Wed, July 24, 2024

Hang Seng Index Led Losses Among the Region’s Major Markets

Stocks and investors

Central banks around the world have to deal with numerous challenges. So, it is not surprising that investors are closely monitoring the situation. For example, stocks in major Asia-Pacific markets mostly declined on Thursday, as investors reacted to central bank developments.

Importantly, mainland Chinese stocks were mixed on the day. In fact, the Shanghai Composite dropped 0.41% to approximately 3’270.44. Also, the Shenzhen Component was above the flatline at about 13’015.19.

It is worth mentioning that, Hong Kong’s Hang Seng index led losses among the major markets in Asia as it fell 1.56% to close at 24’340.85.

South Korea’s Kospi index declined 1.22% to close at 2’406.17. Shares of LG Chem fell 6.11%. As a reminder, the firm made the decision to split its battery business. According to LG Chem, expects a new corporation to be exclusively in charge of the battery business from December 1.

In Japan, the Nikkei 225 declined 0.67% to close at 23’319.37. The Topix index fell 0.36% to end its trading day at 1’638.40.

Notably, Australia’s S&P/ASX 200 declined 1.22% to close at 5’883.20. Seasonally adjusted employment in Australia rose by 110,000 people between July and August according to the official data and this news affected S&P/ASX 200.

Hang Seng index and  central banks

As stated above, Hong Kong’s Hang Seng index fell on Thursday. Moreover, stocks across Asia mostly declined as investors reacted to central bank developments. Importantly, members of the U.S. Federal Reserve’s policymaking committee indicated the overnight rate could stay close to zero for years to reach its 2% inflation target. Moreover, it will be appropriate to maintain the current zero to 0.25% target range for the federal funds rate according to Fed Chairman Jerome Powell.

Let’s have a look at the decision of the Bank of Japan. The country’s central bank decided to keep monetary policy steady on Thursday.

Hopefully, the economy is recovering but the coronavirus pandemic continues to affect the economy and it won’t be easy to solve all problems.

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