Market Overview

Asian Markets Remain Mixed After US Stimulus Stalemate

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Asian Markets Remain Mixed After US Stimulus Stalemate

Dow Jones and the S&P 500 fell 1.34% and 1.40% respectively on Tuesday after President Donald Trump halted stimulus talks. However, he tweeted in support of the Payroll Protection Program and the airline relief bill early Wednesday. Asian stocks are defying the gloom.

Japan's Nikkei index is trading 0.20% lower at press time. It's a big on the economic numbers front with Current Account numbers for August due for release Wednesday and expected to show a surplus of JPY 1.98 trillion. GDP growth numbers will be released late Wednesday and Bank of Japan Governor Haruhiko Kuroda will talk about the interest rates.

China's Shanghai Composite index is closed for National Day. Services PMI data for September will be released late Wednesday.

Hong Kong's Hang Seng index is trading 0.61% higher with no major economic events scheduled.

Australia's S&P/ASX 200 index is trading ahead 1.30% as Treasurer Josh Frydenberg revealed a new program to boost the country's employment recovery.

India's Nifty 50 index is trading 0.65% higher at the time of publication led by gains in banking, financial services, and automobile stocks. No major economic events are due Wednesday.

South Korea's KOSPI index is trading 0.60% higher. Current Account numbers for August are due Wednesday.

U.S Dollar index futures (USD measured against a basket of five major currencies) are up 0.20% to 93.903. U.S. Dollar is gaining strength against the Japanese Yen at 105.73 (up 0.10%).

The iShares MSCI Emerging Markets Asia ETF (NASDAQ: EEMA) is up 2.41% in the last five trading sessions as Asian stocks show strength.

 

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