that the house prices in mainland China increased in the vast majority during the month of May. Share of Gemdale Corp. and China Vanke Co. both gained 1.5% and 0.5% respectively while, China Overseas Land & Investment Ltd fell by 1.9%. Banking sector also soared after a report that Central Huijin which is a state owned investment company has increased their holding in 4 largest state owned lenders.
Mitsubishi Estate Co. and Nomura Holdings Inc. both gained 2.3% and 1% respectively. Toyota Motor Corp. also increased by 0.70% after the company increased its Japan sales target.
Back in Europe, the markets have given up their gains and are trading lower during the early hours of trading. The IBEX index is the best performing index during the session and it is up by nearly 0.50%. The FTSE MIB, the FTSE 100 both are also trading higher with a gain of 0.41%, 0.36 respectively. However, the DAX and the CAC 40 are both trading lower with a loss of -0.18% and -0.22% respectively.
Danske Bank AS is the biggest loser during the session, and is trading lower by almost -7.1% after the regulators told the bank to adjust its internal rating model which is underestimating its risky assets. The shares of Whitbread PLC are trading higher by 4.4% after the company reported a 13.8% increase in its total sales.
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam
The Shanghai Index was the best performing index during the session which closed with a gain of 0.13%. However, the index is still down nearly 6.13% so far this month. The Hang Seng index was the second best performer and closed flat by recovering early losses. But, it was the Nikkei 225 index which stayed under water and closed with a minor loss of 0.20%.
Real estate came under pressure during the trading hours in Hong Kong, but the picture changed rapidly when the official data showed that the house prices in mainland China increased in the vast majority during the month of May. Share of Gemdale Corp. and China Vanke Co. both gained 1.5% and 0.5% respectively while, China Overseas Land & Investment Ltd fell by 1.9%. Banking sector also soared after a report that Central Huijin which is a state owned investment company has increased their holding in 4 largest state owned lenders.
Mitsubishi Estate Co. and Nomura Holdings Inc. both gained 2.3% and 1% respectively. Toyota Motor Corp. also increased by 0.70% after the company increased its Japan sales target.
Back in Europe, the markets have given up their gains and are trading lower during the early hours of trading. The IBEX index is the best performing index during the session and it is up by nearly 0.50%. The FTSE MIB, the FTSE 100 both are also trading higher with a gain of 0.41%, 0.36 respectively. However, the DAX and the CAC 40 are both trading lower with a loss of -0.18% and -0.22% respectively.
Danske Bank AS is the biggest loser during the session, and is trading lower by almost -7.1% after the regulators told the bank to adjust its internal rating model which is underestimating its risky assets. The shares of Whitbread PLC are trading higher by 4.4% after the company reported a 13.8% increase in its total sales.
DISCLOSURE & DISCLAIMER:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam