TUESDAY: The bearish *commodity prices persuaded Asian shares to droop after when surging Japanese stocks followed speculations that government might intercede against rise’s abrupt hike.
(*commodities continued their selloff; rebar stocks have been trading bearish by 6% alongside iron by 5%)
Exclusive report obtained from Market Watch cited (for readers’ concern):
| Japanese Nikkei Stock Average (NIK) progressed by 1.5% | Korean Kospi(SEU) hikedby 0.4% | Australian S&P/ASX 200 (XJO)rose by 0.3% |
| Chinese Shanghai Composite Index (SHCOMP) showed flat scale | Hong Kong’s Seng Index (HIS) was off by 0.4% |
| The Japanese currency that had lost its strength overnight rebounded on bull track during early trade session | The current position of Dollar is at ¥108.77 |
Not to mention, a strong local currency always pressurizes exporters’ earnings due to its ability to make trading goods more expensive off the borders.
According to statements found on Google Finance (for readers’ concern):
Ichiyoshi Investment Management’s chief fund manager, Mitsushige Akino stated that bearishYenhad seem to encourage investors, meanwhile Japanese stocks rose on the back of the Dollar’s uncertain rebound.
On a related note, Japanese finance minister, Taro Aso stated that it would be ‘natural’ for the government to intercede if the Yen— provided, stabilizes itself enough to — trade against U.S Dollar with that abruption.
| On overviewing stock markets in Philippines, the **futures traded on bear track followed by an early election update i.e. presidential candidate, Rodrigo Duterte ahead by a wide margin |
(**The benchmark PSEi index was seendescendedby 0.4%)
UPDATE: The Philippine peso was strengthening more than its Asian peers – it was last seen at 46.9295/Dollar (source: Market Watch).
As when consumer inflation rate hiked by 2.3% in April — in comparison to year ago –Chinese stocks have marked uncertainty since then (in consensus with predictions laid forward by analysts). Regulators have been installing measures to curb speculation on certain commodities.
“Some investors are seeing tepid markets as an opportunity to bank profits from the rally earlier this year. The market sentiment overall is quite pessimistic. [May might be a good time to take profit] Since we have rallied so much in the first quarter, we might see some selling pressure in the second quarter.” – Singaporean CMC Market’s analyst, Margaret Yang