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Asia Market Update
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Sidelined investors wait for details on Paulson's bailout plan
Tue, Sep 23 2008, 07:23 GMT
by Eben Esterhuizen
Trade The News
Real-time 24hr global markets news in both audio & text formats. Free Trial.- Summary: It was a quiet session, with Japanese markets closed for a holiday and sidelined investors waiting for more details on Paulson's plan. There were no significant economic releases. U.S. stocks futures recovered some losses in thin conditions, while gold briefly pulled back below $900/oz. EUR/USD traded as high as 1.4820, while USD/JPY drifted around 105.20.
- Equities: At 0:09 EDT the S&P/ASX200 is -2.10%, South Korea's KOSPI is +0. 47%, Hong Kong's Hang Seng index is -2.48%, and the Shanghai composite index is -0.96%. The S&P500 futures contract gained +0.40% since the U.S. close, last trading at 1,218.70. Most Asian equities traded lower, retracing yesterday's misplaced optimism. The S&P/ASX200 drifted around 4, 920 for most of the session, dragged down by declines in shares of BHP, Rio Tino and financials. Aussie gold miners and oil companies provided some support, but traders say these shares remain vulnerable to profit-taking. Chinese stocks could not maintain yesterday's solid gains, with the Shanghai composite index briefly dropping below 2,200. South Korean stocks rallied on unconfirmed reports that the South Korean National Pension Fund will no longer lend shares to short sellers. Daewoo Engineering & Construction rallied sharply after the South Korean government announced plans to ease polices related to property taxes.
- Commodities: Nymex crude oil saw some mild profit-taking in Asia, losing -0.47% between 18:00 EDT and 0:04 EDT to trade at $108.86/bbl. With global growth expected to slow, there are few fundamental reasons for today's spike higher, with most analysts citing the weaker dollar, short-covering and options expirations for today's massive spike higher. Spot gold lost -1.32%, last trading at $897.50/oz.
Published on Tue, Sep 23 2008, 07:24 GMT
Archive
- Australia equities rally after RBA upgrade on economy
Published On Fri, Nov 6 2009, 06:52 GMT - Protectionism in China and production caution in Korea
Published On Thu, Nov 5 2009, 07:13 GMT - BOJ reaffirms commitment to easy policy despite end of corporate asset buying
Published On Wed, Nov 4 2009, 07:16 GMT - Reserve Bank of Australia hikes rates by 25bps for second consecutive month
Published On Tue, Nov 3 2009, 06:41 GMT - Asian equities track US Friday selloff while China rallies on 18-month PMI high
Published On Mon, Nov 2 2009, 06:41 GMT
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