Asian stocks swung from gains and losses following a five-day losing streak as Chinese inflation data advanced along with Japanese stocks bolstered by a weak yen.
The MSCI Asia Pacific Index gained 0.1% to 146.88, 11:18 am, Hong Kong time. The gauge, so far, lost as much as 0.1%. In the index’s five-day losing streak, it shed 1.6% on investor’s concern of a Fed-rate hike in next week’s meeting. Japanese stocks rallied with the benchmark reaching its highest in six years while the yen reached its lowest in six year as well. Japan’s Nikkei 225 Index and the CNBC 100 ASIA IDX rose by 0.54% or 85.19 points to 15,873.97 and 0.28% or 21.03 points to 7,430.96 respectively. Hong kong’s Hang Index and China’s Shanghai Composite Index added 0.12% or 30.65 points to 24,733.99 and 0.46% or 10.76 points to 2,329.07 respectively. Meanwhile, Australia’s S&P/ASX 200 and South Korea’s KOSPI Index declined, losing, 0.31% or 17.28 points to 5,556.80 and 0.11% or 2.23 points to 2,047.18 respectively.
Australia’s Myer Holdings Ltd. plunged 8.1% while Japan’s Sony Corp. jumped by 2.1%. Hong Kong’s Geely Automobile slipped 0.7% while South Korea’s Hyundai Motors fell almost by 2%.
Strategist at CMC Markets, Desmond Chua, commented to Bloomberg that the Japanese equities will continue its advance as the yen continues to weaken versus the strengthening dollar as investors speculate the Fed-rate hike.
Investors are still wary as more hints that the Federal reserve Bank will be increasing interest rates sooner than expected proliferate the global markets. The next Fed meeting will be on September 16-17.
The material has been provided by InstaForex Company – www.instaforex.com
Asian stocks swung from gains and losses following a five-day losing streak as Chinese inflation data advanced along with Japanese stocks bolstered by a weak yen.
The MSCI Asia Pacific Index gained 0.1% to 146.88, 11:18 am, Hong Kong time. The gauge, so far, lost as much as 0.1%. In the index’s five-day losing streak, it shed 1.6% on investor’s concern of a Fed-rate hike in next week’s meeting. Japanese stocks rallied with the benchmark reaching its highest in six years while the yen reached its lowest in six year as well. Japan’s Nikkei 225 Index and the CNBC 100 ASIA IDX rose by 0.54% or 85.19 points to 15,873.97 and 0.28% or 21.03 points to 7,430.96 respectively. Hong kong’s Hang Index and China’s Shanghai Composite Index added 0.12% or 30.65 points to 24,733.99 and 0.46% or 10.76 points to 2,329.07 respectively. Meanwhile, Australia’s S&P/ASX 200 and South Korea’s KOSPI Index declined, losing, 0.31% or 17.28 points to 5,556.80 and 0.11% or 2.23 points to 2,047.18 respectively.
Australia’s Myer Holdings Ltd. plunged 8.1% while Japan’s Sony Corp. jumped by 2.1%. Hong Kong’s Geely Automobile slipped 0.7% while South Korea’s Hyundai Motors fell almost by 2%.
Strategist at CMC Markets, Desmond Chua, commented to Bloomberg that the Japanese equities will continue its advance as the yen continues to weaken versus the strengthening dollar as investors speculate the Fed-rate hike.
Investors are still wary as more hints that the Federal reserve Bank will be increasing interest rates sooner than expected proliferate the global markets. The next Fed meeting will be on September 16-17.
The material has been provided by InstaForex Company – www.instaforex.com
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