Chinese equities in Hong Kong slumped for a third straight day amid public holidays in many markets in the region, including the mainland, after US shares inched to a record. The Hang Seng China Enterprises Index dropped 1%, paring earlier losses of as much as 2.5%, while the Hang Seng Index declined nearly 1%. Trading has been volatile in recent days as China attempted to stem the country’s equity market slump — and both gauges are currently higher for the week thanks to a big gain on Tuesday amid optimism around state support. Stocks are falling in Hong Kong as there is “no further positive policy from Mainland, and no stock connect inflows,” said Steven Leung, executive director at UOB Kay Hian Hong Kong Ltd. There seems to be limited buying interest in Hong Kong “other than those from southbound stock connect recently,” he added.
Markets closed early Friday in Hong Kong and Singapore, and are shut in mainland China, Taiwan, South Korea, Indonesia, the Philippines and Vietnam. US futures were little changed. The S&P 500 closed 0.1% higher Thursday, just below 5,000 — a threshold it hit briefly near the end of the session. The closing level set a fresh high. The Nasdaq 100 rose 0.2%. Meanwhile, back in Asia, China’s efforts to arrest a $7 trillion stock market rout are evoking memories from 2015, when Beijing took drastic steps to stem a crash. But, this time, investors say, the problems are much more entrenched. Australian equities were little changed and Japanese stocks rose, with the weaker yen offering some support. The currency steadied after slipping 0.8% against the greenback on Thursday, in the wake of comments from a Bank of Japan deputy governor suggesting the central bank will be in no rush to shift its easy policy settings. An index of the dollar was steady. Japan-listed SoftBank Group Corp. rallied as much as 10% after exceeding net income forecasts in its latest quarterly results and from further gains for Arm Holdings Plc, in which it owns a stake. Nissan shares slipped more than 9% after the company missed profit estimates. Treasuries were little changed in Asian trading after a decline on Thursday. Selling came even after the US government sold $25 billion in 30-year bonds at a lower-than-expected yield, in a sign of healthy demand. The 10-year yield rose three basis points Thursday and has added 13 basis points this week as investors adjust interest rate forecasts on strong economic data and comments from central bank policymakers. Federal Reserve Bank of Richmond President Thomas Barkin was the latest to reiterate the central bank has time to be patient before cutting rates. Fresh data on Thursday also underscored US economic resilience. Jobless claims fell just shy of consensus predictions, in a sign the labor market remains strong. Elsewhere, New Zealand yields and the currency climbed after ANZ Bank New Zealand Ltd. forecast that the central bank will raise interest rates twice more this year.
Nikkei +0.09% Hang Seng -0.83% CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.0773 CNH 7.2117 CNY 7.1969 JPY 149.37 GBP 1.2619 CHF 0.8742 RUB 91.1210 TRY 30.6779 WTI$ 76.07 -0.20% Gold 2,033 -0.05% BTC 46,109 +1.71% ETH 2,445 +0.80%
S&P -0.08% Nasdaq -0.03% EuroStoxx -0.06% FTSE +0.18% Dax +0.12% SMI -0.01%
Macro :
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