Oil prices rose slightly in trading on Tuesday (January 20) after better-than-expected Chinese economic data boosted demand optimism. Brent crude rose 19 cents (0.3%) to $64.13/barrel, while February WTI which expires today rose 25 cents (0.4%) to $59.69/barrel. The more active March WTI contract also edged higher to around $59.42/barrel. This strengthening was driven by news from China, the world's largest oil importer. The Chinese economy reportedly grew 5.0% through 2025, meeting the government's target. Refinery activity also increased, with refinery throughput rising 4.1% and crude oil...
Japanese stocks fell for the first time this year after a record-breaking rally, as investors took profits and the market worried about the impact of new export restrictions from China. The Topix index closed down 0.8% to 3,511.34, and the Nikkei 225 fell 1.1% to 51,961.98. The automotive sector was the target of selling, with Toyota falling 2.7% (its worst since November 18), followed by Honda, Suzuki, Subaru, and Mazda. Machinery and heavy industry stocks such as Hitachi, Kawasaki Heavy, and Mitsubishi Heavy also fell. The trigger came after China imposed export controls to Japan on goods...
Hong Kong equities dipped 287 points, or 1.1%, to 26,431 in Wednesday morning trade, reversing rallies from the past three sessions as traders booked profits after the market touched a seven-week high. Broad sector weakness weighed, with tech and consumer stocks leading declines, ahead of China's December CPI and PPI data later this week and Hong Kong's forex reserves figures due today. Losses were limited, however, after China's central bank signaled its readiness to cut rates and lower banks' reserve requirements this new year to bolster the slowing economy. The PBoC also pledged stronger...
Japanese stocks opened lower in trading this morning, after the benchmark Nikkei index surged sharply the day before and briefly set a new record. This time, profit-taking has slightly restrained market movements. The Nikkei Stock Average fell around 0.3% to 52,363.15. This correction occurred shortly after the Nikkei hit a record high on Tuesday, so it's understandable that some investors chose to secure profits first. The biggest pressure came from the automotive and property sectors. Honda Motor shares fell 2.4%, while Sumitomo Realty & Development fell 2.6%, becoming the two main...
Asian stock markets weakened slightly on Wednesday after posting their best start to the year in history. The decline was driven by a decline in Japanese stocks amid escalating tensions with China. The Nikkei 225 index opened down 0.4%, dragging the MSCI Asia Pacific index down after four consecutive days of gains. The movement in the Asian region came after US stocks set another record. The S&P 500 index rose 0.6%, driven by optimism about the technology and artificial intelligence (AI) sectors. However, futures pointed to a weaker opening in Hong Kong, while the Japanese yen weakened...
US stocks extended their gains on Tuesday as expectations of multiple interest rate cuts by the Federal Reserve continued to support the outlook for earnings growth. The Dow rose 500 points and the S&P 500 rose 1% to new records, while the Nasdaq 100 added nearly 1%. Chip producers were sharply higher, gaining traction after having underperformed last session as investors continued to gauge risks of overvaluations in the sector. Micron, Texas Instruments, Analog Devises, and NXP rose between 6% and 8%. Healthcare also rebounded, with Eli Lilly and United adding 1% and 2%, respectively....