Asian markets gained today, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday. Hong Kong, Sydney and Taipei stocks climbed, while South Korea’s Kospi Index surged nearly two per cent higher despite the ongoing political uncertainty in Asia’s fourth-largest economy.
South Korean investigators attempted to arrest impeached President Yoon Suk-yeol at his residence this morning over his failed martial law bid, but security forces were reportedly blocking their efforts. After the New Year’s Day break, US stocks opened higher yesterday but tumbled into the red mid-session before concluding the day modestly lower. The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 per cent after fourth-quarter auto sales lagged expectations. The dollar index yesterday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. ‘There’s still no flagging of the US dollar’s vigour, despite US equities struggling on the first trading day of the year,’ Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said in a note today. ‘The very negative performance of China equities (Thursday) provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,’ Tan added. After slumping more than two per cent yesterday, Shanghai stocks were still down in this morning trade, while Hong Kong was up, reversing the previous day’s tren
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Asian stocks, currencies retreat ahead of US inflation printSINGAPORE: Financial instruments will form part of the sale of ST Telemedia’s (STT) stake in U Mobile once certain conditions precedent to the completion of the sale are satisfied.
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Asian Stocks Fall as Fed Signals Slower Rate Cuts, Yen Dips After BOJ Keeps Rates SteadyThe U.S. Federal Reserve's hawkish shift, signaling a slower pace of rate cuts next year, triggered a decline in Asian stocks and a strengthening of the dollar. The Bank of Japan's decision to maintain interest rates also pushed the yen lower.
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Asian Stocks Tumble, Currencies Weaken on Fed's Hawkish ShiftEmerging Asian stocks sank to multi-month lows and currencies weakened against a surging dollar on Thursday after the U.S. Federal Reserve signaled a slower pace of rate cuts in the coming year. The Fed's hawkish tilt, despite a widely anticipated rate cut, spurred traders to cut back expectations for further easing and propelled the dollar to a near two-year high. The MSCI index of international emerging markets equities declined as much as 1.6%, while MSCI's emerging markets currency index fell 0.5% to its lowest level in over four months. Several Asian currencies, including the South Korean won, Indian rupee, Malaysian ringgit, and Indonesian rupiah, experienced significant drops against the dollar. Central banks in Indonesia, Thailand, and India took steps to stabilize their respective currencies.
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Asian Currencies and Stocks Slide on Hawkish US Rate OutlookInvestor sentiment soured as a hawkish US rate outlook weighed on Asian markets. The ringgit and baht suffered the most significant losses, while the rupiah approached a four-month low. The Fed's rate cut and Powell's comments triggered a pullback in policy easing expectations and a surge in the US dollar. Central banks across Asia intervened to support their currencies.
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Asian Stocks Advance, Ringgit Rebounds as US Inflation Eases Rate Cut WorriesThe FBM KLCI closed higher on Monday, driven by a cautious market sentiment mirroring its regional peers. The Malaysian ringgit also ended a 10-session losing streak, gaining 0.4% against the US dollar. Asian stocks overall saw gains, while the Thai baht weakened.
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Asian Stocks and FX Advance After Benign US Inflation Eases Rate Cut WorriesThe FBM KLCI has reclaimed the 1,600-point level at midday, amid subdued trading ahead of the Christmas holiday. The market barometer is up 6.06 points, or 0.38%, to 1,602.26 at 12:30 pm, just slightly below its intra-morning high of 1,603.57.
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