Asia mar­kets strug­gle as US rate rise ex­pec­ta­tions re­duced

The Myanmar Times - - International Business -

ASIAN mar­kets strug­gled yes­ter­day from the pre­vi­ous day’s ham­mer­ing with sooth­ing com­ments on US rates from a top Fed­eral Re­serve of­fi­cial un­able to re­as­sure tetchy traders.

While Tokyo and Hong Kong saw mild recoveries from Septem­ber 12’s sharp sell-off there are grow­ing con­cerns about the fu­ture for cen­tral bank pol­icy eas­ing af­ter years of cheap cash.

Most Asian stocks rose early yes­ter­day but the rally pe­tered out as the day wore on.

By the close of trade Tokyo was up 0.3 per­cent and Seoul added 0.4pc but Syd­ney closed down 0.2 and Welling­ton lost 0.4. There were also sharp losses in Sin­ga­pore and Jakarta.

With ex­pec­ta­tions for a rate rise re­duced slightly, the dol­lar dipped against its peers, eas­ing to 101.80 yen from 101.85 yen in New York.

The Aus­tralian dol­lar jumped 0.4pc, while Malaysia’s ring­git, the Sin­ga­pore dol­lar and In­done­sian ru­piah also each posted healthy gains.

Hong Kong fell 0.3pc, ex­tend­ing the pre­vi­ous day’s 3.4pc plunge de­spite forecast-beat­ing Chi­nese data. Shang­hai ended marginally higher.

Sam­sung ral­lied more than 4pc a day af­ter plung­ing 7pc fol­low­ing news that it had off­loaded its printer business to US gi­ant HP for more than US$ 1 bil­lion dol­lars as it presses ahead with a re­struc­tur­ing drive.

Photo: AFP

A pedes­trian walks in front of an elec­tric quo­ta­tion board dis­play­ing the Nikkei key in­dex of the Tokyo Stock Ex­change (left) in Tokyo yes­ter­day.

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