Asian markets mixed after G20 talks

Asian markets were mixed Monday, with Tokyo surging thanks to a weakening yen after a weekend G20 meeting ended without accusing Japan of orchestrating a recent slide in its currency.

The Japanese unit resumed its downward trend as dealers welcomed the end of the Moscow talks, which came amid concerns that Japan's new aggressive monetary policy could spark a currency war.

Tokyo climbed 2.09 percent, or 234.04 points, to 11,407.87 and Sydney added 0.59 percent, or 29.5 points, to end at 5,063.4, around highs not seen for about four-and-a-half years thanks to strong corporate results.

Seoul was flat, edging up 0.73 points to 1,981.91.

However, Hong Kong eased 0.27 percent, or 62.62 points, to 23,381.94, while Shanghai, returning after a week-long Lunar New Year break, fell 0.45 percent, or 10.84 points, to 2,421.56.

The G20 finance ministers' statement issued Saturday said: "We will refrain from competitive devaluation," adding "we will not target our exchange rates for competitive purposes".

The pledge echoed a recent statement by the G7 richest nations. Neither named Tokyo as a currency manipulator.

The BoJ, under pressure from Japan's new conservative government, last month unveiled a plan for unlimited monetary easing and a target for two percent inflation as part of a bid to beat lingering deflation.

However, the moves sparked charges of manipulation, particularly in Europe, with some warning of a currency war in which nations weaken their units in a bid to boost exports.

In foreign exchange trade the dollar strengthened to 94.02 yen, from 93.53 yen in New York on Friday, while the euro bought 125.32 yen from 124.97 yen. The Japanese unit has lost about 17 percent against the dollar and 25 percent against the euro since November.

The euro also bought $1.3329 compared with $1.3360 in New York on Friday.

National Australia Bank said the yen's return to a weakening trend -- after rising before the G20 talks -- signalled "exchange rate shifts arising from appropriate domestic monetary and fiscal policies will not be criticised or challenged".

"But direct reference to currencies as a policy objective will be," it added in a note.

"We believe this means the yen is free to weaken, but Japanese officials must refrain from being seen to be goading the yen to weaker levels."

And Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney, told Dow Jones Newswires the G20 "doesn't seem to have done anything to prevent Japan from stimulating its economy".

In Shanghai, shares rose on their first day after the long holiday, with dealers optimistic about the domestic economy following strong trade data at the beginning of the month.

Oil prices were mixed, with New York's main contract, light sweet crude for delivery in March, down 32 cents to $95.54 a barrel in the afternoon while Brent North Sea crude for delivery in April added 18 cents to $117.84.

Gold was at $1,610.52 at 1100 GMT, compared with $1,628.08 late Friday.

In other markets:

-- Taipei rose 0.47 percent, or 36.88 points, to 7,943.53.

Taiwan Semiconductor Manufacturing Co. was 1.90 percent higher at Tw$107.0 while Cathay Financial Holdings surged 5.10 percent to Tw$37.1.

-- Manila closed 0.67 percent higher, adding 43.59 points to 6,565.23.

Property firm Megaworld rose 2.7 percent to 3.78 pesos and Philippine Long Distance Telephone Co. added 0.4 percent at 2,850 pesos.

-- Wellington rose 0.42 percent, or 17.74 points, to 4,214.48.

Telecom was up 1.58 percent at NZ$2.26, Fletcher Building added 1.47 percent to NZ$9.00 and Air New Zealand eased 0.39 percent to NZ$1.26.

-- Singapore closed 0.15 percent, or 5.07 points, higher at 3,288.14.

Singapore Airlines fell 0.27 percent to Sg$10.93 and Singapore Telecom gained 0.86 percent to Sg$3.51.

-- Jakarta edged up 0.05 percent, or 2.26 points, to 4,612.05.

Cigarette producer Gudang Garam rose 0.40 percent to 50,650 rupiah while Bank Negara Indonesia fell 1.70 percent to 4,325 rupiah.

-- Kuala Lumpur shares lost 0.43 percent, or 7.00 points, to close at 1,620.93.

UEM Land closed flat at 2.24 ringgit while Axiata lost 0.5 percent to 6.27.

-- Bangkok gained 0.12 percent, or 1.77 points, to 1,523.29.

Coal producer Banpu fell 1.58 percent to 373.00 baht and energy giant PTT Plc lost 1.40 percent to 352.00 baht.

-- Mumbai rose 0.17 percent, or 32.93 points, to 19,501.08 points.

State-run gold importer MMTC rose 8.71 percent to 599.75 rupees but Jet Airways fell 7.7 percent to 570.75 rupees.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • US, Russia move closer to new Syria ceasefire after talks
    US, Russia move closer to new Syria ceasefire after talks AFP News - 13 minutes ago

    Washington and Moscow have made key steps towards agreeing a new ceasefire in Syria, but a final deal has not been reached, US Secretary of State John Kerry and his Russian counterpart said after talks Friday. Kerry and Russian Foreign Minister … More »

  • VTTI says it resumes operations at Malaysia terminal Reuters - 3 hours ago

    SINGAPORE, Aug 27 (Reuters) - VTTI, the storage unit of world's largest oil trader Vitol, said late on Friday it has resumed operations at its Malaysia terminal ATT Tanjung Bin (ATB). "The suspension ... … More »

  • Most Read on Bloomberg: Good-But-Busted ETFs, Drifting Stocks Bloomberg - 3 hours ago

    (Bloomberg) -- The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through Aug. 27. … More »

  • China July industrial profits rise, buoyed by increased sales, falling costs Reuters - 5 hours ago

    Profits earned by China's industrial firms grew at their fastest pace in four months in July, aided by a pick-up in sales and reduced costs, the statistics bureau said on Saturday. Profits in July rose 11.0 percent to 523.01 billion yuan, the … More »

  • 4 Lessons I Learned After Marrying My Foreigner Wife DollarsAndSense.sg - 6 hours ago

    Discuss your past. Discuss your future. The post 4 Lessons I Learned After Marrying My Foreigner Wife appeared first on DollarsAndSense.sg. … More »

  • Business Highlights Associated Press - 8 hours ago

    ___ Yellen suggests rate hike is coming but offers no timetable Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rates has strengthened in light of a solid job market and ... … More »

  • California governor signs bill banning coal-export funding Associated Press - 9 hours ago

    California Gov. Jerry Brown signed legislation Friday banning state transportation funding for new coal export terminals. The bill represents a victory for environmentalists as they campaign aggressively ... … More »

  • Stada shareholder AOC pushes through board reshuffle
    Stada shareholder AOC pushes through board reshuffle Reuters - 9 hours ago

    Stada (STAGn.DE) shareholder Active Ownership Capital (AOC) succeeded in convincing stock owners of the German drugmaker to vote off its supervisory board chairman in a voting marathon, but the activist investor fell short of its goal of replacing … More »

  • Dollar rises following Yellen remarks on rate hikes AFP - 10 hours ago

    The dollar rose Friday against the euro, the yen and the British pound following remarks from the US central bank favoring a near-term increase in interest rates. In a much-anticipated address, US Federal ... … More »

  • Global markets drift after Yellen speech
    Global markets drift after Yellen speech AFP News - 10 hours ago

    European and US equities markets were split on Friday after US Fed chief Janet Yellen suggested interest rates could rise in the near-term. In words carefully parsed by market watchers, Yellen said recent months had seen conditions in the US … More »

  • How the Dow Jones industrial average fared on Friday Associated Press - 11 hours ago

    Stocks ended on a weak note Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. Phone ... … More »

  • Stocks end mostly lower after Yellen speech
    Stocks end mostly lower after Yellen speech Associated Press - 11 hours ago

    Stocks ended mostly lower on Friday after Federal Reserve officials said the case has strengthened for raising interest rates above the super-low levels that have helped fuel a seven-year bull market. ... … More »

  • UN ready to help Colombia peace deal
    UN ready to help Colombia peace deal AFP News - 11 hours ago

    The UN Security Council on Friday warmly welcomed the historic peace deal reached between Colombia's government and FARC rebels, and pledged to help ensure the agreement takes hold. The council met behind closed doors two days after the Bogota … More »

  • Kerry, Lavrov hold marathon Syria talks
    Kerry, Lavrov hold marathon Syria talks AFP News - 11 hours ago

    US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov held marathon talks in Geneva on Friday for an expected push towards resuming peace talks for war-ravaged Syria. Asked during a break how the meeting was proceeding, Lavrov … More »

  • US stocks mixed after Yellen says picture firming for rate hike AFP - 11 hours ago

    US stocks were mixed on Friday after Federal Reserve Chair Janet Yellen said the case for a rate hike is strengthening, raising expectations of a move by year-end. Trade was fairly quiet as Yellen also ... … More »

  • Markets Right Now: Stocks end mostly lower on Wall Street Associated Press - 12 hours ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks ended mostly lower on Wall Street, giving up a modest gain from earlier in the day after Fed Chair Janet Yellen ... … More »

  • Morales sees 'conspiracy' in Bolivia minister's murder
    Morales sees 'conspiracy' in Bolivia minister's murder AFP News - 12 hours ago

    Bolivian President Evo Morales said Friday that his government is the victim of a "political conspiracy" after protesting miners allegedly kidnapped and beat to death a minister who tried to negotiate with them. Defense Minister Reymi Ferreira … More »

  • New law makes insurance companies find, pay beneficiaries Associated Press - 12 hours ago

    Insurance companies will be required to locate beneficiaries of unclaimed life insurance policies in Illinois and pay them money they're owed under legislation that Gov. Bruce Rauner signed into law on ... … More »

  • Deals of the day-Mergers and acquisitions Reuters - 12 hours ago

    (Adds Alere, Fiat Chrysler; updates Rackspace) Aug 26 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday: ** Cloud services provider Rackspace Hosting ... … More »

  • Oil prices edge up but OPEC giants downplay output limits AFP - 12 hours ago

    Oil prices edged higher Friday but the market remained weak as OPEC's key producers cast doubt on the possibility of cutting output. Iranian Oil Minister Bijan Zanganeh on Friday said his country wanted ... … More »

  • Canada, hoping to boost profile, pledges peacekeepers to UN
    Canada, hoping to boost profile, pledges peacekeepers to UN AFP News - 12 hours ago

    Canadian Prime Minister Justin Trudeau's government on Friday committed 600 troops and Can$450 million (US$350 million) over three years to United Nations peacekeeping operations around the world. Touted by the Liberal administration as a … More »

  • Grain lower, livestock mixed Associated Press - 12 hours ago

    Grain futures were lower Friday on the Chicago Board of Trade. Wheat for Sept. declined 17.75 cents at $3.8350 a bushel; Sept. corn lost 7.25 cents to 3.1625 a bushel; Sept. oats was fell 3.75 cents at ... … More »

  • Canada PM Trudeau to mount charm offensive in China: officials
    Canada PM Trudeau to mount charm offensive in China: officials AFP News - 12 hours ago

    Canadian Prime Minister Justin Trudeau will tour the Great Wall, shoot hoops with retired basketball star Yao Ming and meet with women entrepreneurs when he travels to China next week to bolster trade and diplomatic ties, his office said Friday. … More »

  • Oil steady in volatile session, down 2 percent for the week
    Oil steady in volatile session, down 2 percent for the week Reuters - 12 hours ago

    Oil prices were largely unchanged on Friday in a volatile session, as traders reacted to comments from Fed Chair Janet Yellen and reports of missile activity in Saudi Arabia. The market was taking its cues from the movement in the dollar, which has … More »

  • Dutch PM Mark Rutte announces third-term candidacy
    Dutch PM Mark Rutte announces third-term candidacy AFP News - 13 hours ago

    Prime Minister Mark Rutte announced Friday his candidacy to head the Dutch government for a third succesive term in office, as the countdown moves towards next year's parliamentary polls. "Rutte also informed his top party leadership about his … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129+0.001+0.78%
    N21.SI
    1.855-0.040-2.11%
    MC0.SI
    2.84+0.02+0.71%
    C52.SI
    4.22-0.05-1.17%
    Z74.SI
    0.58-0.01-1.69%
    5TP.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.29+0.08+38.10%
    5VI.SI
    0.36+0.07+22.03%
    BPF.SI
    0.192+0.030+18.52%
    AYD.SI
    0.27+0.04+17.39%
    BLU.SI
    0.40+0.05+14.29%
    BFK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.055-21.15%
    BTJ.SI
    0.34-0.06-15.00%
    BCD.SI
    0.39-0.06-13.33%
    AYB.SI
    0.31-0.04-11.43%
    5VP.SI
    0.24-0.02-9.43%
    BAZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3582+0.0051+0.38%
    USDSGD=X
    1.5196-0.0071-0.47%
    EURSGD=X
    1.7809-0.0034-0.19%
    GBPSGD=X
    74.6820+0.437+0.59%
    SGDJPY=X
    5.7047-0.0235-0.41%
    SGDHKD=X
    2.9663+0.0023+0.08%
    SGDMYR=X
    9,748.1885-70.3965-0.72%
    SGDIDR=X
    4.9062-0.0141-0.29%
    SGDCNY=X
    1.0263-0.0043-0.42%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,324.00-0.60-0.05%
    GCZ16.CMX
    18.63+0.14+0.76%
    SIU16.CMX
    95.80-0.72-0.74%
    ^XAU
    2.080.00+0.10%
    HGU16.CMX
    47.29-0.04-0.08%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24+0.08
    ^FVX
    1.63+0.06
    ^TNX
    2.30+0.03
    ^TYX