INGOT Brokers AU | Asian market report (2017-07-17)

Asian market report (2017-07-17)

Asian stock markets started the week with mixed territories following the release of better than expected China second quarter GDP. Also, Markets and investors all over the world are keeping an eye on the most important event in this month, July Double Campaign, where the decision of hiking interest rate by Fed and ECB will be realized during this month.

Markets focused on the economic data that was released in China which showed that country’s second quarter GDP beat the expectations after recording a 6.9 percent on year, better than the 6.8 percent forecasts.

Elsewhere in the currency markets, the dollar edged up after being pressured by weaker-than-expected inflation data last Friday. Against the yen, the dollar advanced at 112.54 after sinking last Friday. The dollar had traded around the 113 handle for most of the last week. Also, the Australian dollar declined to trade at $0.7808 after reaching to five straight sessions last week.

As for the Asian indices, The Shanghai Composite fell 1.42 percent, or 45.9187 points, to close at 3,176.4981 and the Shenzhen Composite dropped 4.278 percent, to end at 1,800.5395. Hong Kong's Hang Seng Index ended up by 0.28 percent. South Korea's Kospi rose 0.43 percent, to close at 2,425.10. The Kospi had traded as high as 2,430.34 earlier in the session.

It is worth mentioning that Japan markets were closed for Marine Day.

Finally, Australian equity markets closed Monday’s trading session in the red pressured by the losses in the Telecom Services, Gold, and Consumer Discretionary sectors. The S&P/ASX 200 closed down 0.17 percent, or 9.619 points, at 5,755.5 after a session of sideways trade.

The best performers of the session on the S&P/ASX 200 were Beach Energy Ltd which rose 6.72% to trade at 0.635 at the close. Meanwhile, South32 Ltd added 4.71% or 0.130 points to end at 2.890 and Virtus Health Ltd ended up 3.53% or 0.190 points to 5.580 in late trade.

The worst performers of the session were Galaxy Resources Ltd which fell 4.02% or 0.078 points to trade at 1.853 at the close. Medibank Private Ltd declined 3.79% or 0.110 points to end at 2.790 and CYBG PLC  was down 3.29% or 0.155 points to 4.555.

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