Mon, July 22, 2024

The Asian Market is Back | Wibest Broker

Asian Market: Trading online

After a quiet week in trade, the Asian market steals the spotlight back. 

South Korea’s transport ministry said nine Boeing Co 737 NG planes were grounded when checks found structural cracks requiring repairs. South Korea said it found nine out of 42 plans with cracks on them.

The aircraft faced plenty of controversies, including two crashes due to its software. 

American-Belgian drink holdings company AB InBev fell 11% in early European trading but weakened in the Asian market. The company’s earnings went flat, falling short of its 3% increase expectations. 

AB InBev brought up a pattern in the Chinese market. 

The country’s demand weakened for drinks like Pernod Ricard’s Cognac, Nestle, and Unilever. New restrictions in China prohibited sales of alcoholic beverages after 2 AM, which affected their revenue. 

In Beijing, Coworking Operator giant Ucommone filed a confidential prospectus with the US securities regulator. The company shocked investors, given the similarities it has with the US rival, WeWork. 

WeWork gave the Japanese investment significant control of the company. The real estate company also cut its valuation from about $47 billion to $8 billion.

The parties involved refused to provide any further comments. 

The Asian Market last Friday

Despite economists’ claim on gradual economic collapse and the Asian market’s silence last week, major stock exchanges rose last minute.

The Shanghai Composite rose 0.48% or 14.01 points at 2,954.93. Reports claimed China finally closed Phase One and was purchasing between $40 billion and $50 billion worth of US farm goods.

China agreed to some intellectual property measures and concessions in financial services and currency. The US would delay a tariff increase scheduled this month.

The Nikkei 225 index went up 0.22% or 49.21 points at 22,799.81. Eisai Co., Ltd., gained the most in the Japanese market, while Kuraray Co., Ltd., lost the most.

Australia’s S&P/ASX Australian 200 leaped 42.90 points or 0.64% at 6,696.90, while South Korea’s KOSPI kept flat at 2,085.10.


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