Global Market News

Interest Rates, Profits Roil Asian Stock Marlets


Last updated: 07/10/2024 06:44:36

06:44 AM EDT, 07/10/2024 (MT Newswires) -- Asian stock markets were choppy Wednesday, as traders weighed the pending earnings season, the sluggish China economy and interest-rate outlooks.

Hong Kong and Shanghai finished in the red, while Tokyo closed at another all-time record zenith. Other regional exchanges were also mixed.

In Japan, the Nikkei 225 opened lower but rose to the close, finishing up 0.6% as traders anticipated possible easing of interest rates at major global central banks.

The benchmark Nikkei 225 rose 251.82 to 41,831.99, as gaining issues outnumbered losers 140 to 81.

Leading the upside was beverage house Sapporo, up 9%, while Mitsubishi Heavy Industries lost 6.3%.

In Hong Kong, the Hang Seng Index opened higher but declined in the afternoon session after weak inflation figures from Beijing pointed to a still-sluggish economic recovery from the pandemic-era, and after some corporations issued profit warnings.

The broad gauge Hang Seng fell 51.56 to 17,471.67, as losing issues outnumbered gainers 47 to 33. The Hang Seng TECH Index was steady on the day, while the Mainland Properties Index fell 0.8%.

Leading the upside was internet-services giant Baidu, gaining 10.1%, while aluminum producer China Hongqiao brought up the rear, falling 6.8%.

On the mainland, the Shanghai Composite fell 0.7% to 2,939.36.

China-based coal-producing colossus China Shenhua Energy fell 5% after disclosing H1 profit will decline by more than 50% on year.

In economic news, mainland China's consumer price index, or CPI, rose a marginal 0.2% in June on year and declined 0.2% from May, the National Bureau of Statistics reported.

The nation's producer price index, or PPI, fell 0.8% in June on year earlier, and fell 0.2% from May, added the NBS.

On the other regional exchanges, the S. Korean KOSPI was steady; the Taiwan TWSE rose 0.5%; the Australian ASX 200 declined 0.2%; the Singapore Straits Times Index rose 1%, and the Thai Set added 0.3%. In late trading in Mumbai, the Sensex was down 0.5%.
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