Asia Markets Archives | Email alerts

Aug. 6, 2019, 11:19 p.m. EDT

Asian markets mixed after China moves to stabilize yuan

Nikkei, Hang Seng down less than 1% each

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    Hang Seng Index (HSI)
  • X
    Shanghai Composite Index (SHCOMP)

or Cancel Already have a watchlist? Log In

By Marketwatch and Associated Press


Reuters
China’s central bank set the daily reference point for the yuan a bit weaker than expected Wednesday.

Asian markets were mixed in early trading Wednesday, after China’s central bank moved to ease fears of a full-blown currency war.

The People’s Bank of China early Wednesday set the daily reference point for the yuan at 6.9996 per dollar, a bit weaker than expected. The currency typically trades up to 2% higher or lower than that point. Trade tensions escalated Monday when the yuan passed 7 per U.S. dollar, crossing a “line in the sand” that sparked a global stock selloff and spurred the U.S. Treasury Department to label China a currency manipulator.

Stocks on Wall Street recovered Tuesday after suffering their worst day of the year on Monday. Market movements in Asia on Wednesday were significantly more muted than the previous two trading days.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.03%   fell 0.8%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.74%   retreated 0.7%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.21%   was down 0.2 while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.0056%  gave up modest early gains and retreated 0.2%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.76%   slipped 0.7%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.09%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.41%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.15%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.38%   gained 0.3%, and New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.63%   rose 0.9% after New Zealand’s central bank cut its benchmark interest rate by a half-percentage point to an all-time low of 1% as it forecast tougher economic conditions ahead.

Among individual stocks, Yahoo Japan /zigman2/quotes/207641152/delayed JP:4689 -0.15%   rose in Tokyo trading, while Honda Motor /zigman2/quotes/200490352/delayed JP:7267 +1.25%   and Japan Steel /zigman2/quotes/207991538/delayed JP:5631 +1.61%   fell. In Hong Kong, China Overseas Land & Investment /zigman2/quotes/205731176/delayed HK:688 -1.14%   gained while China Life Insurance /zigman2/quotes/202359856/delayed HK:2628 -0.67%   and Sands China /zigman2/quotes/207609245/delayed HK:1928 +1.64%   retreated. LG Electronics /zigman2/quotes/209966407/delayed KR:066570 +5.12%  fell while SK Hynix /zigman2/quotes/206420319/delayed KR:000660 +2.29%   gained. Commonwealth Bank /zigman2/quotes/200638713/delayed AU:CBA -0.67%   and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.92%   declined in Australia.

The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.18%   rose 37.03 points, or 1.3%, to 2,881.77. The index dropped 3% on Monday, its worst loss since December. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.20%  climbed 311.78 points, or 1.2%, to 26,029.52. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.05%   gained 107.23 points, or 1.4%, to 7,833.27.

Global investors have grown nervous lately about the possible impact that a trade war between the U.S. and China could have on the economy and corporate profits.

But China’s decision to allow its currency to stabilize Tuesday suggests Beijing might hold off from aggressively allowing the yuan to weaken as a way to respond to U.S. tariffs on Chinese goods.

“Markets have gone full circle again hoping for the best while preparing for the worst where even the tiniest gestures could see investors could respond more positively than warranted given how emotionally invested market participants are,” said Stephen Innes, managing partner at VM Markets in Singapore.

Benchmark crude oil   lost 12 cents to $53.51 a barrel. It fell $1.06 to $53.63 a barrel on Tuesday. Brent crude oil  , the international standard, fell 5 cents to close at $58.89 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.3438%   rose to 106.10 Japanese yen from 106.40 yen on Tuesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,809.37
+8.39 +0.03%
Volume: 0.00
Dec. 3, 2020 3:15p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,728.50
+195.92 +0.74%
Volume: 2.83M
Dec. 3, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,442.14
-7.24 -0.21%
Volume: 29.85B
Dec. 3, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,290.33
+0.13 +0.0056%
Volume: 37.37B
Dec. 3, 2020 3:00p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,696.22
+20.32 +0.76%
Volume: 817,065
Dec. 3, 2020 4:30p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
13,977.09
-12.05 -0.09%
Volume: 0.00
Dec. 3, 2020 1:33p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,822.34
+11.39 +0.41%
Volume: 0.00
Dec. 3, 2020 5:20p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,822.94
+8.96 +0.15%
Volume: 0.00
Dec. 3, 2020 3:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,615.30
+25.10 +0.38%
Volume: 699,399
Dec. 3, 2020 5:32p
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,648.91
-79.78 -0.63%
Volume: 0.00
Dec. 3, 2020 5:00p
loading...
/zigman2/quotes/207641152/delayed
JP : Japan: Tokyo
¥ 645.30
-1.00 -0.15%
Volume: 12.54M
Dec. 3, 2020 3:00p
P/E Ratio
40.26
Dividend Yield
1.37%
Market Cap
¥3101.65 billion
Rev. per Employee
¥74.32M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,085.00
+38.00 +1.25%
Volume: 6.56M
Dec. 3, 2020 3:00p
P/E Ratio
21.72
Dividend Yield
2.20%
Market Cap
¥5006.41 billion
Rev. per Employee
¥68.28M
loading...
/zigman2/quotes/207991538/delayed
JP : Japan: Tokyo
¥ 2,708.00
+43.00 +1.61%
Volume: 575,800
Dec. 3, 2020 3:00p
P/E Ratio
25.91
Dividend Yield
1.29%
Market Cap
¥192.72 billion
Rev. per Employee
¥40.78M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 19.08
-0.22 -1.14%
Volume: 23.89M
Dec. 3, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
5.35%
Market Cap
HK$211.43 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 17.90
-0.12 -0.67%
Volume: 42.53M
Dec. 3, 2020 4:08p
P/E Ratio
8.92
Dividend Yield
4.47%
Market Cap
HK$1177.41 billion
Rev. per Employee
HK$7.60M
loading...
/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 34.00
+0.55 +1.64%
Volume: 15.84M
Dec. 3, 2020 4:08p
P/E Ratio
137.43
Dividend Yield
2.91%
Market Cap
HK$263.73 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
90,300.00
+4,400 +5.12%
Volume: 2.39M
Dec. 3, 2020 4:30p
P/E Ratio
19.53
Dividend Yield
0.83%
Market Cap
₩14572.49 billion
Rev. per Employee
₩1.55B
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
111,500
+2,500 +2.29%
Volume: 6.62M
Dec. 3, 2020 4:30p
P/E Ratio
26.58
Dividend Yield
0.90%
Market Cap
₩68742.18 billion
Rev. per Employee
₩955.63M
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 79.56
-0.54 -0.67%
Volume: 1.88M
Dec. 3, 2020 4:10p
P/E Ratio
15.19
Dividend Yield
3.75%
Market Cap
$141.94 billion
Rev. per Employee
$917,769
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 1.86
+0.04 +1.92%
Volume: 9.05M
Dec. 3, 2020 4:10p
P/E Ratio
8.46
Dividend Yield
1.08%
Market Cap
$4.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,669.01
+6.56 +0.18%
Volume: 2.37B
Dec. 2, 2020 5:07p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,883.79
+59.87 +0.20%
Volume: 389.33M
Dec. 2, 2020 5:07p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
12,349.37
-5.74 -0.05%
Volume: 4.83M
Dec. 2, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.0510
-0.3590 -0.3438%
Volume: 0.0000
Dec. 3, 2020 9:03a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.