From Asia Financial: 2024-04-10 05:37:09

Asia’s major stock indexes showed mixed results as investors reacted to Fitch’s negative outlook on China, tech gains, bargain-buying, and upcoming US data. Fitch affirmed China’s sovereign rating despite the outlook downgrade. Chinese property stocks weakened, and key economic data awaited. The Nikkei closed lower, cautious ahead of US inflation data. Dollar gains on yen reflected in markets worldwide.
China stocks fell, influenced by Fitch’s negative outlook and weak economic recovery post-Covid. Meanwhile, Hong Kong shares rose, led by tech stocks. Several property developers reported weak sales, putting pressure on the sector. Market watchers are awaiting key economic data for policy direction.
Asian shares had a mixed day with Sydney, Bangkok, and Wellington in the green, while Taipei edged lower. Seoul was closed for a holiday. MSCI’s Asia-Pacific shares rose, reflecting US stocks’ mild gains. US consumer price data awaited for clues on interest rate movements.
In European trading, stocks were up, while US stock futures also showed a positive trend. Treasury yields fluctuated, with the dollar rising against the yen. US consumer price data expected to show an uptick in inflation. Gold and oil prices slightly up. Euro flat, dollar index up.
Key figures: Tokyo’s Nikkei down 0.48%, Hong Kong’s Hang Seng up 1.85%, Shanghai’s Composite down 0.70%, London’s FTSE 100 up 0.50%, New York’s Dow down 0.02%. Market watchers closely monitor upcoming US data for policy cues and trend direction.



Read more at Asia Financial: Hang Seng Rallies Despite China Downgrade, Nikkei Slips