Sun, May 28, 2023

Asian Market at 3-Month Peak as US Changes

Asian stock Market: Forex graph and an amazing night view of the business city area.

US and China further influence the Asian market as they announce their trade progress. Risk appetite increases as the US expects more interest cuts this week.

MSCI’s index of Asia-Pacific shares outside Japan went up 0.2% in early trade to its highest since July.

Japan and Canada also set a meeting this week to prevent export bounces in its currency.

Japanese technology company Nintendo earned $37.4 million in revenue for its new mobile game “Mario Kart Tour.”

In Hong Kong, commercial developer company Suncity Group plans to organize a casino and resort in the Philippines. Suncity lost 0.51% or 0.010 points in today’s session.

Meanwhile, US Futures pointed to a mixed open on Wall Street after S&P 500’s 0.56% gain to a record closing peak. The Dow rose 0.49% while the Nasdaq upped 1.01%.

BlackRock’s chief said they expect the Federal Reserve to cut rates this week as insurance against a broad economic slowdown.

Asian markets are waiting on more central bank policy meetings, especially with the Fed bank. Many participants think the October cut will be the last of its cycle.

Expectedly, analysts claim the bank would have to increase weaker data over the coming months.

Down Under the Asian Market

Australian stocks closed high in yesterday’s session as Materials, Metals and Mining, and IT sectors pushed the Asian market upwards.

Global satellite communications company Speedcast International Ltd performed the best, rising 11.17% or 0.110 points. Sims Metal Management Ltd followed soon after with an additional 5.33% or 0.490 points in late trade.

Bega Cheese Ltd fell 12.80% or 0.580 points as the worst performer in yesterday’s session. Resolute Mining Ltd slumped 6.15% or 0.080 points while GWA Group Ltd downed 4.32% or 0.130 points.

The S&P/ASX 200 VIX went up 1.35% to 11.540, while the S&P/ASX 200 added 0.07% to a new 1-month high.



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