Edition:
United States

Nikhil Nainan

Australian shares fall on fresh political uncertainty, trade jitters

Oct 21 2018

* Australian govt poised to lose one-seat majority in parliament

Australian shares close at 6-month low as bank earnings loom; NZ down

Oct 15 2018

Oct 15 Australian shares fell to a six-month low on Monday, led by the financials on growing concerns about the hit to earnings from an inquiry into misconduct in the sector and as sentiment in global markets remained broadly bearish.

REFILE-EM ASIA FX-Asian currencies find respite as U.S. yields dip

Oct 10 2018

(Corrects typo in Mizuho in 12th paragraph) * Dollar pause gives life to local units * Investors eye U.S. inflation data for signs of slowing price growth * Rupee gains on back of easing oil prices By Nikhil Nainan Oct 10 A retreat in U.S. debt yields gave Asian currencies some respite on Wednesday, but going forward they are likely to remain under pressure due to the prospect of more rate hikes from the U.S. Federal Reserve. Benchmark U.S 10-year Treasury yields came off seven-and-a -half-year highs overnight, though investors continue to bet that the Fed will remain on its policy tightening path, despite President Donald Trump criticising the central bank on Tuesday for raising rates too fast. Investors are focussed on U.S. inflation data due to be released on Thursday. A Reuters poll forecast that data would show inflation slowed to 2.4 percent. The Thai baht was Asia's best performer, strengthening 0.5 percent to 32.860 per dollar, as analysts reckoned Thai interest rates would soon start increasing again, having not risen since 2011. The country's central bank meets on Nov.14, and its board members were split when it opted to hold the policy rate steady last month. "The prospects of the beginning of a rate normalization in Thailand still looks pretty strong to us, given that the output gap has likely closed," said Wei Liang Chang, FX strategist at Mizuho Bank. Meanwhile, the Philippine peso was unmoved after initially weakening following August trade data that showed a deficit above $3 billion for a fifth month. The peso has lost nearly 8 percent this year. Taiwan financial markets were closed for a holiday. CHINESE YUAN The yuan firmed 0.1 percent against the dollar to 6.916. A Reuters poll forecast China's onshore yuan would pare some of its recent losses against the dollar over the coming year, as analysts expected risks would fade from both the U.S.-China trade war and the emerging markets sell-off. Mizuho's Wei Liang believes the People's Bank of China would take a balanced approach, not wanting to stoke capital outflows by letting the currency weaken too much. Fall out from the trade war prompted the International Monetary Fund (IMF) to lower its China's 2019 economic growth forecast to 6.2 percent from 6.4 percent. VOLATILE RUPEE A slip in oil prices helped the rupee, Asia's worst performer this year, firm 0.4 percent to 74.098 against the dollar, having plumbed record lows a day earlier. The rupee is expected to stay near record lows over the coming year despite expectations that the Reserve Bank of India will raise rates in December and once more in 2019. India is set to hold a general election by May, though investors will also be watching how Prime Minister Narendra Modi's Hindu nationalist party fares in a series of state polls later this year. "The rupee will remain fairly weak over the next three to four months," said Wei Liang Chang. CURRENCIES VS U.S. DOLLAR Change on the day at 0547 GMT Currency Latest bid Previous day Pct Move Japan yen 112.980 112.94 -0.04 Sing dlr 1.380 1.3819 +0.17 Korean won 1132.400 1132.7 +0.03 Baht 32.860 33.03 +0.52 Peso 54.150 54.15 +0.00 Rupiah 15200.000 15225 +0.16 Rupee 74.098 74.39 +0.39 Ringgit 4.150 4.155 +0.12 Yuan 6.916 6.9260 +0.14 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 112.980 112.67 -0.27 Sing dlr 1.380 1.3373 -3.07 Taiwan dlr 30.968 29.848 -3.62 Korean won 1132.400 1070.50 -5.47 Baht 32.860 32.58 -0.85 Peso 54.150 49.977 -7.71 Rupiah 15200.000 13565 -10.76 Rupee 74.098 63.87 -13.80 Ringgit 4.150 4.0440 -2.55 Yuan 6.916 6.5069 -5.92 (Reporting by Sumeet Gaikwad and Nikhil Kurian Nainan in Bengaluru; Editing by Simon Cameron-Moore)

Australian, NZ shares falter as China worries hurt sentiment

Oct 09 2018

Oct 9 Australian shares extended sharp declines on Tuesday and hovered near-four month lows, as concerns over growth outlook for the country's largest trading partner China dented sentiment.

Australian shares slide to near 4-month low as ANZ falls; NZ down

Oct 08 2018

Oct 8 Australian shares ended near a four-month low on Monday, with ANZ sliding as the bank counted the costs of poor banking practices on its earnings, and material and energy stocks also dragged on the broader market.

Australian shares gain, but in red for week despite modest relief for financials; NZ down

Oct 05 2018

* Earlier losses among financials drag benchmark to weekly loss

Australia shares up, financials attempt to steady after selloff; NZ down

Oct 04 2018

Oct 5 Australian shares advanced on Friday as the scandal-hit financial sector attempted a tentative recovery, with some investors picking them for their juicy dividends at relatively cheaper levels following a searing sell-off in recent weeks.

Australian shares up as financials staunch losses; NZ down

Oct 04 2018

Oct 4 Australian shares ticked higher on Thursday, supported by strong gains for the material sector and as financials snapped three straight days of losses as investors tried to come to terms with revelations of widespread misconduct in the industry.

Australian shares rise as financials and resources jump; NZ down

Oct 03 2018

Oct 4 Australian shares gained over half a percent on Thursday, with financials surging ahead following days of losses, while investors flocked to material stocks as metal prices firmed.

Australian shares propped up by resource stocks; NZ falls

Oct 03 2018

Oct 3 Australian shares got a lift from strong gains in resource-related stocks on Wednesday, helped by higher gold and metal prices, while financials ended lower despite earlier gains.

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