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US stocks register minor gains
Sep 21,2016

U.S. stocks on Tuesday ended little-changed on 20 september 2016, paring modest gains into the close, as traders grew cautious on the eve of a pair of major central-bank decisions. Volatile oil prices pressured energy shares, limiting overall gains.

The Dow Jones Industrial Average rose a tepid 9.79 points, or less than 0.1%, to close at 18,129.96, with gainers and decliners split evenly among the 30 Dow components. The Nasdaq Composite Index advanced 6.33 points, or 0.1%, to 5,241.35, nudged higher by gains in biotech. The S&P 500 index finished up less than a point at 2,139.76.

Health care and consumer staples led winners, while energy shares lagged behind. Merck & Co.and McDonalds topped advancers, while Exxon Mobil and DuPont& Co. were the worst blue-chip performers.

Among economic data expected at Wall Street, Housing starts for August came in at a seasonally adjusted rate of 1.142 million (consensus 1.186 million) while building permits fell to 1.139 million (consensus 1.160 million) due entirely to a 7.2% decline in permits for multi-unit dwellings. The data follows yesterdays above-consensus reading of the NAHB Housing Market Index for September. Although overall market reaction to weaker-than-expected housing starts data ahead of the bell was muted, home-building stocks such as Lennar Corp and PulteGroup were hit hard, falling 3.5% and 2.9% respectively.

The Fed will release its updated policy statement at 2 p.m. Eastern Time on Wednesday. Investors widely expect the central bank to stand pat on interest rates, so attention is instead being trained on the BOJ where policy surprises are seen as more likely. Japanese policy makers have fought hard in recent years to battle low inflation, slow growth and a strong yen, lowering rates into negative territory and launching an aggressive asset-purchase program. However, there is a heightened sense the measures arent producing their desired result.

The health care sector outperformed as drug manufacturers and biotechnology names displayed relative strength. Biotechnology rallied after Allergan agreed to acquire Tobira Therapeutics for an upfront payment of $28.35 per share. This constitutes a 498.0% premium from Tobiras prior closing price. The agreement also contains Contingent Value Rights that could increase total considerations up to $49.84 per share.

Crude oil futures ended on a mixed note on Tuesday, 20 September 2016 with Brent crude modestly lower but West Texas Intermediate crude slightly higher, as traders weighed the possibility of a crude output deal following reports that Russia supports a one-year pact to stabilize prices.nHowever, weekly data expected to show the first increase in U.S. crude supplies in three weeks and a substantial slide by gasoline futures, with a major gasoline pipeline expected to return to operation on Wednesday, kept prices in check.

October West Texas Intermediate crude rose by 14 cents, or 0.3%, to settle at $43.44 a barrel on the New York Mercantile Exchange on the contracts expiration day. The November WTI contract which became the front month, added 19 cents, or 0.4%, to $44.05. However, November Brent crude on the ICE Futures exchange in London lost 7 cents, or less than 0.2%, to finish at $45.88 a barrel.

Bullion prices ended in a mixed mode on Tuesday, 20 September 2016 at Comex. Gold futures on Tuesday ended with a slight gain, but moved in a narrow trading range, as focus remained fixed on the dollars next move a day ahead of policy announcements from the U.S. Federal Reserve and Bank of Japan.

December gold picked up 40 cents to settle at $1,318.20 an ounce. The metal closed 0.6% higher on Monday. December silver fell 1.3 cents, or less than 0.1%, to $19.277 an ounce on Tuesday.

The ICE U.S. dollar index, a measure of the greenback against six currencies, was up 0.2%.

Treasuries ended on a higher note with the long end of the curve outperforming. The yield on the 2-yr note fell one basis point (0.77%) while the yield on the 10-yr note declined three basis points (1.69%).

Todays participation was below the recent average as fewer than 741 million shares changed hands on the NYSE floor.

Tomorrows economic data will be limited to the weekly MBA Mortgage Index, which will be released at 7:00 ET. Meanwhile, the FOMC will release its September policy statement and rate decision at 14:00 ET.

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Japanese market closed Monday for a public holiday
Sep 19,2016

Japanese market closed Monday for a public holiday

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Asia Pacific Market: Stocks gain ahead of policy decisions in US and Japan
Sep 19,2016

Asia Pacific share market closed slight higher on Monday, 19 September 2016, with sentiment driven by a rebound in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week.

The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. Investors do not expect the Federal Reserve to raise interest rates when its policymakers end the two-day meeting on Wednesday. But they will scrutinize its statement for implications about the future rate hike.

A Fed rate increase appeared to at least have a 50% chance after blockbuster job gains in June and July stoked speculation that faster inflation cant be too far behind. But payroll additions were disappointing in August and growth in service-sector activity for the month fell to the lowest level since 2010. Inflation, meanwhile, generally remains tame. And while the speeches of Fed Chair Janet Yellen and other policymakers have been somewhat ambiguous, the most recent comments of Fed officials have emphasized caution in light of the risk of derailing a still-fragile recovery. Whats more, the Fed has shied away from hiking rates when investors dont expect it for fear of generating market turbulence that could further rock the economy. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.

Market participants are also awaiting for the outcome of the Bank of Japan policy meeting. A comprehensive review of monetary policy is expected in the meeting. But its believed that BoJ policy makers are split over the next easing steps. Some might even believe in continuing with the current government bond purchase program and negative rates and give time for the policies to pass through to the economy. Meanwhile, the financial industry in Japan sang a chorus opposing deepening negative interest rates. Opinions are divided on what BoJ would do in the end and the result could surprise the markets.

Among Asian bourses

Australia Market ends early on technical glitches

Australian share market closed before scheduled session, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

China Stocks gain on improving business confidence

Mainland China stock market closed higher, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points. Nuclear power-related stocks were in the spotlight, after Britain gave the go-ahead for a $24 billion Chinese-backed nuclear power plant. Mainland-listed China Nuclear Engineering and SUFA Technology Industry Co both shot up 10%, the maximum allowed.

Hong Kong Market closed stronger

The Hong Kong stock market ended higher, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

Standard Chartered (02888) softened 0.9% to HK$63.05 on talks that it seeks to sell its private equity business, which is valued at US$5 billion. HSBC (00005) spent GBP35.3 million on Thursday and Friday buying back its own shares in London market. It ended up 0.4% to HK$58.65.

Credit Suisse said in a recent report that the CIRCs guiding document is positive for the healthy development of the industry. It reiterated its overweight stance on the sector, with target prices of HK$49 and HK$17.22 for Ping An (02318) and PICC P&C (02328). The stocks closed up 2% and 0.6% respectively.

Chinas NBS announced that property prices continued its surge in August. CR Land (01109) rose 3.9% to HK$22.55. COLI (00688) climbed 2.7% to HK$26.25. Sunac China (01918) acquired 42 projects from Legend Holdings (03396) for HK$16 billion. Sunac soared 7% to HK$5.87. Legend shot up 2% to HK$20.

Henderson Land (00012) added 2% to HK$46.25 after the developer disposed of Golden Centre office building in Sheung Wan for HK$4.37 billion.

Indian Market gains for 4th straight session

Indian benchmark indices settled with small gains in a lacklustre trading session. The barometer index, the S&P BSE Sensex, rose 35.47 points or 0.12% to settle at 28,634.50. The Nifty rose 28.55 points or 0.33% to settle at 8,808.40.

Asian Paints rose 1.04% to Rs 1,168. The company announced after market hours today, 19 September 2016, that as a part of the companys plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Power Grid Corporation of India rose 0.97% to Rs 177.25 after the company said that the companys board of directors at a meeting held on 16 September 2016 accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.4% to 7278.12 South Koreas KOSPI index grew 0.8% to 2015.75. Taiwans Taiex index added 2.8% to 9152.88. Singapores Straits Times index added 0.9% to 2852.14. Indonesias Jakarta Composite index rose 1% to 5321.84. Malaysias KLCI eased 0.1% to 1651.71.

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Hong Kong Market closed stronger
Sep 19,2016

The Hong Kong stock market ended higher on Monday, 19 September 2016, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

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China Stocks gain on improving business confidence
Sep 19,2016

Mainland China stock market closed higher on Monday, 19 September 2016, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points.

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Australia Market ends early on technical glitches
Sep 19,2016

Australian share market closed before scheduled session on Monday, 19 September 2016, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

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Asia Pacific Market: Stocks sluggish on Fed rate uncertainty
Sep 14,2016

Asia Pacific share market closed mostly down on Wednesday, 14 September 2016, on tracking fall in the Wall Street overnight and plunge in crude oil prices. Meanwhile uncertainty over central banks next moves also hurt risk appetite. The MSCI Asia Pacific Index sank 0.7% to 136.21.

All eyes are on the Federal Open Market Committee (FOMC) meeting on Sept. 20-21 as traders anxiously wait for clues on whether the Fed will raise interest rates soon. Few traders expect a rate hike next week and markets are pricing in only a roughly 50-50 chance of one in December.

Japans central bank is also scheduled to meet next week, with speculation has grown that the BOJ will reduce its purchases of super-long bonds to let the yield curve steepen while maintaining a negative rate on excess reserves. Some also expect the BOJ could cut the rate deeper into negative territory in the future.

Crude oil prices recovered ground in Asian trade after suffered heavy losses overnight after the International Energy Agency (IEA) warned in its latest market update that it may take longer for oil prices to re-balance, citing a faster-than-expected slowdown in global oil demand growth.

During Asian trade on Wednesday, U.S. crude futures rebounded modestly, up 0.82% at $45.27 a barrel, following a 3% drop overnight. Global benchmark Brent added 0.62% to $47.39, after falling 2.5% on Tuesday.

The Paris-based International Energy Agency (IEA) projects that global oil demand growth is slowing at a faster pace than initially predicted. It now forecasts demand to grow 1.3M bpd this year, down -0.1M bpd estimated last month, before moderating to 1.2M bpd in 2017. On the supply side, IEA noted that world oil supplies dropped -0.3M bpd in August, as non-OPEC output fell. However, OPEC production remained elevated during the period, rising to 33.47M bpd in August, testing record rates as Middle East producers opened the taps. IEA estimated that OPEC supply was 0.93M bpd above the same period last year. According to IEA, this supply-demand dynamic may not change significantly in the coming months. Supply will continue to outpace demand at least through the first half of next year.

That followed remarks from the Organization of the Petroleum Exporting Countries (OPEC) earlier this week that key central bank decisions, such as the one due in the U.S. later this month, would be crucial in determining the state of global growth and the overall health of the energy sector.

If the U.S. Federal Reserve does raise interest rates later this month, it would likely strengthen the dollar, which would make dollar-denominated oil trades more expensive for buyers holding other currencies. That could, in turn, hamper global demand and consumption.

Among Asian bourses

Australia Market rises for first time in five

Australian share market advanced for first time in five sessions in row, as gains in telecom, financial, and consumer staples were more than offset by losses in materials and resources. At close of trade, the benchmark S&P/ASX 200 index rose 19.90 points, or 0.38%, to 5,227.70, while the broader All Ordinaries index has gained 16.60 points, or 0.31%, to 5,326.60. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 589 to 457 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 9.17% to 16.704.

Telecommunications put in the strongest performance overall, jumping by 2.4%. Unsurprisingly, Telstra just happened to close with a gain of 2.6%.

Resources and energy stocks were under pressure as a strengthening US dollar weighed heavily on commodities. Among energy shares, Woodside Petroleum was 0.7% lower, Oil Search lost 0.9% and Santos sank 5.7%. Crude-oil prices retreated overnight after the Paris-based International Energy Agency cut its 2016 demand growth forecast by 100,000 barrels a day to 1.3 million. That came a day after a report from the Organization of the Petroleum Exporting Countries that pointed to a world still awash in crude. In the mining space, BHP Billiton and Rio Tinto were down 1% and 1.3%, respectively. Iron-ore producer Fortescue Metals Group was 1.7% weaker, and gold miner Newcrest Mining fell 0.5%.

Financial stocks also added strength to bourse, with all big four banks rose. Westpac Banking Corp added 1.5%, Commonwealth Bank of Australia picked up 1% and Australia & New Zealand Banking Group and National Australia Bank each added 0.6%. CYBG, the British lender spun off by National Australia Bank early this year, dropped 5.2% after it told investors in London it was targeting further cost cuts and expected to deliver a double-digit return on tangible equity a year earlier than originally planned.

Japan Stocks falls on weak global cues

The Japan share market ended lower, dragged down by tracking negative lead from Wall Street overnight. Meanwhile, sentiments were downbeat on growing speculation that the Bank of Japan will maintain the negative rate on excess reserves at the policy meeting next week and could even lower the rate in the future. The 225-issue Nikkei lost 114.80 points, or 0.69%, to finish at 16,614.24 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 8.25 points, or 0.62%, to close at 1,314.74. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1354 to 543 and 161 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 2.40% to 23.02.

Banks stocks suffered on concerns about short investment horizon which tend to suffer from low short-term rates. Speculation has grown that the BOJ will reduce its purchases of super-long bonds to let the yield curve steepen while maintaining a negative rate on excess reserves. Some also expect the BOJ could cut the rate deeper into negative territory in the future. Mitsubishi UFJ Financial Group Inc. fell 3.2% to 507.5 yen. Sumitomo Mitsui Trust Holdings Inc. lost 2.1% at Y336.3.

A bright spot for the market was life insurance companies. Life insurers are less sensitive to short-term interest rates and tend to benefit from higher, longer-term rates. Dai-ichi Life Insurance Co. rose 4.3% to Y1,476.0. Japan Post Insurance Co. gained 4.6% to Y2,282.

Apple supplier Alps Electric Co. rose 4% after reports iPhone 7 orders at some U.S. carriers surged past prior models. Japan Display Inc. advanced 4.7%.

China Stocks retreat to lowest level in a month

Mainland China stock market closed at lowest level in a month on the last trading day of this week, as investors sold stocks on uncertainty over whether the Federal Reserve will raise interest rates next week. All SSE sectors except technology issue lost ground, with blue chip players in telecom, industrials, consumer staples, energy, financials and utilities sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 0.66%, to 3,238.73 points, while the Shanghai Composite Index lost 0.68% to 3,002.85 points. The gauge has lost 2.5% this week, amid a jump in the cost of borrowing the yuan in Hong Kong. China stock market will close on Thursday and Friday for mid-Autumn Festival.

China Petroleum & Chemical Corp. fell 1.2%, after U.S. oil prices slumped 3% on Tuesday amid concern a global supply glut will persist.

A measure of consumer-discretionary shares declined 1% as Midea Group Co. slid to its lowest close since July 11 and FAW Car Co. retreated from a three-week high.

Chinese banks granted net new loans of CNY948.7 billion in August, the Peoples Bank of China announced Wednesday, sharply higher than the new loans of CNY463.6 billion in July 2016. M2 was up 11.4% on year at the end of August, higher than the 10.2% increase in July.

Hong Kong Market closes softer

The Hong Kong stock market declined modestly on tracking plunge in U.S. equities overnight and on caution ahead of next weeks Federal Reserve policy meeting. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover decreased to HK$60.9 billion from HK$73.5 billion on Tuesday.

Sands China (01928) rose 1% to HK$34.15. The companys casino Parisian opened last night. Deutsche Bank deemed it eye-catching feature and a must-see destination. Galaxy Entertainment (00027) climbed 2% to HK$28.6.

Oil prices plunged 3% as OPEC and IEA forecast oversupply may extend to next year. CNOOC (00883) slipped 1.2% to HK$9.37. Sinopec (00386) and PetroChina (00857) fell 1% to HK$5.31 and HK$4.99.

Sensex, Nifty rebound

Indian shares snapped a two-session losing streak to close slightly higher, led by a recovery in bank stocks, but sentiment remained weak on concerns over the ability of global central banks to prop up growth. The barometer index, the S&P BSE Sensex, rose 18.69 points or 0.07% to settle at 28,372.23. The Nifty 50 index rose 11 points or 0.13% to settle at 8,726.60.

Coal India shares fell after the company reported a 15% fall in its first-quarter profit. Tata Steel declined to its lowest in a month after reporting a wider first-quarter loss on sale of a business in Europe.

Domestic sentiment remained weak as Indias industrial production (IIP) fell 2.4% in July 2016 over the same month last year. Industrial production expanded 2.1% in June 2016 over the year-ago month.

Meanwhile, foreign funds sold shares worth Rs. 593.61 crore on Monday, as per the provisional data released by the stock exchanges.

Elsewhere in the Asia Pacific region: New Zealands NZX50 fell 0.5% to 7210.72. Taiwans Taiex index slumped 0.4% to 8902.30. Singapores Straits Times index shed 0.3% to 2809.35. Indonesias Jakarta Composite index shed 1.3% to 5146.04. Malaysias KLCI eased 0.9% to 1661.39. South Korea market closed for holiday.

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Hong Kong Market closes softer
Sep 14,2016

The Hong Kong stock market declined modestly on Wednesday, 14 September 2016, on tracking plunge in U.S. equities overnight and on caution ahead of next weeks Federal Reserve policy meeting. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover decreased to HK$60.9 billion from HK$73.5 billion on Tuesday.

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China Stocks retreat to lowest level in a month
Sep 14,2016

Mainland China stock market closed at lowest level in a month on the last trading day of this week on Wednesday, 14 September 2016, as investors sold stocks on uncertainty over whether the Federal Reserve will raise interest rates next week. All SSE sectors except technology issue lost ground, with blue chip players in telecom, industrials, consumer staples, energy, financials and utilities sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 0.66%, to 3,238.73 points, while the Shanghai Composite Index lost 0.68% to 3,002.85 points. The gauge has lost 2.5% this week, amid a jump in the cost of borrowing the yuan in Hong Kong. China stock market will close on Thursday and Friday for mid-Autumn Festival.

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Japan Stocks falls on weak global cues
Sep 14,2016

The Japan share market ended lower on Wednesday, 14 September 2016, dragged down by tracking negative lead from Wall Street overnight. Meanwhile, sentiments were downbeat on growing speculation that the Bank of Japan will maintain the negative rate on excess reserves at the policy meeting next week and could even lower the rate in the future. The 225-issue Nikkei lost 114.80 points, or 0.69%, to finish at 16,614.24 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 8.25 points, or 0.62%, to close at 1,314.74. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1354 to 543 and 161 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 2.40% to 23.02.

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Australia Market rises for first time in five
Sep 14,2016

Australian share market advanced for first time in five sessions in row on Wednesday, 14 September 2016, as gains in telecom, financial, and consumer staples were more than offset by losses in materials and resources. At close of trade, the benchmark S&P/ASX 200 index rose 19.90 points, or 0.38%, to 5,227.70, while the broader All Ordinaries index has gained 16.60 points, or 0.31%, to 5,326.60. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 589 to 457 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 9.17% to 16.704.

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Asia Pacific Market: Stocks fall on fears of Fed interest rate hike
Sep 12,2016

Asia Pacific share market ended down on Monday, 12 September 2016, as fears the Federal Reserve will soon raise interest rates continued to spook investors out of risky assets. Meanwhile, selloff pressure followed on growing concerns that the European Central Bank and the Bank of Japan may be slowing their monetary policy easing efforts.

Stocks met with selling from the outset of trading after the U.S. Dow Jones industrial average tumbled over 390 points on Friday on the back of growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official.

Federal Reserve Bank of Boston President Eric Rosengren said in a speech, n++My personal view is that a reasonable case can be made for continuing to pursue a gradual normalization of monetary policy,n++ noting, n++It is quite possible that we will reach or even exceed full employment over the course of the next year.n++His remarks splashed cold water on the market as he had been considered a dovish policymaker in the Fed.

Since December, Federal Reserve chair Janet Yellen has repeated that future rate rises would be gradual, depending on jobs growth and inflation rising closer to the Feds target of 2%. However, after nine months without further action, Mr Rosengrens comments have been interpreted as a sign that next weeks Fed meeting may be the time for an overdue rate hike.

Three more Fed officials are expected to speak later on Monday, including board member and noted dove Lael Brainard, who is known to be dovish on rates, and any hint of hawkishness would likely further pressure bonds and equities.

Risk was also off the table on concerns that there is a possible slowdown in the monetary easing efforts of the European Central Bank (ECB) and the Bank of Japan (BoJ) as well. As per reports, the Bank of Japan may look to steepen the Japanese yield curve at a policy review this month, with markets worried that, if it goes down that path, tapering buying of long-dated bonds may be among the options. Super-low bond yields have made returns on equities seem relatively more attractive, so any sustained climb in yields would likely weigh on stock valuations.

Crude Oil prices extended Fridays 4% fall in Asia after reports showed increasing drilling activity in the United States, indicating that producers can operate profitably around current levels and bring on new supply. Brent crude was off 47 cents, or about 0.98%, at $47.54 a barrel, while U.S. crude lost 59 cents to $45.27.

Among Asian bourses

Australia ASX200 sinks 2.24%

Australian share market declined, as investor sentiment was rattled by tracking steep plunge in Wall Street on Friday amid concerns that the US Federal Reserve could be considering an imminent interest rate hike. All ASX sectors declined, with materials and resources, industrials, energy, realty, and financial issue being major losers. At close of trade, the benchmark S&P/ASX 200 index stumbled 119.60 points, or 2.24%, to 5,219.60, while the broader All Ordinaries index has lost 121.40 points, or 2.23%, to 5,319.10.

Resources and energy stocks were under severe pressure as a strengthening US dollar weighed heavily on commodities. In the mining space, mining giant BHP Billiton skidded 4% to A$19.94, its primary rival Rio Tinto lost 2.5% to A$47.41 and iron ore miner Fortescue weakened 5.1% to A$4.70. Among oil stocks, Oil Search sank 2.7% to A$6.58, Woodside Petroleum 2.7% t A$27.57, and Santos 5.3% to A$3.79 after crude oil prices extended Fridays 4% fall in Asia after reports showed increasing drilling activity in the United States, indicating that producers can operate profitably around current levels and bring on new supply.

All big four banks fell, with Commonwealth Bank erasing 0.9% to a five-month low of A$70.22, while National Australia Bank dropped 2.6% to a one-month low of A$26.60, Westpac lost 1.7% to A$29.03, and ANZ fell 2.1% to A$26.19.

Japan Stocks tumble on rising US rate hike bets

The Japan share market ended steep lower, dragged down by renewed fears of a US Federal Reserve interest rate hike in the near term and a slump in oil prices. Meanwhile, risk aversion selloff fuelled further amid concerns that the European Central Bank and the Bank of Japan may be slowing their monetary policy easing efforts. Every industry category on the main section lost ground, led by mining, iron and steel, and financial issues. The 225-issue Nikkei lost 292.84 points, or 1.73%, to finish at 16,672.92 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 20.76 points, or 1.54%, to close at 1,323.10

Export-oriented names were downbeat, including automaker Toyota, camera maker Canon, electronic parts producer Murata Manufacturing and industrial robot maker Fanuc. Oil wholesalers Inpex, Japex and JX Holdings also met with selling, due to lower crude oil prices.

Kumiai Chemical Industry sagged 12.4%, after the agrochemical manufacturer on Friday downgraded its profit forecast for the business year through October.

Ono Pharmaceutical shed 2.8%, after the Nikkei business daily reported Saturday that a U.S. cancer drug is set to be approved by the Japanese government for treatment, the first rival product for the drugmakers Opdivo.

Don Quijote Holdings declined 3.1%, after the discount store operator said Friday its sales in August fell from a year earlier on a same-store basis.

Benesse Holdings was down 2.4%, after the correspondence education service provider said Friday it will replace its president in October following a reshuffle only three months ago, raising concern about the firms management.

Coca-Cola East Japan gained 1.4%, after the beverage company on Friday upgraded its profit projection for the business year through December.

China Stocks retreat on possible U.S. rate hike

Mainland China stock market closed lower, as investors sold stocks and riskier assets, including commodities, on fresh talk of an interest rate hike by the Federal Reserve in the near term. Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 1.67%, to 3,262.60 points, while the Shanghai Composite Index lost 1.85% to 3,021.98 points.

Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. Zhongjin Gold lost 5.82% to close at 12.31 yuan and Ping An Bank fell 2.35% to close at 9.16 yuan.

Hong Kong Market stumbles 3.36%

The Hong Kong stock market fell back sharply, dragged down by a plunge in U.S. equities late last week amid growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official. The benchmark Hang Seng Index stumbled 809.10 points, or 3.36%, to 23290.60 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 403.89 points, or 4.02%, to 9654.08. Turnover decreased to HK$94.6 billion from HK$116.8 billion on Friday.

Belle (01880) was unchanged at HK$5.18, becoming the best performing blue chip. The company reported 2Q footwear SSS declined 10%, but both Macquarie and Credit Suisse issued bullish comment on the companys outlook.

Property counters were lower on rising expectations for rate hike. CK Property (01113) slipped 3.8% to HK$56.25. Henderson Land (00012) softened 3.4% to HK$45.8.

Chinese banks are actively launching different measures to speed up the disposal of bad debts. CCB (00939) plunged 5.4% to HK$5.77. ICBC (01398) slid 4.6% to HK$4.83. BOC (03988) fell 4.3% to HK$3.56. AAC Tech (02018) dived 8.4% to HK$79.3. It was the worst blue-chip loser today.

Oil majors were lower as oil prices slid 4%. Sinopec (00386) fell 2.7% to HK$5.42. CNOOC (00883) slipped 2.7% to HK$9.43.

India Nifty settles at 2-week low

Indias benchmark stock indices fell the most in two-and-a-half months, in line with a meltdown in world equities, as fears that the US Federal Reserve may raise rates as early as September triggered a flight to safety. The barometer index, the S&P BSE Sensex, lost 443.71 points or 1.54% to settle at 28,353.54. The Nifty fell 151.10 points or 1.7% to settle at 8,715.60. The Sensex settled at almost 2-week low.

Banks stocks declined after Fitch Ratings has said in a report that the progressive increase in minimum capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. State-run banks are the most at risk, given their poor existing capital buffers and weak prospects for raising capital through market channels, Fitch said. Fitch estimates that Indian banks will require around $90 billion in new capital by FY 2019 to meet Basel III standards, with the state banks accounting for about 80% of the total. According to Fitch, state-run banks will continue to face difficulties in raising capital from the market, which will keep their Viability Ratings under pressure and will weigh on the sector outlook.

Housing Development and Infrastructure (HDIL) fell 10.85% after consolidated net profit fell 30% to Rs 40.89 crore on 2.7% decline in total income to Rs 265.21 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016. HDIL said that it follows project completion method and accordingly results on quarter to quarter basis may not be comparable.

Reliance Defence & Engineering dropped 13.51% after the company reported net loss of Rs 134.50 crore in Q1 June 2016 compared with net loss of Rs 167.27 crore in Q1 June 2015. Total income dropped 34.21% to Rs 74.18 crore in Q1 June 2016 over Q1 June 2015. The result was announced on Saturday, 10 September 2016.

Lanco Infratech shed 6.43% after the company reported consolidated net loss of Rs 448.88 crore in Q1 June 2016 higher than net loss of Rs 316.27 crore in Q1 June 2015. Net total income from operations rose 10.1% to Rs 1727.99 crore in Q1 June 2016 over Q1 June 2015..

Elsewhere in the Asia Pacific region: South Koreas KOSPI index fell 2.3% to 1991.50. Taiwans Taiex index slumped 1.2% to 8947.06. Stock market in Singapore, Malaysia, and Indonesia closed for official holiday.

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Hong Kong Market stumbles 3.36%
Sep 12,2016

The Hong Kong stock market fell back sharply on Monday, 12 September 2016, dragged down by a plunge in U.S. equities late last week amid growing speculation about an interest rate hike by the U.S. Federal Reserve, possibly next week, following remarks by a senior Fed official. The benchmark Hang Seng Index stumbled 809.10 points, or 3.36%, to 23290.60 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 403.89 points, or 4.02%, to 9654.08. Turnover decreased to HK$94.6 billion from HK$116.8 billion on Friday.

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China Stocks retreat on possible U.S. rate hike
Sep 12,2016

Mainland China stock market closed lower on Monday, 12 September 2016, as investors sold stocks and riskier assets, including commodities, on fresh talk of an interest rate hike by the Federal Reserve in the near term. Most listed companies saw falling shares, with industrial giants in resources, finance and automobile sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 1.67%, to 3,262.60 points, while the Shanghai Composite Index lost 1.85% to 3,021.98 points.

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Japan Stocks tumble on rising US rate hike bets
Sep 12,2016

The Japan share market ended steep lower on Monday, 12 September 2016, dragged down by renewed fears of a US Federal Reserve interest rate hike in the near term and a slump in oil prices. Meanwhile, risk aversion selloff fuelled further amid concerns that the European Central Bank and the Bank of Japan may be slowing their monetary policy easing efforts. Every industry category on the main section lost ground, led by mining, iron and steel, and financial issues. The 225-issue Nikkei lost 292.84 points, or 1.73%, to finish at 16,672.92 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 20.76 points, or 1.54%, to close at 1,323.10

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