adminHONG KONG. – Asian markets were mixed yesterday as investor concerns lingered over a potential tapering of US monetary stimulus, with disappointing earnings from global banking giant HSBC weighing down Hong Kong stocks. Tokyo gained 1 percent, or 143,02 points, to 14 401,06 after a late buying surge as the greenback rose against the yen.
But Sydney dropped 0,11 percent, or 5,7 points, to 5 105,6 after Australia’s central bank cut interest rates to a new record low to spur growth as the decades-long mining boom cools down.
Seoul dropped 0,50 percent, or 9,60 points, to 1 906,62 while Shanghai ended up 0,49 percent, or 10,02 points, at 2 060,50.
Hong Kong was down 1,34 percent, or 298,31 points, at 21 923,7, dragged lower by a near 5 percent tumble for heavyweight HSBC Holdings.
The banking giant on Monday announced a 22 percent rise in half-year net profit on lower costs and falling bad-debt charges, slightly below analysts’ estimates. It warned that slower Chinese growth was affecting its main market Asia.
Market sentiment was also hit by concerns that the Federal Reserve may start trimming its stimulus after the US growth outlook appeared firmer.
The Institute for Supply Management’s July purchasing managers’ index for the services sector showed a healthy jump in activity.
And official data last Friday showed that the US unemployment rate fell to a better-than-expected 7,4 percent in July from 7,6 percent in June
Some analysts said the positive outlook increased the chances the Fed will start scaling back its huge bond-buying programme in coming weeks.
In the eurozone, growth indicators showed that the recession seems to be fading out at last.
A leading indicator of activity, the Markit Eurozone Composite Purchasing Managers Index for July, switched to give a growth reading for the first time for 18 months.
But eurozone retail sales slipped by 0,5 percent in June from the previous month, official data showed Monday.
The greenback fetched 98,48 yen in Asian trade from 98,27 yen in New York on Monday afternoon.
The euro was at US$1,3251 from US$1,3259, and 130,41 yen from 130,30 yen.
On oil markets New York’s main contract, West Texas Intermediate for delivery in September, was down four cents at US$106,52 a barrel in afternoon trade. Brent North Sea crude for September shed 13 cents to US$108,57.
Gold cost US$1 293,40 at 0905 GMT compared with US$1 310,25 late Monday.
In other markets:
- Wellington fell 0,30 percent, or 13,98 points, to 4 575,50.
Fletcher Building was down 1,41 percent at NZ$8,42 and Air New Zealand slipped 0,70 percent to NZ$1,42
- Manila was down 1,37 percent, or 88,95 points, at 6 420,78.
Top-traded Bank of the Philippine Islands fell 3,06 percent to 92 pesos while Alliance Global Group Inc. slipped 1,89 percent to 26 pesos. – AFP.
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