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Dec. 28, 2018, 6:55 a.m. EST

Nikkei retreats while other Asian markets eke out cautious gains

Bank of Japan warns of rising risks; Hang Seng gives up early sharper gains

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By Marketwatch and Associated Press


Reuters
Apartment blocks are seen under construction on the outskirts of Beijing. Chinese property stocks continued to be a bright spot Friday.

Most Asian stock markets gained Friday while Japan edged down following Wall Street’s rally, all part of a turbulent holiday week.

In Tokyo, the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.06%   lost 0.3% following two days of gains, as the Bank of Japan released notes from its last meeting. It warned of growing risks and weaker inflation. Other government data found that unemployment rose in November to 2.5% from 2.4% in October, and industrial production fell 1.1% from the previous month, adding to worries of a slowing economy. Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 -3.34%   fell 0.4%, giving up early gains, and oil company Inpex /zigman2/quotes/206689846/delayed JP:1605 -4.84%   fell initially but ended firmer. TDK /zigman2/quotes/208948266/delayed JP:6762 +0.19%   rose slightly, off early sharp gains.

Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.84%   gave up early gains and was last up about 0.1%. Property stocks continued to outperform, with Hang Lung Properties /zigman2/quotes/200230831/delayed HK:101 -4.17%   and China Overseas Land & Development /zigman2/quotes/205731176/delayed HK:688 -0.98%   up more than 1% each. Tech manufacturer Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -4.07%   rose, as did oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.48%  . China Petroleum /zigman2/quotes/202085942/delayed HK:386 -2.29%   slid 5% while AAC /zigman2/quotes/201441510/delayed HK:2018 -2.53%   dipped 1.5%.

In mainland China, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.95%   rose slightly while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.31%   was about flat. Citing Thursday’s report of weakened industrial profits and a report that the Trump administration may ban the use of Huawei and ZTE /zigman2/quotes/209674390/delayed CN:000063 -4.63%   equipment in the U.S., Stephen Innes, head of Asia Pacific trading at Oanda, raised concerns in a research note. “We all are expecting that growth of the world’s second-largest economy will slow further in the fourth quarter from the decade-low GDP rate of 6.5% in the third quarter,” he wrote. “But potentially more damning is China manufacturers could reduce near-term capital expenditures further cooling the economy. Given the tail risk for China’s economy remains substantial, mainland economic growth could be the most significant risk in 2019.”

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%   added 0.6% as Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.19%   rose 1%. Sydney’s S&P-ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%   gained 0.4% and benchmarks in New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.40%  , Taiwan   and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.63%   also advanced.

On Thursday, U.S. stocks staged a last-minute turnaround that put the market on track to end the volatile week with a gain. That followed the market’s best day in 10 years. Health care and technology companies, banks and industrial stocks accounted for much of the gains. The Standard & Poor’s 500 /zigman2/quotes/210599714/realtime SPX +1.05%   rose 0.9% to 2,488.83 after being down 2.8% at midday. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44%   gained 1.1% to 23,138.82. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.66%   added 0.4% to 6,579.49. The downturn that began in October has intensified this month, erasing all of the market’s 2018 gains and nudging the S&P 500 closer to its worst year since 2008. Stocks are on track for their worst December since 1931.

Improved U.S. sentiment “provided Asia markets with the intraday relief into the end of the week,” said Jingyi Pan of IG in a report. Still, Pan said, “one would likely flinch to call this a bottom yet,” leaving a “mixed picture as we head into the end of the year.”

Profits at major Chinese industrial companies fell in November for the first time in three years amid an economic slowdown and trade tension with Washington. Government data showed profit for companies in steel, construction materials, oil, chemicals and equipment manufacturing declined 1.8 percent from a year earlier, a reverse from October’s 3.6 percent gain.

Benchmark U.S. crude   jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.59 on Thursday to close at $44.61. Brent crude  , used to price international oils, gained $1 to $53.73 per barrel in London. It fell $1.97 the previous session to $52.73.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2668%   declined to 110.58 yen from Thursday’s 111.01 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
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/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 60,280.00
-2,080 -3.34%
Volume: 1.58M
July 10, 2020 3:00p
P/E Ratio
65.20
Dividend Yield
0.80%
Market Cap
¥6366.55 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 598.20
-30.40 -4.84%
Volume: 12.45M
July 10, 2020 3:00p
P/E Ratio
7.53
Dividend Yield
4.01%
Market Cap
¥917.88 billion
Rev. per Employee
¥291.81M
loading...
/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 10,480.00
+20.00 +0.19%
Volume: 1.17M
July 10, 2020 3:00p
P/E Ratio
22.97
Dividend Yield
1.53%
Market Cap
¥1321.30 billion
Rev. per Employee
¥13.41M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,727.41
-482.75 -1.84%
Volume: 2.14M
July 10, 2020 4:08p
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/zigman2/quotes/200230831/delayed
HK : Hong Kong
HK$ 20.70
-0.90 -4.17%
Volume: 20.66M
July 10, 2020 4:08p
P/E Ratio
15.08
Dividend Yield
3.67%
Market Cap
HK$97.15 billion
Rev. per Employee
HK$2.12M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 25.25
-0.25 -0.98%
Volume: 10.16M
July 10, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
4.04%
Market Cap
HK$279.37 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 141.40
-6.00 -4.07%
Volume: 14.29M
July 10, 2020 4:08p
P/E Ratio
34.41
Dividend Yield
0.57%
Market Cap
HK$161.68 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.67
-0.13 -1.48%
Volume: 88.93M
July 10, 2020 4:08p
P/E Ratio
5.59
Dividend Yield
9.00%
Market Cap
HK$392.90 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 3.41
-0.08 -2.29%
Volume: 96.67M
July 10, 2020 4:08p
P/E Ratio
15.86
Dividend Yield
10.06%
Market Cap
HK$537.42 billion
Rev. per Employee
HK$7.40M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 59.80
-1.55 -2.53%
Volume: 18.57M
July 10, 2020 4:08p
P/E Ratio
28.85
Dividend Yield
0.67%
Market Cap
HK$74.14 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,383.32
-67.27 -1.95%
Volume: 55.61B
July 10, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,251.00
-6.95 -0.31%
Volume: 69.67B
July 10, 2020 3:00p
loading...
/zigman2/quotes/209674390/delayed
CN : China: Shenzhen
¥ 44.94
-2.18 -4.63%
Volume: 153.54M
July 10, 2020 3:00p
P/E Ratio
37.73
Dividend Yield
0.45%
Market Cap
¥200.45 billion
Rev. per Employee
¥1.21M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
52,700.00
-100.00 -0.19%
Volume: 13.71M
July 10, 2020 3:30p
P/E Ratio
16.82
Dividend Yield
2.69%
Market Cap
₩353468.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,394.86
-46.02 -0.40%
Volume: 0.00
July 10, 2020 5:00p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,652.65
-16.84 -0.63%
Volume: 0.00
July 9, 2020 5:20p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,075.30
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,617.44
+69.69 +0.66%
Volume: 3.19M
July 10, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9180
-0.2860 -0.2668%
Volume: 0.0000
July 10, 2020 4:59p
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