Asian Stocks
Asian stocks were seen swinging in between losses and gains on Thursday after a downbeat report from the US market overnight. Meanwhile the stronger yen weighed dragged Japanese stocks lower, while the Australian miners saw losses as iron ore spot prices fell to a record low.
The second forecast of the second-quarter US gross domestic product (GDP) is projected to show a slight drop to 3.9% rate of growth, down from the initial estimate of 4.0%. The initial jobless claims for the week ending August 23 is expected to show a rise to 300,000 from 290,000 recorded in the previous week.
The Japanese Nikkei 225 index fell 0.57% lower to 15,447.57 points, while Tokyo’s Topix index slid 0.60% lower to 1,278.21 points at the time of writing.
The Japanese yen was seen strengthening against the US dollar at around 103.8 yen at the time of writing, weighing down some of the region’s stocks.
In Japan, the property market saw losses, with Mitsui Fudosan sliding 1.7% lower in shares, while Mitsubishi Estate edged 1.6% lower and Sumitomo Realty & Developers lost 1.5%. Shares in Isuzu Motors and Pioneer slumped by 1.7% each. On the upside, Panasonic gained 0.4%, while Canon was up by 0.3%.
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Hong Kong Hang Seng index advanced 0.46% to 25,033.02 points, while the Chinese benchmark Shanghai Composite rose 0.06% higher to 2,210.86 points.
China’s industrial profits added 13.5% in July, compared to the 17.9% seen in the previous month, according to a report from the National Bureau of Statistics.
The Korean Kospi index advanced 0.52% to 2,085.80 points.
Australia
In Sydney, the benchmark S&P/ASX 200 index declined 0.33% to 5,632.80 points at the time of writing. The mining sector saw losses with Fortescue Metals, the world’s fourth largest iron ore miner, declining by 1.1% after iron ore spot prices fell to a new record-low for the year, declining to $88.20 per ton. Meanwhile, Rio Tinto fell 0.7% lower, while BHP Billiton dropped by 0.2%.
In the financial sector, ANZ and National Australia Bank fell by 0.4% each, while Commonwealth Bank of Australia edged 0.2% lower.
European stocks
Stocks in Europe opened lower on Thursday as investors await a string of economic data from major economies in the European Union (EU). The Euro-block’s strongest economy, Germany, will be released inflation and unemployment figures for this month, while Spain is expected to post its gross domestic product (GDP) for the second quarter, UK will be unveiling its consumer confidence figures and Italy will release its retailers report for June.
The European Euro Stoxx 50 fell 0.27% lower to open at 3,185.50, while the German DAX lost 0.32% to 9,542.30. At the same time the French CAC 40 slid 0.06% lower to 4,386.80 and UK’s benchmark FTSE 100 eased at 0.01% to 6,819.30.
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