Global Stock Market News

Japan's Nikkei share average dropped to a six-month low on Monday while the yen rose to near a 16-month peak, on persistent worries about a global trade war.

The Nikkei fell 0.9 per cent to 20,439.98 in midmorning trade after hitting a low of 20,347.49, the weakest since late September.

The dollar traded at 104.835 yen after falling to 104.560, its lowest since November 2016.

US President Donald Trump signed a memorandum last week that could impose tariffs on up to $60 billion of imports from China, although the measures have a 30-day consultation period before they take effect.

Tokyo stocks also continue to be pressured by a cronyism scandal that has gripped the country and sparked a political crisis for Prime Minister Shinzo Abe.

Oil and gas developer Australis Oil and Gas, is advancing its investment strategy by moving to a meaningful test production program in the Tuscaloosa Marine Shale, Bell Potter analysts noted.

The analysts said that they have lifted their price target for the stock by 92 per cent to 75¢, up from 39¢, with the company set to begin further TMS drilling in the third quarter of 2018.

They also pencilled in 333 per cent growth in earnings per share by the end of 2019 and expect the company's sales to reach US$166m by the end of 2020, up from US$23m in 2017.

Asian Stocks Mixed, Yen Rises as Treasury Yields Decline

Asian Stock Markets

Asian stocks fluctuated and the yen gained as traders adopted a risk-off approach, digesting comments from President Donald Trump’s new economic adviser. Treasury yields extended declines after lackluster U.S. retail sales stoked concern that consumer spending is cooling, weighing on the dollar.

Stock benchmarks fell in Tokyo, and were little changed in Sydney, Seoul and Hong Kong. U.S. futures swung between gains and losses. Earlier, the S&P 500 fell for a third day, with volume more than 10 percent below the 30-day mean. Incoming White House economic adviser Larry Kudlow signaled Trump would support a strong dollar and take a tougher line on trade with China.

The yen gained for a second day. Treasury yields tested early-February lows on bets the Federal Reserve won’t accelerate the pace of interest-rate hikes.

The lackluster retail sales data provided the last major economic indicator prior to the Fed’s policy decision next week. While an increase in borrowing costs at the meeting is pretty much a done deal, it remains an open question as to whether U.S. policy makers lift their expectations for the pace of future increases.

Elsewhere, oil steadied near $61 a barrel as signs of stronger U.S. fuel consumption balanced OPEC forecasting for the first time that new supplies from its rivals will exceed demand growth this year. Bitcoin drifted toward $8,000.

Topix index fell 0.4 percent as of 12:14 p.m. Tokyo time.
Hong Kong’s Hang Seng Index was flat.
Kospi index was little changed.
Australia’s S&P/ASX 200 Index lost 0.2 percent.
Futures on the S&P 500 Index added 0.1 percent.
The MSCI Asia Pacific Index fell 0.2 percent.


The Japanese yen jumped 0.3 percent to 106.01 per dollar.
The euro rose 0.1 percent to $1.2379.

The yield on 10-year Treasuries fell one basis point to 2.81 percent.
Japan’s 10-year yield fell less than one basis point to 0.046 percent.
Australia’s 10-year yield fell two basis points to 2.72 percent.

Japan stocks lower at close of trade; Nikkei 225 down 0.73%

Asian Stock Markets

Japan stocks were lower after the close on Wednesday, as losses in the Paper&Pulp, Transport and Construction sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 0.73%.

The best performers of the session on the Nikkei 225 were Dentsu Inc. (T:4324), which rose 2.61% or 120.0 points to trade at 4715.0 at the close. Meanwhile, Nichirei Corp. (T:2871) added 2.22% or 61.0 points to end at 2806.0 and Taisei Corp. (T:1801) was up 2.10% or 110.0 points to 5355.0 in late trade.

The worst performers of the session were Kobe Steel, Ltd. (T:5406), which fell 7.56% or 84.0 points to trade at 1027.5 at the close. Showa Denko K.K. (T:4004) declined 6.00% or 290.0 points to end at 4545.0 and Tokai Carbon Co., Ltd. (T:5301) was down 5.04% or 90.0 points to 1696.0.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2191 to 1125 and 204 ended unchanged.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 9.76% to 25.62.

Crude oil for April delivery was down 0.73% or 0.46 to $62.14 a barrel.

Elsewhere in commodities trading, Brent oil for delivery in May fell 0.76% or 0.50 to hit $65.29 a barrel, while the April Gold Futures contract fell 0.05% or 0.70 to trade at $1334.50 a troy ounce.

USD/JPY was down 0.41% to 105.70, while EUR/JPY fell 0.30% to 131.24.

The US Dollar Index Futures was down 0.04% at 89.52.

Nikkei takes breather after sharp gains; Fast Retailing,

Asian Stock Markets

Japan’s Nikkei share average took a breather on Wednesday after sharp gains, with some index-heavy stocks losing ground after the index hit a 26-year high. 

The Nikkei .N225 fell 0.3 percent to 23,798.90, staying slightly below its 26-year high of 23,951.61.
Index-heavy stocks such as chip equipment maker Tokyo Electron (8035.T) tumbled 2.0 percent and clothing store operator Fast Retailing (9983.T) shed 0.8 percent, contributing 30 negative points together to the Nikkei index.

The broader Topix .TOPX, however, was up 0.1 percent to 1,891.22.

Financial stocks, which invest in higher-yielding products such as foreign bonds, were higher, with the insurance sector .IINSU.T rising 1.6 percent and the banking sector .IBNKS.T adding 1.5 percent.

Yields on the 10-year U.S. Treasury note reached a 10-month high on Tuesday, after the Bank of Japan said it will trim its purchases of Japanese government bonds and U.S. corporate debt.

Dai-ichi Life Holdings (8750.T) soared 2.5 percent, T&D Holdings (8795.T) added 1.4 percent, Mitsubishi UFJ Financial Group (8306.T) advanced 1.4 percent and Mizuho Financial Group (8411.T) gained 1.0 percent.

Nikkei falls as higher yen, China market woes knock sentiment; Nintendo soars

Asian Stock Markets

Japan’s Nikkei share average fell on Monday in choppy trade after a slightly stronger yen sapped investors’ risk appetite, sending stocks such as chip-related firms lower.

The Nikkei dropped 0.2 percent to 22,495.99, after opening 0.5 percent higher.

Semiconductor equipment makers underperformed, with Tokyo Electron Ltd shedding 1.8 percent and Advantest Corp declining 1.0 percent. Silicon wafer maker Sumco Corp fell 4.0 percent.

Traders said the dollar’s weakening against the yen and an extended selloff in Chinese stocks soured the mood. The dollar fell 0.2 percent to trade at 111.39 yen.

Non-ferrous metal stocks also underperformed, with Mitsubishi Materials Corp shedding 2.0 percent and Sumitomo Metal Mining declining 1.8 percent.

Bucking the weakness, Nintendo Co soared 2.4 percent on hopes that Nintendo Switch games console would post strong sales during the U.S. holiday season.

The broader Topix shed 0.2 percent to 1,776.73.

Dollar climbs vs. yen as concerns over North Korea tensions ease

The dollar rose against the yen on Tuesday, pulling away from a recent four-month low, as concerns over tensions between the United States and North Korea eased for now, supporting risk appetite. 

Both the yen and the Swiss franc sagged after North Korea said it had delayed a decision on a plan to fire missiles at the U.S. Pacific territory of Guam. 

That news helped ease investor worries about the risk of a conflict between the United States and North Korea, improving sentiment toward riskier assets.

The dollar rose 0.6 percent to 110.26 yen, pulling away from a low of 108.72 yen set on Friday, its lowest level since April 19. 

Some traders said the greenback also was lifted by New York Fed President William Dudley saying in an interview that he favored another interest rate hike this year if the economic conditions evolved in line with his expectations. 

Against the Swiss franc, the dollar edged up 0.1 percent to 0.9734 francs. The Swiss franc extended its losses after shedding about 1.1 percent against the dollar on Monday, its biggest daily fall since July 27. 

The Swiss franc and the yen are often sought in times of geopolitical tension or global financial stress, partly because both Switzerland and Japan have big current account surpluses. 

North Korea's leader has delayed a decision on firing missiles at Guam while he watches U.S. actions a little longer, the North's state media said on Tuesday, as South Korea's president said Seoul would seek to prevent war by all means. 

Traders and analysts said, however, said that tensions between North Korea and the United States could flare up again. 

Market participants will probably remain wary of such risks over the next few weeks and such caution could limit the dollar's gains against the yen, said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo. 

The dollar will probably trade mainly in a range of around 109 yen to 111 yen in the near term, Murata said.