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Home / Business / Asian markets are mixed, Chinese stocks are recovering due to intervention

Asian markets are mixed, Chinese stocks are recovering due to intervention



  China's Shanghai Composite rebounded after a four-year low and Hong Kong stocks rallied after early losses. Photo: Reuters

China's Shanghai Composite rebounded after a four-year low and Hong Kong stocks rallied after early losses. Photo: Reuters

Sydney: Asian Stocks Markets rebounded in the afternoon while others continued to report reds. China's shares rose after a verbal intervention by the country's leading financial regulators to ensure that they contained the financial risks. The MSCI Asia Pacific The index has still hit the worst three-week decline since January 201

6, as stocks in Tokyo, Mumbai and Taiwan fell after the S & P 500 Index fell more than 1 percent and the Nasdaq 100 has fallen 2 percent. China's Shanghai Composite rebounded after a four-year low and Hong Kong stocks rallied after initial losses: the yuan remained stable and the dollar held steady overnight.

So far, policymakers have called on the central bank and other regulators to ensure that liquidity risks are addressed. Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, said China will allow insurance companies to introduce products that reduce liquidity pressure through stock-pledging of listed companies. The comments came when data showed that China's economy expanded by 6.5 percent year-on-year in the third quarter, just below the 6.6 percent average in a Bloomberg survey.

In the meantime, profits from several US industrial firms and a bank from the US downsizing of the real estate sector have contributed to concerns that higher interest rates and the trade war are hurting profits. The weak results of German SAP and Taiwan Semiconductor put pressure on US technology indices on Thursday. The risk appetite also hurt Italy's debt crisis. The gap between Italian and German bond yields reached their highest level since 2013, when European Union officials questioned the country's budget.

Elsewhere, oil trading near its lowest level for nearly a month overshadowed tensions between the US and Saudi Arabia Arabia

Stocks

Japan's Topix Index fell 0.75 percent to 0 , 7 percent in Tokyo. The Shanghai Composite climbed 1.8 percent after dropping 1.5 percent at the opening. South Korea's Kospi rose 0.4 percent. The Australian S & P / ASX 200 Index fell 0.1 percent. Hong Kong's Hang Seng gained 0.6 percent. The S & P 500 futures rose 0.4 percent after the base index fell 1.4 percent on Thursday.

Currencies

The Japanese yen fell 0.2 percent to 112.40 per dollar after a rise of 0.4 percent. The offshore yuan rose 0.1 percent to 6.9336 per dollar. The Bloomberg Dollar Spot Index barely changed on Friday and has been trading near its strongest since mid-year 2017 after the week's gains. The Euro was trading at $ 1.1464, an increase of 0.1 percent.

Bonds

10-year Treasury yields held 3.18 percent after reaching new seven-year highs early in the week. Australian 10-year bond yields fell five basis points to 2.68 percent.

Commodities

West Texas Intermediate crude rose 0.4 percent to $ 68.91 a barrel. Gold rose 0.1 percent to $ 1,277.11 per ounce.


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