When the history books are written, it’s unlikely that the Asian trading session for Monday, September 28, will be well remembered.
Sapped by holiday-thinned trade, a lack of fundamental drivers and mixed lead from Wall Street, there was no rhyme or reason across the markets with some assets gaining strongly, some falling heavily, while other just did nothing.
In stocks there was a vastly divergent performance across the region. At one end of the spectrum, stocks in Australia surged by nearly 1.5% on the back of bargain hunting and thin volumes, while at the other end of the spectrum, the Nikkei 225 in Japan sank, closing down more than 1.32% down on the back of a raft of stocks trading ex-dividend.
Of the other open markets Chinese stocks finished modestly higher having traded lower for the vast majority of the session, while South Korea finished modestly in the red. Perhaps perplexed by the vastly divergent performance across the region, US S&P 500 futures are currently trading flat.
Stocks aside, there was very little movement. Major currencies traded in a thin range throughout while commodities were mostly lower. Chinese iron ore futures were the exception to the lacklustre session of trade, sliding more than 3% having seen the spot price rise by a similar margin on Friday.
The only major economic news of note came from China with industrial profits falling by 8.8% in the year to August, the largest annual decline on record.
Tonight most attention will be on the US economic calendar with the release of core PCE inflation, a favourite gauge on inflationary pressures among FOMC members, personal incomes and consumption data along with pending homes figures for August.
The full regional scoreboard is found below.
- ASX 200 5113.50 , 71.39 , 1.42%
- Nikkei 225 17645.11 , -235.40 , -1.32%
- Shanghai Composite 3100.99 , 8.65 , 0.28%
- Hang Seng 21186.32 , 90.34 , 0.43%
- KOSPI 1942.85 , -4.25 , -0.22%
- Straits Times 2794.44 , -38.20 , -1.35%
- S&P 500 Futures 1924.25 , 5.00 , 0.26%
- USD/JPY 120.31 , -0.24 , -0.20%
- USD/CNY 6.3695 , -0.0042 , -0.07%
- AUD/USD 0.7024 , 0.0005 , 0.07%
- NZD/USD 0.6387 , 0.0003 , 0.05%
- AUD/JPY 84.51 , -0.13 , -0.15%
- EUR/USD 1.1166 , -0.0028 , -0.25%
- GBP/USD 1.5187 , 0.0006 , 0.04%
- USD INDEX 96.309 , 0.0400 , 0.04%
- Gold $1,138.40 , -$7.46 , -0.65%
- Silver $14.90 , -$0.18 , -1.19%
- WTI Futures $45.17 , -$0.53 , -1.16%
- Copper Futures $2.290 , $0.00 -0.07%
- Iron Ore Futures ¥360.00 , -¥15.00 , -4.00%
10-Year Bond Yields
- Australia 2.699%
- New Zealand 3.335%
- Japan 0.338%
- Germany 0.645%
- UK 1.826%
- US 2.161%
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