INGOT Brokers Australia | Asian market report (2017-11-03)

Asian market report (2017-11-03)

Asian markets ended Friday’s session on mixed notes, as investors digested Donald Trumps Republican tax-reform plan, as well as the Presidents nomination of Jermore Powel for the next Chair of Federal Reserve.

The U.S Federal Reserve decided to keep base rates unchanged on Wednesday, in line with market expectations, the Fed did not indicate when the next rate hike will be, although it said that US economic was “rising at a solid rate.”

In greater China, major markets ended the session on mixed territories, with the Shanghai Composite falling by 0.34 percent to trade at 3,371.71 at the close, while the Shenzhen Composite lost 0.71 percent to end the session at 1,975.92. On the other, in Hong Kong, the Hang Seng index advanced by 0.30 percent to trade at 28,603.61 at the close.

Regarding Economic news, the Caixin services PMI for October came in at 51.2. Meanwhile, the official metric for non-manufacturing activity had come in at 54.3.

Over in South Korea, equities ended the session in green territories, as gains in automaker stocks lifted the stock markets index higher; South Korea’s leading index KOSPI fell by 0.40 percent to settle at 2,546.36 at the close.

 

Japan (Nikkei 225)

Markets in Japan were closed for Culture Day.

 

Australia (ASX 200)

The Australian benchmark ASX200 ended Friday’s on higher notes, as gains in the Basic Material and Industrial sectors supported shares prices higher; Australia’s Primary benchmark ASX 200 added 0.47 percent to end the session at 5,959.88 at the close.

Oil stocks ended the session in the green lifted by the recent rally in oil prices, with Santos rose by 0.7 percent, while Woodside Petroleum surged by more than 1 percent.

In Corporate News, Bubs Australia said that it would acquire NuLac Food in a deal worth 39 million Australian dollars, the baby makers saw it share price Jump by 6 percent on the news.

 

 

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