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Asian equity markets were mostly higher in a range limited trading session affect by Wall Street’s mixed close, as losses in Wall Street’s tech stocks spilled over in to the Asian market, and the stronger US Dollar.
The Chinese Yean weakened against the US Dollar for the past eight days to fall again on Tuesday after the central bank fixed its official midpoint at the lowest level in nearly a month.
Moreover, the Japanese Yen rose for the third consecutive trading session as the dollar hit its highest level against the yen in nearly five weeks while the Australian Dollar recovered from its losses from the early parts of today’s Asian trading session to surge at the close reaching its one week’s high ahead of the Federal Reserve Chair Women Janet Yellen’s speech later today.
The Japanese stock market rose for the third trading session, with its index Nikkei 225 gaining 0.36 percent or 71.74 points to settle at its one week high at 20,255.09, supported by the stronger US Dollar as investor are focusing the Federal Reserve Chairwomen Janet Yellen’s speech later today.
The weaker Japanese Yen boosted exporters’ stocks with Hitachi rising by 2.29 percent and Murata Manufacturing adding 2.37 percent.
Meanwhile, Toshiba fell by 1.71 percent over the growing expectations that it could formally agree to sell its memory chip business in the near term and Nintendo shares fluctuated before closing flat after the company announced it would release a SNES Classic at the end of September.
Takata the air-bag maker, which will be delisted July 27, remained ask-only after it filed for bankruptcy due to failing to agree with auto makers and other creditors on how to split ballooning recall expenses for its defective air bags.
In China, the stock market rose after official data showed profit growth in China’s industrial sector picked up speed in May, adding to signs of stability in the world’s second-largest economy, with China's Shanghai Composite Index adding 5.75 points or 0.18 percent to settle near the session’s high at 3,191.20.
Elsewhere in Australia, the equities were marginally lower led by losses in utilities that fell to an almost two-week low and materials, with the stock market index ASX 200 ending slightly lower at 5,714.19 losing 0.10 percent or 5.97 points.
Industrial and precious metals sectors were down as gold prices were recently down 0.2 percent, extending losses after Monday’s flash crash that was caused by suspected human error, but recover later in the session BHP Billiton BHP rose by 0.04 percent, Rio Tinto RIO gained 0.47 percent and Gold miner Evolution dropped 1.3 percent as the price of the yellow metal hovered at a six-week low.
Moreover, Rio Tinto the mining giant confirmed that it would back Yancoal’s offer over Glencore for its coal operations because of higher value and greater transaction certainty.
The Vitamin maker Blackmores slumped 4.4 percent after announcing the retirement of its CEO and MD Christine Holgate.
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