Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt's Electricity Minister discusses progress on Greece power link    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt aims to restore gas output, reach self-sufficiency by 2027: PM    EGP climbs vs USD in Wed.'s trading close    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Egyptian Journalist Mohamed Abdel Galil Joins Golden Globe Voting Committee    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asian shares decline on softer Wall Street lead; dollar holds onto overnight gains
Published in Amwal Al Ghad on 30 - 01 - 2018

Asian indexes traded lower Tuesday, tracking declines seen on Wall Street in the previous session.
Tokyo's benchmark Nikkei 225 index fell 1.55 percent in the afternoon. Early gains seen in automaker stocks were erased as the session wore on: Toyota was off by 0.33 percent percent and Honda declined 0.66 percent.
Technology names were mostly lower, with heavyweight SoftBank Group falling 1.74 percent and Sony losing 1.78 percent.
Trading houses and energy-related names also traded in negative territory, although several manufacturing names proved to be bright spots: Komatsu and Hitachi Construction Machinery were up 2.22 percent and 5.46 percent, respectively.
Data released earlier in the day showed that retail sales last month rose 3.6 percent compared to one year ago, above the 1.8 percent median projected rise, Reuters said. Retail stocks were lower, with heavyweight Fast Retailing declining 2.04 percent.
Apple suppliers in the region took a hit following the tech giant's overnight tumble, which came on the back of a Nikkei report about a reported reduction in iPhone X production. In Japan, Japan Display declined 1.65 percent although Sharp held above the flat line, gaining 0.5 percent. Hong Kong's AAC Technologies and Sunny Optical were down 1.6 percent and 1.12 percent, respectively.
Over in Seoul, the Kospi declined 1.07 percent after rising nearly 1 percent to notch a record close in the previous session. Technology stocks traded mostly lower, weighing on the broader index. Blue chip Samsung Electronics sank 2.23 percent ahead of its earnings report due Wednesday and SK Hynix declined 2.79 percent.
Down Under, the S&P/ASX 200 was lower by 0.9 percent on broad-based weakness across sectors. The heavily-weighted financials sector was in negative territory and mining names were mostly lower.
Gold producers were mixed after several names reported production numbers for the second quarter. Newcrest Mining declined 1.54 percent and Evolution Mining reversed early losses to edge up by 0.36 percent.
Greater China markets also traded lower after sliding in the afternoon in the previous session on profit taking. Hong Kong's Hang Seng Index slid 0.83 percent, with gains in some property developers offset by losses in energy-linked stocks and tech names. Financials were mostly lower: HSBC slipped 0.65 percent, but insurer AIA rose 1.07 percent.
On the mainland, the Shanghai composite edged down by 0.74 percent and the Shenzhen composite slipped 0.42 percent.
U.S. stocks closed lower, with the Dow Jones industrial average declining 177.23 points to close at 26,439.48. That came as the yield on the 10-year Treasury note rose above 2.7 percent, its highest levels since April 2014. The rise in bond rates this year has been driven by concerns over higher inflation.
"There were no major news behind the move higher in yields, but given the recent break of key resistance levels, core yields now have more freedom to move higher," Rodrigo Catril, senior FX strategist at National Australia Bank, wrote in a morning note.
Major indexes stateside had closed at record highs last week on the back of upbeat corporate earnings. As of Monday morning, 78 percent of S&P 500 companies that have announced results have topped earnings expectations, according to FactSet.
The dollar was steady against a basket currencies after moving higher following the rise in bond yields overnight. The dollar index stood at 89.379 at 12:32 p.m. HK/SIN. Against the yen, the U.S. currency traded at 108.76 after earlier climbing as high as 109.20.
The euro edged lower to trade at $1.2374 after slipping as low as $1.2335 in the previous session.
On the commodities front, oil prices declined further after settling lower on Monday on the firmer dollar. U.S. West Texas Intermediate crude slipped 0.75 percent to trade at $65.07 per barrel. Brent crude futures shed 0.5 percent to trade at $69.11.
Shares of Wanda Hotel Development surged 27.41 percent. The move higher came after news that several investors, including Tencent, are preparing to buy a 14 percent stake in a commercial real estate unit of Dalian Wanda Group, Reuters reported.
Hong Kong-listed Ping An Insurance announced in a Monday filing that its application to spin-off its health care and technology unit had been approved by the Hong Kong Exchange. The company said the application proof of the unit's prospectus will be made available Jan. 30. Shares of Ping An were off by 0.33 percent. Source: CNBC


Clic here to read the story from its source.