SHANGHAI (Dow Jones) — Asian stock markets rose on Monday thanks to very strong US guidance and further openings in China following the tough corona lockdowns. In the US, lower interest rate fears had given Wall Street its highest daily gain in over a month. And in China, the 180-degree turn from tough corona lockdowns to the complete opening of the economy and private life went into another round: Despite exploding corona infections, border closures were lifted and transport connections to Hong Kong and abroad were reopened.
In addition to the Hong Kong stock exchange, the Chinese renminbi also benefited from the opening of international borders, jumping to a four-month high against the US dollar. While the Shanghai composite rose 0.6 percent, Shenzhen composite and startup segment ChiNext rose 0.7 and 0.8 percent, respectively. The internationally traded HSI in Hong Kong even gained 1.9 percent in late trading. Goldman Sachs analysts believe full mobility in China will be restored by late January or early February. It should only last until March or April in some provinces that have been particularly badly hit by Corona. Financials and autos led the pack of winners in China. In contrast, the recent rally in the real estate sector after the aid measures petered out, with China Vanke down 1.3 percent and Seazen Holdings down 1.7 percent.
Kospi and Won very firmly
While trading in Japan was on hold due to a holiday, the Kospi in South Korea rose by 2.6 percent – fueled by electronics, internet and consumer stocks. The South Korean won hit a seven-month high against the greenback. As in the US on Friday, traders in Seoul are counting on a soft landing for the US economy, as explained by NH Futures currency analyst Kim Seung-hyuk. Index heavyweight Samsung Electronics is up 2.9 percent, while semiconductor stock SK Hynix is up 3.5 percent. Both stocks benefited from significantly reduced US yields. The cosmetic paper Amorepacific gained 5.5 percent, investors speculated on better business with the abolition of quarantine regulations in China for travelers.
In Australia, the S&P/ASX-200 closed up 0.6 percent. Strength in the mining sector offset weakness among technology stocks. Energy stocks were the best performers, with a sector premium of 1.4 percent – uranium stock Paladin Energy jumped 10 percent. Among financials, AMP fell 4.2 percent, and a delay in the sale of Collimate Capital could hurt the price.
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Index (stock market) last +/- % % YTD end
S&P/ASX 200 (Sydney) 7,151.30 +0.6% +1.6% 06:00
Nikkei-225 (Tokyo) public holiday
Kospi (Seoul) 2,350.19 +2.6% +5.1% 07:00
Shanghai Comp. 3,176.08 +0.6% +2.8% 08:00
Hang Seng (Hongk.) 21,362.97 +1.8% +6.2% 09:00
Straits-Times (Sing.) 3,297.25 +0.6% +0.8% 10:00
KLCI (Malaysia) 1,489.38 +0.6% -1.0% 10:00
FOREX last +/- % 00:00 Fri, 8:16 % YTD
EUR/USD 1.0687 +0.4% 1.0641 1.0514 -0.2%
EUR/JPY 140.73 +0.1% 140.61 140.83 +0.3%
EUR/GBP 0.8787 -0.1% 0.8800 0.8832 -0.7%
GBP/USD 1.2163 +0.6% 1.2092 1.1905 +0.6%
USD/JPY 131.70 -0.3% 132.13 133.92 +0.4%
USD/KRW 1,241.50 -1.0% 1,253.86 1,268.73 -1.6%
USD/CNY 6.7612 -1.1% 6.8385 6.8545 -2.0%
USD/CNH 6.7663 -0.9% 6.8280 6.8584 -2.3%
USD/HKD 7.8064 -0.0% 7.8075 7.8106 -0.0%
AUD/USD 0.6943 +1.0% 0.6876 0.6759 +1.9%
NZD/USD 0.6409 +1.1% 0.6340 0.6225 +0.9%
Bitcoin
BTC/USD 17,212.10 +1.4% 16,966.51 16,775.04 +3.7%
CRUDE OIL last VT settlem. +/- % +/- USD % YTD
WTI/Nymex 75.13 73.77 +1.8% +1.36 -6.4%
Brent/ICE 79.92 78.57 +1.7% +1.35 -7.1%
METALS last day before +/- % +/- USD % YTD
Gold (Spot) 1,880.35 1,865.90 +0.8% +14.45 +3.1%
Silver (Spot) 24.07 23.82 +1.1% +0.25 +0.4%
Platinum (Spot) 1,098.00 1,093.90 +0.4% +4.10 +2.8%
Copper future 3.96 3.91 +1.3% +0.05 +4.0%
YTD based on the closing price of the previous day
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(END) Dow Jones Newswires
January 09, 2023 02:34 ET (07:34 GMT)
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