Stock Markets

List of Asian stock market indices rose in Thursday trading

Published

5 months ago

January 6, 2023

Asian stock market indexes rose today, following Wall Street, despite the hawkish tone of the Federal Reserve’s December meeting minutes. The minutes showed that none of the Fed’s policy makers believe that cutting the benchmark interest rate at the start of the year is prudent, as the financial markets expected. Meanwhile, the American Central Bank confirmed its desire to achieve an inflation slowdown without excessive weakening of economic activity.

List of Asian stock market indices

What happens to the list of Asian stock market indices? Japan’s Nikkei 225 stock index rose 0.4 percent in late trading on Thursday. Statistics from Japan released Thursday showed an increase in consumer confidence in the country in the last month of 2022. The consumer confidence indicator rose to 30.3 points in December from 28.6 points in November, which was the lowest in 2.5 years, due to the lifting of all coronavirus restrictions by authorities.

China’s Caixin Purchasing Managers’ Indexes (PMIs) rose in December but remained below the 50-point mark, suggesting a continued slump in activity. The composite PMI rose to 48.3 points last month from 47 points in November, and the service sector activity indicator rose to 48 points from 46.7 points.

China’s Shanghai Composite stock index added 1 percent in Thursday trading. Hong Kong’s Hang Seng index rose for the fourth session in a row. The indicator added 1.3 percent on reports that China is gradually opening its borders with Hong Kong. According to Bloomberg, Beijing is also preparing to lift flight limits from Hong Kong and Macau to the PRC. Australia’s S&P/ASX 200 index rose 0.1% and South Korea’s KOSPI rose 0.4%.

Earlier, we reported that Twitter users advised Musk to “keep shooting himself in the foot”.

Stock Markets

Goldman Sachs to start trading Japan power futures

Published

14 hours ago

June 7, 2023

Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.

More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.

An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.

Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.

A spokesperson for Goldman Sachs declined to comment.

Stock Markets

Cathie Wood buys the dip in Coinbase shares amid SEC crackdown

Published

16 hours ago

June 7, 2023

Cathie Wood’s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:COIN) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows.Data from the website Cathie’s Ark, which tracks the investment activities of the Ark group, showed that three funds under Cathie Wood bought a total of over 400,000 shares in Coinbase on Tuesday.Her flagship ARK Innovation ETF (NYSE:ARKK) carried out most of the buying, adding over 300,000 shares.This came as Coinbase’s share price plummeted as much as 20% after the SEC sued the firm over operating an unlicensed exchange, while also issuing cease and desist letters over its staking services.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.

Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for Bitcoin on the belief that it is an effective inflation hedge.Coinbase holds the fifth-largest weightage in Ark’s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates.The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.

Stock Markets

Japan stocks lower at close of trade; Nikkei 225 down 1.82%

Published

18 hours ago

June 7, 2023

Japan stocks were lower after the close on Wednesday, as losses in the Banking, Transportation Equipment and Power sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 1.82%.

The best performers of the session on the Nikkei 225 were Kawasaki Heavy Industries, Ltd. (TYO:7012), which rose 4.35% or 146.00 points to trade at 3,500.00 at the close. Meanwhile, Tokuyama Corp. (TYO:4043) added 3.78% or 84.50 points to end at 2,321.00 and SKY Perfect JSAT Holdings Inc. (TYO:9412) was up 2.20% or 12.00 points to 557.00 in late trade.

The worst performers of the session were Shionogi & Co., Ltd. (TYO:4507), which fell 4.43% or 283.00 points to trade at 6,100.00 at the close. Daikin Industries, Ltd. (TYO:6367) declined 4.40% or 1,300.00 points to end at 28,240.00 and Tokyo Electron Ltd. (TYO:8035) was down 4.18% or 820.00 points to 18,815.00.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2255 to 1305 and 270 ended unchanged.

Shares in Kawasaki Heavy Industries, Ltd. (TYO:7012) rose to 5-year highs; rising 4.35% or 146.00 to 3,500.00. Shares in Tokuyama Corp. (TYO:4043) rose to 52-week highs; gaining 3.78% or 84.50 to 2,321.00.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 3.03% to 21.15.

Crude oil for July delivery was down 0.84% or 0.60 to $71.14 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.79% or 0.60 to hit $75.69 a barrel, while the August Gold Futures contract fell 0.42% or 8.30 to trade at $1,973.20 a troy ounce.

USD/JPY was down 0.20% to 139.36, while EUR/JPY fell 0.33% to 148.83.

The US Dollar Index Futures was up 0.09% at 104.17.