Most Asian stocks rose, after the regional index sank for a third week to close at the lowest level since May, as a weaker yen buoyed Japanese shares and data signaled the U.S. economy is gaining momentum.
Three shares rose for each that fell on the MSCI Asia Pacific Index (MXAP), which was little changed at 142.01 as of 9:06 a.m. in Tokyo, before markets opened in Hong Kong and China. The measure slid 1.7 percent last week to the lowest since May 30 amid concern Chinese economic growth is slowing and that the Federal Reserve may increase U.S. interest rates sooner than some investors are expecting. Hong Kong investors prepared for a stock-market retreat amid the biggest police crackdown on protesters since the city returned to Chinese rule.
“It’s going to spook some investors who are worried that this could drag out, affecting the business climate in Hong Kong,” Vasu Menon, vice president of wealth management at Oversea-Chinese Banking Corp., said in a Bloomberg TV interview from Singapore. “It’s happening at a time when the U.S. Federal Reserve is talking about tightening monetary policy, a time when China is slowing down. So now you have a third layer of uncertainty weighing on the Hong Kong stock market and it’s something investors could do without at this stage. It is serious.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015