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Asia Pacific Market: Stocks fall on Trump health-care failure
Mar 27,2017

Asia Pacific share market declined on Monday, 27 March 2017, due to uncertainty over the ability of the administration of U.S. President Donald Trump to implement its economic agenda.

Regional financial market commenced trading with backfoot, as investors reacted to the failure of U.S. President Donald Trump to rally sufficient support within his own Republican party for legislation to repeal and replace his predecessors health care law. Last Friday, Republican leaders withdrew the replacement bill ahead of a vote in the House of Representatives due to lack of support. The move threw into question Trumps ability to execute his promised economic reforms, sparking another round of uncertainty in financial markets. The uncertainty about U.S. government management triggered a risk-off mood that soured the market.

Trumps agenda of boosting growth by expanding infrastructure investment and cutting taxes and regulations had spurred stock markets since his election victory in November. Investors have started to question the credibility of President Trumps pro-growth reforms after House Republicans scrapped his flagship health care bill on Friday. Some traders started to think Mr. Trump will face difficulty implementing the large-scale tax cut he promised, as it now seems hard to bridge differences within the Republicans.

On the energy front, Brent crude futures slipped 0.27% to $47.84 a barrel while U.S. crude dipped 0.27% at $47.84. A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, according to a statement on Sunday.

Investors are also focused on U.K. Prime Minister Theresa Mays plans to set out how her government plans to restore sovereignty over Britains laws in a speech scheduled for Thursday.

Among Asian Bourses

Australia Shares down on materials

Australian equity market finished session down in the wake of Wall Streets fall on Friday, with mining stocks accounting for most of the slide. At the close, the benchmark S&P/ASX 200 index surrendered 6.80 points, or 0.12%, to 5,746.70, while the broader All Ordinaries index lost 6.90 points, or 0.12%, to 5,789.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 520 to 466 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.53% to 12.648.

The big pressure points for the Australian benchmark index were metal majors after Chinese steel and iron ore futures sank to their lowest in more than six weeks on Monday, amid mounting concerns about demand and growing inventories. BHP Billiton fell 2.9%, Rio Tinto was off 1.8% and Fortescue Metals down 3%.

Shares of department store giant Myer Holdings spiked 18.3% on reports by the Australian Financial Review saying 10% of its shares were bought by Australian businessman Solomon Lew at a premium.

Nikkei falls on stronger yen

The Japan share market closed down, weighed by yen appreciation against greenback and worry about the Trumps administrations inability to push through its policy initiatives. Every industry category on the main section lost ground, led by insurance, securities and real estate issues. The benchmark Nikkei 225 index fell 1.44%, or 276.94 points, to 18,985.59, its lowest close since Feb. 9. The broader Topix index of all first-section issues was down 1.26%, or 19.53 points, to end the day at 1,524.39.

Infrastructure stocks, which rose in anticipation of a Trump-driven increase in spending, were among Mondays largest decliners. Steel producer JFE Holdings fell 2.2% and construction-machinery makers Kubota fell 3.2%.

Exporters sank as the yen strengthened against the dollar on growing doubts about US President Donald Trumps ability to carry out his economic agenda following Fridays failed healthcare deal. The yen is seen as a safe bet in times of uncertainty or turmoil, but a stronger currency hurts the profitability of exporters -- hitting demand for their shares. The dollar slipped to 110.27 yen from 111.12 yen in New York Friday. Toyota dropped 1.13% to 6,158 yen while rival Honda lost 1.45% to finish at 3,390 yen. Sony fell 0.72% to 3,577 yen, and Canon dropped 0.97% to 3,461 yen.

Toshiba closed down 2.06% at 218.4 yen, after the leading Nikkei business newspaper said its loss-hit US unit Westinghouse could file for Chapter 11 bankruptcy as early as Tuesday in a court-protected restructuring.

China Stocks tread water as new property curbs offsets good industrial profits

The Mainland China equity market ended down, in line with a regional sell-off as Donald Trumps failure to push through his health care bill raised questions about his chances of passing tough tax reform and spending measures. Meanwhile, optimism felt from data showing surging profits at Chinese industrial firms was offset by fresh property curbs and signs that monetary policy may be further tightened. Most sectors fell on Monday, but transportation and banking stocks were firm. The benchmark Shanghai Composite Index closed 0.08%, or 2.49 points, lower at 3,266.96. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, lost 0.36%, or 7.33 points, to 2,039.41. The large-cap CSI300 closed 0.3% lower at 3,478.

Offering fresh signs of Chinas economic recovery, the National Bureau of Statistics reported that Chinas industrial profits jumped 31.5% year on year for the January-February period, versus a 2.3% increase in December, as commodity prices jumped.

But a market response was muted by Beijings fresh measures to ward off asset price bubbles. Beijing on Sunday night rolled out fresh curbs on commercial property purchases by individuals in the latest government effort to cool the overheated property sector, while the central bank chose not to inject funds into the banking system citing relatively high levels of liquidity.

Underscoring the shift in Beijings policy focus, Zhou Xiao chuan, governor of the Peoples Bank of China (PBOC) said on Sunday that he expects to see more countries start to emphasize fiscal policy and structural reform as the period of loose monetary policy ends. On the bright side, listed companies profitability is improving due to the economic recovery, and equities are a better investment than bonds and property amid the governments deleveraging campaign, he wrote. On the dark side, interest rates are climbing higher, while the property curbs and deleveraging efforts cast doubt on the sustainability of the recovery, suppressing equity valuations.

Hong Kong Stocks close down

The Hong Kong stock market closed session down, as sentiment was hurt by Chinas latest curbs on property purchasing and after Wall Street fall on Friday in the wake of the US Presidents failed attempt to overturn his predecessors signature health care policy known as Obamacare. The Hang Seng Index closed 0.7% lower to 24,193.7 on Monday. The Hang Seng China Enterprises Index, known as the H-shares index, declined 1.1% to 10,362. Turnover increased slightly to HK$89 billion from HK$83.4 billion on Friday.

Mainland developers were pressured as escalating tightening measures on property market were seen in more cities. China Overseas (00688) sank 4.4% to HK$22.7. China Vanke (02202) dipped 4.6% to HK$21.65. Greentown China (03900) plunged 11.6% to HK$7.85 even though it reported earnings growth of 140% for 2016. Kaisa Group (01638) soared 56% to HK$2.43 on trading resumption after two years of halt.

Carrie Lam, the new executive-elect of HK, has won support from local developers. But HK property counters were lower. New World Development (00017) slipped 1.3% to HK$9.64. CK Property (01113) fell 0.5% to HK$53.95.

Chinese financials mostly fell. China Merchants Bank closed 2% lower to HK$20.7 after the lender said its non-performing loan ratio had increased to 1.87% by the end of 2016, although its net profit rose 7.6% to 62 billion yuan (US$9 billion). ICBC and Bank of China dropped 0.8% and 1.3% respectively, trading at HK$5.12 and HK$3.9 at the close. China Construction Bank shed 0.9% to HK$6.3. The three banking giants are set to unveil their annual results later this week.

Sinopec (00386) edged up 0.2% to HK$6.21 after oil giant reported strong earnings with higher dividend, and also issued positive profit alert for 1Q 2017. The refiner said its 2016 net income jumped 44% from the previous year.

Sensex closes down as metal, energy stocks fall

Indian stock market extended losses today following sustained selling in metal, energy, telecom, oil&gas, FMCG and Auto sectors amid weak Asian cues. BSE Sensex closed lower by 188 points, or 0.64%, to 29,233, while the Nifty 50 fell 63 points, or 0.69%, to 9,045.

Foreign portfolio investors (FPIs) bought shares worth Rs543.35 crore on last Friday, as per provisional data released by the stock exchanges. Globally, Asian markets were mostly lower after President Trump suffered a legislative defeat last Friday when Republican leaders pulled a bill to overhaul the US health care system. The US stocks ended lower last Friday, as House Republicans withdrew the American Health Care Act after determining that they did not have enough votes to pass the bill.

Shares of Reliance Industries took a beating, falling 3% after Sebi accused co of having committed a fraud in taking a short trading position at the time of selling a stake in a unit in 2007. It has also ordered Reliance Industries to surrender most of gains, plus interest; bars it from trading in derivatives for one year.

Coal India fell 2% after the state-owned miner announced its second interim dividend of Rs 1.15/ share for current financial year as the dividend amount declared slightly less than market expectations.

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China Stocks tread water as new property curbs offsets good industrial profits
Mar 27,2017

The Mainland China equity market ended down on Monday, 27 March 2017, in line with a regional sell-off as Donald Trumps failure to push through his health care bill raised questions about his chances of passing tough tax reform and spending measures. Meanwhile, optimism felt from data showing surging profits at Chinese industrial firms was offset by fresh property curbs and signs that monetary policy may be further tightened. Most sectors fell on Monday, but transportation and banking stocks were firm. The benchmark Shanghai Composite Index closed 0.08%, or 2.49 points, lower at 3,266.96. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, lost 0.36%, or 7.33 points, to 2,039.41. The large-cap CSI300 closed 0.3% lower at 3,478.

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Nikkei falls on stronger yen, Trump health-care failure
Mar 27,2017

The Japan share market closed down on Monday, 27 March 2017, weighed by yen appreciation against greenback and worry about the Trumps administrations inability to push through its policy initiatives. Every industry category on the main section lost ground, led by insurance, securities and real estate issues. The benchmark Nikkei 225 index fell 1.44%, or 276.94 points, to 18,985.59, its lowest close since Feb. 9. The broader Topix index of all first-section issues was down 1.26%, or 19.53 points, to end the day at 1,524.39.

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Australia Shares down on materials
Mar 27,2017

Australian equity market finished session down on Monday, 27 March 2017, in the wake of Wall Streets fall on Friday, with mining stocks accounting for most of the slide. At the close, the benchmark S&P/ASX 200 index surrendered 6.80 points, or 0.12%, to 5,746.70, while the broader All Ordinaries index lost 6.90 points, or 0.12%, to 5,789.30. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 520 to 466 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 6.53% to 12.648.

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US stocks close slightly lower
Mar 24,2017

U.S. stocks closed slightly lower on Thursday, 23 March 2017 with the Dow edging into negative territory to extending its losing streak to six sessions as a delay in a closely watched health-care vote raised questions about the Trump administrations ability to win passage of its ambitious legislative agenda. Trading was volatile, with major indexes at one point posting solid gains, but then turning lower ahead of the close after House Republican leaders delayed a vote to replace the Affordable Care Act.

The Dow Jones Industrial Average ended with a loss of 4.72 points at 20,656.58, posting its sixth straight negative session. The S&P 500 index fell 2.49 points to end at 2,345.96, a loss of 0.1%. The Nasdaq Composite Index slid 3.95 points to end at 5,817.69, a decline of less than 0.1%.

The days losses were broad, with seven of the 11 primary S&P 500 sectors ending lower. Health care was among the biggest losers, down about 0.4%.

In economic data, first-time jobless claims unexpectedly rose in the latest week, hitting a two-month high.

Among stocks under focus, Ford Motor fell 0.9% after it gave a first-quarter earnings outlook that was below expectations. Apple fell 0.4% after a report that it had acquired Workflow, a popular mobile app for automating tasks, TechCrunch reported on Wednesday.

Concerns about President Trumps ability to quickly push through pro-growth policies, promised during his presidential campaign, have helped diminish demand for assets considered risky. The next big test for markets comes with an expected late-Thursday vote on health-care reform.

The dollar, as measured by the ICE U.S. Dollar Index has lost roughly 0.5% so far this week, but was up 0.1% on Thursday. Shakiness in the buck has provided some path for dollar-priced assets to rise, as softening in the currency makes commodities priced in greenbacks more attractive to buyers using other monetary units.

Bullion prices ended mixed at Comex on Thursday, 23 March 2017. Gold futures settled lower on Thursday, ending a run of five straight daily gains, after a sharp slump in global equities and weakness in the U.S. dollar.

U.S. stocks were confined to tighter ranges on Thursday and equities markets overseas finished mostly higher, which cut some of the aggressive demand for gold as a short-term refuge amid a risk-off market sentiment shift. The battered dollar also improved on Thursday.

April gold fell $2.50, or 0.2%, to settle at $1,247.20 an ounce. May silver rose 1.5 cents, or 0.1%, to end at $17.593 an ounce.

Crude oil prices extended their streak of losses on Thursday, 23 March 2017 as traders focused on the persistent oversupply of crude in the global market that has weighed on prices in recent years. The record in U.S. stockpiles of crude oil reported on Wednesday fed concerns over a global glut of supplies, despite expectations that U.S. demand for gasoline is set to grow in the run up to the summer driving season.

May West Texas Intermediate crude lost 34 cents, or 0.7%, to settle at $47.70 a barrel on the New York Mercantile Exchange. May Brent crude fell 8 cents, or 0.2%, to $50.56 a barrel on Londons ICE Futures exchange.

In the Treasury market, U.S. sovereign debt finished flat with the benchmark 10-yr yield closing unchanged at 2.41%.

Fridays lone economic report, February Durable Orders (consensus +1.3%), will cross the wires at 8:30 ET.

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Asia Pacific Market: Stocks recovers on bargain buying
Mar 23,2017

Asia Pacific share market ended mostly higher on Thursday, 23 March 2017, as investors rushed for bottom fishing after the previous days hefty losses. Market upside was, however, limited amid caution ahead of a vote in the U.S. Congress on a health care bill put forward by Republican leaders and backed by U.S. President Donald Trump. The MSCI Asia Pacific Index was up a fraction at 147.43 at 4:47 p.m. in Hong Kong after earlier losing 0.3%.

The trading lacked vigor, as a wait-and-see mood grew ahead of a vote in the U.S. House of Representatives about a replacement plan for Obamacare, the health care act ushered in under previous administration of President Barack Obama. Investors were worried about a possible delay in the U.S. administrations implementation of fiscal and economic stimulus measures pledged by Trump n++if the vote is put off or the plan is rejected

Market participants wait-and-see mood was intensifying as they are also awaiting U.S. Federal Reserve chief Janet Yellens speech later in the day for hints about how many more times the central bank will raise interest rates within the year.

Among Asian bourses

Australia Shares up on materials

Australian equity market finished session higher today, snapping three straight days of losses, buoyed by the materials sector and gains from miner BHP Billiton. The market also found support from new bilateral agreements on beef exports, energy and security, which were expected to be signed between Australia and China during a four-day visit by Chinese Premier Li Keqiang. At the close, the benchmark S&P/ASX 200 index closed up 0.4%, or 23.49 points, at 5,708. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 561 to 460 and 343 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.04% to 12.257.

BHP Billiton ended more than 1% higher, driven by gains in oil and copper prices. Oil prices recovered from losses chalked up the session before, though the market remained under pressure as bloated US crude inventories dampen OPEC-led efforts to curb global production. Copper also recorded some gains, holding above two-week lows hit the previous session, due to a revival of investor sentiment.

The banks were mostly above water with the Commonwealth up 0.2% to $82.95 and Westpac down 0.15% to $33.44.

Brickworks posted a half year after tax profit of $104.1 million, up 35.4%. Its shares were steady at $13.77, just 0.07% higher.

Medical cannabis company Zelda Therapeutics shares added 3.6% to $0.084 after announcing two new clinical trials in Chile. Sigma Pharmaceuticals was up 2.5% to $1.23 after posting a 5% rise in full year profit to $53.2 million.

Nikkei recovers 0.23%

The Japan share market closed higher, helped by bottom fishing in domestic-demand stocks, a day after the benchmark index posted its biggest drop in four months. Market upside was, however, limited due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama. The 225-issue Nikkei average gained 43.93 points, or 0.23%, to close at 19,085.31. On Wednesday, the Nikkei average gave up 414.50 points, suffering the biggest closing loss since Donald Trumps victory in the U.S. presidential election in November last year. The Topix index of all first-section issues ended up 0.21, or 0.01%, at 1,530.41.

Domestic-demand stocks, such as those in the food and utility sectors, supported the market. Beverage maker Asahi Group Holdings Ltd. rose 2.6% to Y4,288 and Kansai Electric Power Co. gained 1.3% to Y1,254.0.

Industrial robot manufacturer Fanuc and clothing store chain operator Fast Retailing, both heavily weighted components of the Nikkei average, attracted buying. Automakers Fuji Heavy, Honda and Mazda wiped out earlier losses to end higher thanks to a pause in the yens appreciation. Also on the plus side were insurer Dai-ichi Life, retail giant Seven & I Holdings, and oil companies JX Holdings and Inpex.

By contrast, game maker Nintendo met with profit-taking after a rally. Mega-bank groups Mitsubishi UFJ and Sumitomo Mitsui, mobile phone carriers SoftBank and KDDI, and railway operator JR East were also downbeat.

Several electronics and auto stocks fell. Sharp Corp. fell 1.4% to 411 yen. Mitsubishi Motors Corp. lost 1.2% to Y677.

China Stocks inch up

The Mainland China equity market ended slight higher, helped by bargain hunting after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index. But, market upside capped due to slump in Shanghai B shares amid worries over tight liquidity and stepped-up regulation. Sector performance was mixed, with energy shares lagged, while banking and property stocks firmed. The benchmark Shanghai Composite Index climbed 0.10%, or 3.33 points, to 3,248.55 and the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was marginally higher, adding 0.71 point to 2,038.60.

Investors found some solace after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index.

However, market upside capped due to investors concerns over tight liquidity in the countrys interbank market and stepped-up regulation on domestic financial institutions. Cash conditions tightened on worries the central banks quarterly risk assessment at the end of this month would restrict lending in the interbank market. In addition, the assessment will include off-balance sheet wealth management products (WMPs) for the first time.

Insurance firms advanced on news that the premium income received by insurers jumped more than 30% in the first two months, compared with a year earlier. China Life Insurance Co and Ping An Insurance Group Co of China gained 1.4% and 1.9%, respectively.

But liquor makers turned bearish, bucking a broad trend, as an index tracking the sector retreated after it climbed to an all-time high in the previous session.

Hong Kong Stocks close virtually flat

The Hong Kong stock market closed session edge higher, as strength in Chinese real estate developers was offset by weakness in some blue chips as their earnings reports disappointed investors. The benchmark Hang Seng index ended roughly flat at 24,327.70 points, while the Hong Kong China Enterprises Index gained 0.3% to 10,487.45. Turnover decreased to HK$91.8 billion from HK$103.5 billion on Wednesday.

Industry bellwether Tencent Holdings fell 1% to HK$223 after the tech giant reported quarterly profits of 10.53 billion yuan ($1.53 billion) on Wednesday.

Heavyweight China Mobile slid 3% to HK$87.25, as hopes of higher dividend vanished after the largest telecommunications network operator in China reported a mere 0.2% rise in profit to RMB108.74 billion for last year.

Shares of AAC Technologies Holding Inc jumped 10% to HK$95.25 on news that the miniature technology components maker posted a 30% increase in net profit for 2016, compared with the previous year, and triggered upgrades from research houses.

CKH Holdings (00001) gained 1% to HK$97.8 after the conglomerate reported 2016 earnings growth of 6% to HK$33 billion, which came in better than expectations.

WH Group soared 10% to HK$6.66 after it reported 2016 earnings growth of 32%. The company said China and Hong Kong banned imports of frozen and chilled meat and poultry meat from Brazil will bring about new opportunities for the company.

Indian Market settles with modest gains

Key benchmark indices logged modest gains in a steady session of trade as it tracked a recovery in global markets. Energy shares led the gains while financials and auto shares also staged a smart comeback. The barometer index, the S&P BSE Sensex, rose 164.48 points or 0.56% to settle at 29,332.16. The Nifty 50 index rose 55.85 points or 0.62% to settle at 9,086.30.

On the sectoral front, the BSE Oil & Gas index gained the most at 1.21%, followed by Power (up 1.20%), Metals (up 1.08%), Capital Goods (up 1.04%) and Auto (up 0.84%) indices. BSE FMCG index (down 0.10%) was the only sectoral loser on Thursday.

Tata Motors was the biggest gainer among Sensex scrips, rising by 2.59%. GAIL, NTPC and Wipro too rose up to 2.39%. Reliance Industries and Infosys also advanced over 1% to help the index close with strong gains.

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Hong Kong Stocks close virtually flat
Mar 23,2017

The Hong Kong stock market closed session edge higher on Thursday, 23 March 2017, as strength in Chinese real estate developers was offset by weakness in some blue chips as their earnings reports disappointed investors. The benchmark Hang Seng index ended roughly flat at 24,327.70 points, while the Hong Kong China Enterprises Index gained 0.3 percent to 10,487.45. Turnover decreased to HK$91.8 billion from HK$103.5 billion on Wednesday.

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China Stocks inch up
Mar 23,2017

The Mainland China equity market ended slight higher on Thursday, 23 March 2017, helped by bargain hunting after index compiler MSCI said it was seeking feedback from market participants on whether to add Chinese A-shares to its China Index and emerging markets index. But, market upside capped due to slump in Shanghai B shares amid worries over tight liquidity and stepped-up regulation. Sector performance was mixed, with energy shares lagged, while banking and property stocks firmed. The benchmark Shanghai Composite Index climbed 0.10%, or 3.33 points, to 3,248.55 and the Shenzhen Composite Index, which tracks stocks on Chinas second exchange, was marginally higher, adding 0.71 point to 2,038.60.

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Nikkei recovers 0.23%
Mar 23,2017

The Japan share market closed higher on Thursday, 23 March 2017, helped by bottom fishing in domestic-demand stocks, a day after the benchmark index posted its biggest drop in four months. Market upside was, however, limited due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama. The 225-issue Nikkei average gained 43.93 points, or 0.23%, to close at 19,085.31. On Wednesday, the Nikkei average gave up 414.50 points, suffering the biggest closing loss since Donald Trumps victory in the U.S. presidential election in November last year. The Topix index of all first-section issues ended up 0.21, or 0.01%, at 1,530.41.

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Australia Shares up on materials
Mar 23,2017

Australian equity market finished session higher on Thursday, 23 March 2017, snapping three straight days of losses, buoyed by the materials sector and gains from miner BHP Billiton. The market also found support from new bilateral agreements on beef exports, energy and security, which were expected to be signed between Australia and China during a four-day visit by Chinese Premier Li Keqiang. At the close, the benchmark S&P/ASX 200 index closed up 0.4%, or 23.49 points, at 5,708. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 561 to 460 and 343 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.04% to 12.257.

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Hong Kong Stocks tumble on Trump policies concerns
Mar 22,2017

The Hong Kong stock market closed session lower on Wednesday, 22 March 2017, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

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China Stocks snap two-day winning streak
Mar 22,2017

The Mainland China equity market ended down for the first time in three consecutive session on Wednesday, 22 March 2017, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

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Asia Pacific Market: Stocks tumble on Trump policy concerns
Mar 22,2017

Asia Pacific share market closed notably lower on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.

U.S. equities had the worst day of the year for stocks on Tuesday, as banks struggled with falling yields and over concerns that President Donald Trump faces legislative roadblocks in passing a healthcare overhaul. Trump has suggested the GOP cannot move forward with tax reform plans until lawmakers keep the promise to repeal and replace Obamacare. The Dow Jones industrial average dropped 1.14% to close at 20,668.01, the S&P 500 tumbled 1.24% to end at 2,344.02 and the Nasdaq composite dropped 1.83% to close at 5,832.53.

Since Trumps presidential victory last November, there have been expectations for deregulation, tax reform and an increase in fiscal spending. But the Trump administration has indicated that healthcare reform would take precedence over tax reform. House Republicans are expected to vote on repealing and replacing the Affordable Care Act on Thursday with the votes needed for passage in doubt.

The markets also noted comments from Cleveland Federal Reserve President Loretta Mester on Tuesday in the U.S. that if economic data holds up she would support a reduction in the Feds $4.5 trillion balance sheet.

Stocks globally and the U.S. dollar have broadly rallied in the wake of President Donald Trumps election in November, buoyed by his talk of a tax overhaul and infrastructure investment. However, roadblocks have risen ahead of Thursdays scheduled vote to dismantle the Affordable Care Act, triggering a market pullback Tuesday in the U.S. that has carried overseas and has investors questioning Trumps ability to make good on his policy promises. Market participants are doubtful of whether President Trump is able to deliver his phenomenal tax cuts.

During Asian hours, U.S. crude fell 0.1% to $48.18 a barrel, after it fell to its lowest since Nov. 29 to settle at $47.34 during U.S. hours on Tuesday. Brent crude was flat at $50.94. Late Tuesday in the U.S., the American Petroleum Institute reported a 4.53 million barrels build in crude stocks at the end of last week, nearly double the expected gain.

Spot gold was trading at $1,244.36 per ounce, up for its sixth consecutive session and near a three-week high.

Among Asian bourses

Australia Shares end notably down

Australian equity market finished session steep down, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

The financial index shed 2.08%, on tracking similar losses in its US financial counterpart. ANZ Banking, Westpac Banking Corp and Commonwealth Bank of Australia fell more than 2% each.

Mining giants Rio Tinto, BHP Billiton and Fortescue Metals Group fell 2.6%, 2.9% and 5.3%, respectively after copper, steel and iron prices dropped on Tuesday.

Bucking the trend, gold miners advanced after gold prices rose to a near three-week high overnight on increased safe-haven demand. The gold index rose as much as 3.34% and hit its highest in three weeks. Newcrest Mining and Evolution Mining gained around 2%. Evolution Mining said it expects to achieve its March quarter and full-year production guidance.

Nikkei falls over Trump policy concerns

The Japan share market tumbled to lowest level in six-week on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

Japanese defense names were broadly lower after an apparent North Korea missile test that reports said failed. Reuters, citing Yonhap news agency, reported the isolated nation in the Korean peninsula may have conducted a missile launch with a U.S. military spokesman adding that a missile appears to have exploded within seconds of launch. Shares of Kawasaki Heavy Industries fell 3.92%, Komatsu fell 1.96% and ShinMaywa Industries was down 2.21%.

The stronger yen battered export-oriented names, including automakers Toyota and Fuji Heavy, electronic parts supplier Murata Manufacturing and industrial robot manufacturer Fanuc.

Mega-bank group Mitsubishi UFJ, brokerage firm Nomura, and insurers Tokio Marine and Dai-ichi Life met with heavy selling after their U.S. peers lost ground in New York on Tuesday.

By contrast, Nintendo attracted hefty purchases with investors taking heart from a media report that the game-maker plans to boost production of the Nintendo Switch video game console.

China Stocks snap two-day winning streak

The Mainland China equity market ended down for the first time in three consecutive session, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

Investors were concerned about tightening liquidity in the banking system as the end of the quarter nears. Short-term interest rates in China surged on Tuesday as cash conditions tightened on worries the central banks quarterly risk assessment at the end of this month would restrict lending in the interbank market.

Investors are worried that US President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote on Thursday. The market also questioned Trumps ability to pass tax and spending reforms further down the line

Banks and property stocks declined, as a central bank survey found that 52.2% of urban households believed housing prices were unacceptably high in the first quarter. That reinforced expectations authorities will be more aggressive to cool a red-hot property market, even at the risk of dampening economic growth. Agricultural Bank of China shed 0.31%, while Bank of China tumbled 1.37%, Industrial and Commercial Bank of China dropped 1.06%, Vanke lost 0.52%, and Gemdale skidded 2.54%.Bucking the broad trend, stocks related to the One Belt, One Road infrastructure initiative continued to outperform, led by heavyweight infrastructure shares, as they were seen benefiting from the initiative.

Hong Kong Stocks tumble on Trump policies concerns

The Hong Kong stock market closed session lower, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

AAC Tech (02018) edged down 0.1% to HK$86.5 after hitting a day low of HK$83.65 even though its 2016 earnings growth of 29.6% to RMB4.03 billion. Chinese Overseas (00688) and CR Land (01109) also reported better than expected earnings. But both stocks fell 1.8% and 1.6% to HK$24.25 and HK$22.05.

Geely Automobile (00175) soared 5.8% to HK$11.98 after it reported 2016 net profit surged 126% to RMB5.11 billion. Brilliance China (01114) also put on 4.3% to HK$13.24 after HSBC Research upgraded its target price to HK$16.1 from HK$12.8.

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Nikkei falls over Trump policy concerns
Mar 22,2017

The Japan share market tumbled to lowest level in six-week on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

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Australia Shares end notably down
Mar 22,2017

Australian equity market finished session steep down on Wednesday, 22 March 2017, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

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