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Asian equities refuse US buy-in
Posted 8 hours agoSharePrint
Wall Street climbs but Asia hesitates
US equities had a mighty session overnight, powered by ISM and Non-Farm Payroll recovery hopes. However, Asia’s markets, less the sheep followers of Australia, have adopted a much more cautious tone. That is a pattern that repeated itself last week, where strong rallies on Wall Street were not replicated in Asia. Overnight the S&P 500 rose 1.44%, the Nasdaq rallied by 1.67%, and the Dow Jones finished 1.12% higher.
The schizophrenic behaviour of Wall Street last week, which spent it chasing its tail on a day-to-day basis, could be part of the reason. Doubts over the longevity of the rally overnight are as good a reason to be cautious as any. It could also be that investors globally, including Asia, are following the noise and concentrating on the seemingly effortless gains available on Wall Street. US index futures have also edged lower this morning after yesterday’s rally. Nagg
Asian equities ease, US dollar steady
March 17, 2021SharePrint
Asian markets ease, dollar firm as FOMC looms
Asian equities have eased over today’s session as investors reduce exposure ahead of tonight’s FOMC. Not helping sentiment was Blinken comments about Chinese aggression, and that, along with China’s ongoing tech crackdown, has made mainland exchanges today’s underperformers.
The overnight session was nondescript, with the S&P 500 edging 0.16% lower, the Nasdaq rising just 0.90%, and the Dow Jones retreating 0.39%. US index futures have edged lower with their Asian peers this morning.
The Nikkei 225 has 0.17% lower, while Samsung’s warning on semi-conductor shortages has seen the Kospi fall by 1.05%. In mainland China, the Shanghai Composite has fallen 0.50%, with the CSI 200 down 0.25%. Both indexes were sharply lower a short time ago, suggesting that China’s “national team” may be in supporting prices at the moment.