Hong Kong — Asian stocks fell on Wednesday as investors took no cheer from strong US economic data and as weaker-than-expected Chinese trade numbers pressed the yuan lower.
The yuan further weakened, depreciating 0.36% to 6.98 per dollar and approaching the 7-per-dollar mark. Chinese authorities have signalled concerns about the currency’s strong declines. Fixed-income markets came under heavy pressure, with US 10-year treasury yields rising to 3.365% on Wednesday, the highest since June 16. The Japanese yen, which has tended to weaken as US yields have risen, hit a fresh 24-year low of 143.57 per dollar.
“The good news for the real economy has now become bad news for the market — both for the bond and the stock market,” said Redmond Wong, Hong Kong-based market strategist of Greater China at Saxo Capital Markets. Australia’s S&P/ASX 200 index lost 1.34%. Economic growth in Australia in the second quarter picked up speed, offering hope that activity could weather sharply higher interest rates and cost-of-living pressures.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian stocks inch up on expected China stimulusMSCI’s gauge of Asia-Pacific stocks outside Japan slightly up Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met JamesAlderson0 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks JamesAlderson0
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: ITOnlineSA - 🏆 16. / 63 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »
Asian stocks fall on strong US economic data, struggling yuanMSCI’s broadest index of Asia-Pacific shares outside Japan dipped 1.6% and Japan’s benchmark Nikkei average was down 0.95%
Source: BDliveSA - 🏆 12. / 63 Read more »