INGOT Brokers Australia | Asian Market Reports (2017-08-02)

Asian Market Reports (2017-08-02)

Asian equity markets finished Wednesday’s trading session in mixed territories, although tech stocks were among the biggest gainer of the session amid apple earning results. The leading gainers in Asia’s tech industry were suppliers of giant tech firm Apple.

In Mainland China, Equities finished the session on mixed notes, as the Shanghai Composite fell by 0.23 percent, or 7.58 points to close at 3,285.06, and Shenzhen Composite lost 0.70 percent, or 13.15 points, to settle at 1,869.32 at the close. Meanwhile, Hong Kong primary benchmark Hang Seng Index was up 0.24 percent, or 67.15 points to trade at 27,607.38 after hours, the index found support from gains by Apple audio supplier AAC Technologies that added 4.75 percent after hours.

Regarding economic data in China, China manufacturing PMI released on Tuesday showed better than expected results for July to settle at 51.1, above economist expectations of 50.4.

Elsewhere in Japan, equities advanced for the second consecutive session on Wednesday. The benchmark found support after the release of positive earnings by most of its constituents such as Japan airline, Panasonic, Honda, and Sony.

Japans main benchmark Nikkei 225 rose by 0.47 percent on Wednesday to settle at 20,080.04 at the close.

Earnings in Japan, Japan Airlines reported an increase of 12 percent in the first-quarter earnings to 223.4 million dollars (24.7 billion Yen). The firm also changed its earnings forecast for the year to 153 billion yen from a previous earnings forecast of 142 billion yen. Meanwhile, Panasonic reported first-quarter operating profit was up by 16.9 percent.

Japanese car maker Honda announced that it beat expectation for the first-quarter earnings. Operating profit came at 2.44 billion dollars (269.2 billion yen). Moreover, the firm revised its full-year profit forecast upwards.

Meanwhile, Digital giant Sony reported record first-quarter earnings. Profit almost tripled to 1.43 billion dollars (157.61 billion yen).

 

In Australia, Australian equities traded lower on Wednesday. Aussie stocks were weighed by falling commodity prices after oil drop by more than 2 percent overnight. As major Australian mining firm BHP Billiton lost 1.57 percent in late trade.

Economic data released on Tuesday came in as expected after the Reserve bank of Australia left its base rate unchanged. Although, Policy makers warned that the recent show of strength by the Aussie dollar could “contribute to subdued price pressures in the economy."

 

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