Asia close: Stocks slip again, Chinese equities outperform

by | Aug 3, 2023

(Sharecast News) – Stocks across the Pacific region were broadly lower on Thursday as investors continued to digest the possible implications of rating agency Fitch’s decision, the day before, to downgrade America’s sovereign debt.
In the background yields on longer-term U.S. government debt were still seeing upside pressure, not least amid the Treasury’s heavy third quarter issuance schedule.

Indeed, Tokyo was said to be intervening to slow the rise on similarly-dated Japanese government bonds.

Japan’s Nikkei-225 fell 1.68% to 32,159.28 and Hong Kong’s Hang Seng dipped 0.49% to 19,420.87.

The Shanghai Stock Exchange’s Composite Index on the other hand added 0.58% to 3,280.46, helped by a stronger-than-expected reading on Caixin’s service sector Purchasing Managers’ Index for July.

As of 1145 BST, the yield on 10-year JGBs was up by three basis points at 0.654% and those on 10-year U.S. Treasuries by six basis points to 4.147%.

Foreign exchange markets were still seeing some volatility as well with the U.S. dollar last trading down by 0.29% to 142.9 yen, having earlier risen to 143.87.

The move came amid ‘market chatter’ regarding the risk of intervention by authorities in Tokyo in foreign exchange markets.

Against China’s yuan, the Greenback was dipping 0.24% to 7.1743.

Related articles

Asia report: Markets in the red as Apple suppliers tumble

Asia report: Markets in the red as Apple suppliers tumble

(Sharecast News) - Asia-Pacific markets experienced a mixed performance on Wednesday, marked by declines among technology stocks in particular. South Korea and Taiwan saw significant drops, as pressure was piled on major tech firms, particularly chipmakers, after...

Asia report: Markets mixed on final trading day of the year

Asia report: Markets mixed on final trading day of the year

(Sharecast News) - Asia-Pacific markets displayed a mixed performance on the final trading day of 2023, as investors assessed various factors impacting regional economies. Markets in mainland China were in the green, as the country's tech sector displayed particular...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x