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July 30, 2020, 12:12 a.m. EDT

Asian markets mixed as Fed keeps interest rates unchanged

Nikkei about flat, while stocks gain in Hong Kong

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By Marketwatch


AFP/Getty Images
Construction workers walk on a path in Hong Kong, where stocks rose Thursday.

Asian markets were mixed early Thursday, after the U.S. Federal Reserve left interest rates unchanged, as expected, and the CEOs of big tech companies emerged from a House antitrust hearing relatively unscathed.

Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.67%   slipped 0.1%, while Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI +0.88%   rose 1.2%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.29%   advanced 0.1% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.38%   gained about the same. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.41%   rose 0.3% while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.90%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +1.28%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.43%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.00%   picked up 1%.

In South Korea, shares of Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 +0.26%   inched up after the tech giant reported a strong boost in second-quarter profit, due to strong demand for chips. However, Samsung lost its title as No. 1 smartphone maker in the world, as China’s Huawei Technologies surpassed it for the first time in the second quarter. Analysts cited a sharp drop in Samsung’s sales due to the coronavirus pandemic coupled with Huawei’s strong sales within China.

Also Thursday, Japan reported retail sales rose by a better-than-forecast 13.1% in June over the previous month. That means retail sales in one of the world’s biggest markets were only 0.9% lower than in February before the crisis hit, Tom Learmouth of Capital Economics said in a report.

The Fed on Wednesday stayed pat on monetary policy, as Fed Chairman Jerome Powell said he sees the U.S. economy flattening as coronavirus cases continue to rise. Powell said additional aid from the Fed and Congress will be needed to weather the crisis, calling it “the biggest shock to the U.S. economy in living memory.”

Experts said if the economy worsens, the Fed will likely take incremental action at its next meeting, in September.

“Investors liked what they heard from Chair Powell,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note. “Indeed, this is a Fed that appears to feel the pulse of the economy even despite the meeting coming in line with expectations and offering no new policy announcements. However, it did provide a suitable curtain warmer for a more resultant meeting in September.”

Also Wednesday, the CEOs of Apple /zigman2/quotes/202934861/composite AAPL +1.69%  , Amazon.com /zigman2/quotes/210331248/composite AMZN +1.09%  , Facebook /zigman2/quotes/205064656/composite FB -3.99%   and Google parent Alphabet /zigman2/quotes/202490156/composite GOOGL +0.90%   /zigman2/quotes/205453964/composite GOOG +0.93%   testified before a House antitrust subcommittee. After more than five house of questioning, the hearing ended with few actual developments, though the panel’s final report may influence the direction of a number of investigations into the tech giants by the Justice Department and the Federal Trade Commission.

Stocks finished high Wednesday, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.00%   gaining 160.29 points, or 0.6%, to 26,539.57, the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.95%   adding 40 points, or 1.2%, to 3,258.44, and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.02%   climbing 140.85 points, or 1.4%, to 10,542.94.

In energy markets, benchmark U.S. crude   rose 2 cents to $41.29 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 23 cents on Wednesday to $41.27. Brent crude  , used to price international oils, added 7 cents to $44.16 per barrel in London.

In currency dealings, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0628%   was at 105.03 Japanese yen, up from 104.90 yen on Wednesday.

The Associated Press contributed to this report.

/zigman2/quotes/210597971/delayed
JP : Nikkei
29,639.40
-200.31 -0.67%
Volume: 0.00
Sept. 22, 2021 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,435.42
+213.88 +0.88%
Volume: 2.07M
Sept. 23, 2021 2:36p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,639.17
+10.68 +0.29%
Volume: 49.11B
Sept. 23, 2021 2:36p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,449.37
+9.31 +0.38%
Volume: 46.57B
Sept. 23, 2021 2:36p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,127.49
-13.02 -0.41%
Volume: 612,024
Sept. 23, 2021 3:30p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
17,078.22
+152.40 +0.90%
Volume: 0.00
Sept. 23, 2021 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,086.95
+38.90 +1.28%
Volume: 0.00
Sept. 23, 2021 2:36p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,134.28
+26.02 +0.43%
Volume: 0.00
Sept. 23, 2021 1:41p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,370.20
+73.30 +1.00%
Volume: 649,000
Sept. 23, 2021 4:26p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
77,400.00
+200.00 +0.26%
Volume: 16.97M
Sept. 23, 2021 3:30p
P/E Ratio
16.30
Dividend Yield
1.87%
Market Cap
₩519950.53 billion
Rev. per Employee
₩2.16B
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 145.85
+2.42 +1.69%
Volume: 76.40M
Sept. 22, 2021 4:00p
P/E Ratio
28.56
Dividend Yield
0.60%
Market Cap
$2370.92 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,380.05
+36.42 +1.09%
Volume: 2.41M
Sept. 22, 2021 4:00p
P/E Ratio
58.91
Dividend Yield
N/A
Market Cap
$1693.35 billion
Rev. per Employee
$297,430
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 343.21
-14.27 -3.99%
Volume: 43.69M
Sept. 22, 2021 4:00p
P/E Ratio
25.42
Dividend Yield
N/A
Market Cap
$1007.90 billion
Rev. per Employee
$1.47M
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 2,805.67
+25.01 +0.90%
Volume: 1.25M
Sept. 22, 2021 4:00p
P/E Ratio
30.42
Dividend Yield
N/A
Market Cap
$1857.95 billion
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/205453964/composite
US : U.S.: Nasdaq
$ 2,818.77
+25.84 +0.93%
Volume: 1.10M
Sept. 22, 2021 4:00p
P/E Ratio
30.56
Dividend Yield
N/A
Market Cap
$1857.95 billion
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,258.32
+338.48 +1.00%
Volume: 300.08M
Sept. 22, 2021 5:05p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,395.64
+41.45 +0.95%
Volume: 2.00B
Sept. 22, 2021 5:05p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
14,896.85
+150.45 +1.02%
Volume: 3.76M
Sept. 22, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.8770
+0.0690 +0.0628%
Volume: 0.0000
Sept. 23, 2021 2:51a
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