Asian stocks slow down recent losses, attention to the reduction of the cenbank

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A man in a mask walks into the Shanghai Stock Exchange building in the Pudong financial district in Shanghai, China, while the country is affected by the outbreak of a new coronavirus, on February 3, 2020. REUTERS / Aly Song

  • Hong Kong gains 1.5% as they share technology stocks
  • The stock markets of Japan and Australia are also increasing
  • Constant dollar against other majors
  • Oil changed shortly after the week of losses

HONG KONG, Sept. 10 (Reuters) – Asian stocks rallied on Friday after two days of losses, but remained in a nervous mood as global investors face the best way to interpret cautious moves of central banks to end the stimulus, which also left foreign exchange markets. quiet.

MSCI’s broader Asia-Pacific stock index outside of Japan (.MIAPJ0000PUS) rose 0.47% in early trading, but continues to fall around 0.8% compared to the close of last week, in line with the global trend.

The Japanese Nikkei (.N225) rose 0.25% and US stock futures, the S&P 500 e-minis, were flat.

Australia (.AXJO) gained 0.4% as mining stocks rose after aluminum prices hit multi-year highs and Chinese blue chips (.CSI300) also rose 0.5%.

But Hong Kong led the gains, while the local benchmark (.HSI) returned to 1.5%, falling more than 2% the day before, when Chinese technology stocks suffered a again after the authorities asked the gaming companies for a word. But traders are still cautious when buying too much of the deposit.

“At some point, investors will say that really this is the right price, it won’t go to zero,” said John Lau, Asian equity chief and senior portfolio manager at SEI, referring to Chinese technology names.

“I think most investors will wait until the dust is reached and check if there is enough clarity before they can act. At this point it is extremely difficult.”

Asian gains happened on a hesitant Thursday, when markets had struggled to get clear direction.

The reaction of the European Central Bank to delay bond purchases implemented during the COVID-19 pandemic over the next quarter was limited by the fact that the ECB refrained from detailing how it plans to end the its € 1.85 trillion pandemic emergency purchase program. Read more

“The sense of risk failed during the day-to-day session, initially reacting positively to the ECB meeting and evidence of continued strength in the US labor market. However, US stocks they ended in red, probably reflecting concerns about the downsizing schedule and continuity of Delta Bank’s unfortunate central bank, ”ANZ analysts said.

The Dow Jones industrial average (.DJI) fell 0.43%, the S&P 500 (.SPX) lost 0.46% and the Nasdaq Composite (.IXIC) fell 0.25%.

Investors often interpret the best employment figures as a sign that the Federal Reserve is less likely to delay the cut in its massive asset purchases, which have been supporting stock prices in recent months.

In addition, Federal Reserve Bank Gov. Michelle Bowman added her voice to the growing number of policymakers who say the weak August employment report will likely not dismiss the central bank’s plan to cut its $ 120 billion in monthly bond purchases later this year. Read more

In foreign exchange markets, the euro remained flat in Asian hours at $ 1.1820, after the ECB’s announcement helped it curb a few days of losses as it fell from a one-month high at the end of last week.

The dollar also fluctuated slightly against a basket of peers, but of course rose nearly 0.5% weekly.

The yield on Treasury notes at the 10-year benchmark rose to 1.307% compared to the US close of 1.3%.

US crude fell 0.1% to $ 68 a barrel. Brent crude fell 0.15% to $ 71.34 a barrel.

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