Major Asian stock markets declined Wednesday
Tuesday , July 7 2020
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Alice Blue - Market Talk_June 18, 2020

Major Asian stock markets declined Wednesday

Major Asian stock markets declined on Wednesday after Wall Street’s global economic recovery, and Japan’s exports were expected to rise.

Market standards retreated in Shanghai, Tokyo, Hong Kong, and Seoul.

On Wall Street, the benchmark S&P 500 index rose for the third day, rising 1.9% after US retail spending was stronger than expected.

Also, on Tuesday, the Federal Reserve promised to keep its policy ultra-loose to support business activity.

Global stock markets have recovered most of this year’s losses as investors look forward to a rebound from the coronavirus epidemic despite growing infections in the United States, Brazil, and some other major countries.

Analysts warn that profit may be too large and too fast from an uncertain economic outlook.

US retail figures showing an 18% gain in the past month are encouraging, but still lower than the $ 50 billion that could be expected without coronavirus, ING’s Rob Cornell said in a report.

“We do not imagine that the markets will share this nuanced view,” Cornell said. “They will make the most use of any good news possible and continue to dismiss any bad news.”

The Shanghai Composite Index returned 0.3% to 2,921.34 and the Nikkei 225 0.7% to 22,414.50 in Tokyo. Hang Seng fell 0.5% to close at 24,210.17 in Hong Kong.

In Seoul, Cospie was down 0.8% to 2,121.32, and Sydney’s S&P-ASX 200 was down 0.1% to 5,939.60. New Zealand advanced during the fall in Singapore.

Adding to the mixed picture, Japan’s government reported that May exports fell 28.3% from a year earlier in their biggest decline since the 2008 global crisis.

May mark the following point for Japanese exporters as their major foreign customers begin to emerge from the lockdown in a report, Marcel Thieliant of Capital Economics.

Financial markets have been underestimated by the Fed and other central banks’ promises to inject more money into economies through bonds and other moves.

However, many analysts are skeptical about the US stock market’s tread as it began to climb downwards in late March, down 34% from its record.

Investors are outpacing shares of companies that would benefit from a reopened economy.

On Tuesday, Nordstrom jumped 12.9% to one of the biggest gains in the S&P 500, leading a group of retailers if shoppers return to stores.

Benchmark US crude for July delivery lost 89 cents to $ 37.49 a barrel in electronic trading on the New York Merchant Exchange. The contract received $ 1.26 on Tuesday to settle at $ 38.38. Brent crude, the benchmark for international prices, sheds 70 cents to $ 40.26 a barrel in London. It rose $ 1.24 to $ 40.96 a barrel from the previous session.

The dollar fell to 107.23 yen from Tuesday’s 107.33 yen. The euro was slightly changed at $ 1.1266.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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