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Asian Markets Today: Stocks Remain Mixed Amid Global Selloff

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Asian Markets Today: Stocks Remain Mixed Amid Global Selloff

Global stocks sold off on Tuesday as a rise in coronavirus cases threatens to impact the already dwindling global economy. The Dow shed 0.80%, and the S&P 500 fell 0.30% on Tuesday. Nasdaq gained 0.64%, led by tech stocks. Major indices futures are trading lower early Wednesday, with the Dow and the S&P 500 lower by 0.59% each at press time.

Asian markets remain mixed on Wednesday, tracking Wall Street's decline. WTI crude oil futures have plunged 2.25% to $38.68 in early trade.

Japan's Nikkei 225 benchmark is trading lower by 0.49% at the time of publication, heading for a three-day decline. All major sectors are trading lower, with insurers, metal, energy, and real estate stocks declining sharply. The core consumer price index fell 0.1% YoY, missing the consensus of flat growth. Investors will be watching September's retail sales data and Bank of Japan's interest rate decision scheduled for late Wednesday. The central bank is expected to keep the rates unchanged at -0.10%.

China's Shanghai Composite benchmark has gained 0.16% in Wednesday's afternoon trade led by a rise in commodity and consumer stocks, partially offset by losses in financial, hotel, and technology stocks. Investors are waiting for Beijing's latest five-year policy plan. There are no major economic events scheduled for the day.

Hong Kong's Hang Seng Index is down by 0.42% at press time, led by a decline in financial stocks. Hong Kong's trade balance deficit narrowed to $15.7 billion in September, with exports rising 9.1% YoY.

Australia's S&P/ASX 200 has advanced 0.26% after falling for four consecutive days. The third-quarter consumer price index grew 1.6% quarter-over-quarter, better than a consensus of 1.5% growth and 0.7% year-over-year. The mean consumer price index rose 0.4% QoQ, better than the consensus of 0.3% growth. Investors will be watching trade balance and business confidence data scheduled to release Wednesday.

India's Nifty 50 index is trading flat, as gains in auto, energy, and tech stocks offset declines in realty, FMCG, and bank stocks. There are no major economic events scheduled for Wednesday. 

South Korea's KOSPI is trading marginally lower by 0.01%, after falling for two days. Construction, energy, and financial shares have advanced, offset by a fall in consumer and technology stocks.

Forex Trading: U.S. Dollar Index futures are trading 0.18% higher to 93.095. The dollar has weakened 0.17% against the Japanese Yen to 104.22 and gained 0.07% against the Chinese Yuan to 6.7094.

 

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