Asian markets mostly up as volatile week draws to close

Tue, September 19, 2017
বাংলা সংস্করণ
Asian markets mostly up as volatile week draws to close
Published : 01 Sep 2017, 20:03:39
Asian markets mostly up as volatile week draws to close
bbarta desk
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Asian markets headed into the weekend on a cautious note Friday, bringing an end to a volatile week, with eyes now fixed on the release of key US jobs data and the impact of deadly storm Harvey.
 
Traders were given another positive lead from Wall Street, where all three main indexes ended on a high after Treasury Secretary Steven Mnuchin said he expects to overhaul the tax code by the end of the year.
 
He said details of the plan would be released within the month, with President Donald Trump calling for a 20-point reduction in the corporate tax rate to 15 percent.
 
His promise to slash tax, ramp up infrastructure spending and wipe out red tape was one of the key drivers of a global markets rally in the months after Trump's November election win.
 
Mnuchin's comments came a day after data showing forecast-busting growth in the US economy and private-sector jobs, helping put aside Tuesday's North Korean missile launch over Japan that fanned fresh geopolitical tensions.
 
"After an interesting month of increased market volatility, heightened geopolitical tensions, a monstrous storm in Texas and Louisiana and rising uncertainty about the political situation in the US and around the debt ceiling, stocks closed out the month with a rally," said Greg McKenna, chief market strategist at AxiTrader.
 
Investors are keeping tabs on Washington, where a fractured Congress must agree to raise the country's borrowing limit to avoid a disastrous government shutdown and possible debt default. - Dollar struggles - On equity markets Tokyo's Nikkei ended the morning 0.2 percent higher, while Hong Kong added 0.3 percent and Shanghai put on 0.4 percent, with Sydney 0.1 percent higher. But Seoul slipped 0.2 percent and Wellington gave up 0.1 percent. The dollar struggled to maintain Thursday's strong performance, with the euro and Japanese yen putting a dent into its initial gains.
 
The single currency was back above $1.19, having fallen to around $1.1850, while the greenback sat around 110 yen, down from its 110.50 levels Thursday.
 
The greenback was also down against most other currencies, with the Canadian dollar up 1.5 percent thanks to better-than-expected economic growth in Canada, while its Australian counterpart was almost one percent higher.
 
While Mnuchin's comments were positive for the US unit dealers took note of data showing US inflation remained tame, fuelling talk that the Federal Reserve may hold off raising interest rates for a third time this year.
 
Markets will get a better idea about its plans with the release of the government's non-farm payrolls figures later Friday.
 
Oil prices resumed their downward momentum as dealers assess the impact of Hurricane Harvey on the crude-rich Gulf Coast, with dozens of refineries out of action meaning the commodity cannot be processed.
 
- Key figures around 0230 GMT -
 
Tokyo - Nikkei 225: UP 0.2 percent at 19,684.81 (break)
 
Hong Kong - Hang Seng: UP 0.3 percent at 28,053.82
 
Shanghai - Composite: UP 0.4 percent at 3,372.94
 
Euro/dollar: DOWN to $1.1908 from $1.1910 at 2100 GMT on Thursday
 
Pound/dollar: UP at $1.2945 from $1.2932
 
Dollar/yen: UP at 110.10 yen from 109.97 yen
 
Oil - West Texas Intermediate: DOWN 27 cents at $46.96
 
Oil - Brent North Sea: DOWN 12 cents at $52.74
 
New York - Dow: UP 0.3 percent at 21,948.10 (close)
 
London - FTSE 100: UP 0.9 percent at 7,430.62 (close).-AFP
 
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