|Day's range||24,045.18 - 24,308.69|
|52-week range||21,139.26 - 30,280.12|
Some headlines are focusing on China’s recovery from the impact of the coronavirus, while others are following the tightening of restrictions as countries in the region continue to report new coronavirus cases and deaths.
US stocks extended their gains in afternoon trading on Wednesday amid optimism that coronavirus infections in the country could be close to peaking. The benchmark S&P 500 closed 3.4 per cent higher, despite the weaker earlier performance of European stocks, which wavered after eurozone finance ministers failed to reach a deal on a common response to the pandemic. The tech-heavy Nasdaq Composite was up 2.6 per cent.
Japanese Prime Minister Shinzo Abe on Tuesday unveiled plans for a stimulus package. Australian shares reversed course to end lower on Tuesday after the central bank’s cautious commentary on the country’s near-term economic fortunes.
The rally in US stocks lost steam in late afternoon trading on Monday, relinquishing earlier gains despite signs that the spread of coronavirus was decelerating. The S&P 500 closed down 0.2 per cent, erasing a rally of more 3 per cent earlier in the day, while the Dow Jones Industrial Average and tech-heavy Nasdaq Composite fell by a similar amount. It was a shift from the more bullish sentiment seen on Monday, when the S&P 500 climbed 7 per cent for its best day in a fortnight.
The benchmark S&P 500 fell 1.5 per cent on Friday after the US recorded its largest pace of job losses since the financial crisis and reports out of Europe showed a sharp contraction in the service sector. The latest decline for the US blue-chip index, which suffered a loss of more than 2 per cent for the week as a whole, was mirrored by other closely followed indices including the technology-heavy Nasdaq Composite and the Dow Jones Industrial Average.
The Australian share market finished lower on Thursday with most of the selling pressure coming from weakness in the major banks. Traders said the sell-off was fueled by comments from the International Monetary Fund (IMF), calling for governments to enact wartime measures to fight the coronavirus pandemic.
B. Because the UK bank regulator has followed its eurozone counterpart with the same inevitability as night follows day and cancelled 2019 dividends. Whilst we calculate £7.5bn of incremental capital remaining in the sector for lending (on top of reductions in the countercylical buffer and meaningful undrawn commitments), it also means £7.5bn of dividends won’t be making it into the hands of individuals (or in the case of RBS about £600m less cash directly paid to HMT) who own shares directly/indirectly in the banks.
Global equity markets sold off heavily in the first trading session of the new quarter as investors digested a series of grim predictions about the human and economic toll of the coronavirus pandemic. US stocks closed more than 4 per cent lower on Wednesday and debt markets signalled renewed concern about the creditworthiness of corporate and local government borrowers, despite the passage of a $2tn economic stimulus that had encouraged investors in the final days of March. The flight from risk assets followed the worst quarter for markets since the 2008 financial crisis and came after President Donald Trump warned late on Tuesday that up to 240,000 people could die in the US from Covid-19.
Australian shares finished lower on Tuesday after giving back earlier gains. Early in the session, the Aussie market extended its gains from the previous session, helped by quarter-end balancing and on measures to slow the spread of the coronavirus outbreak and contain its economic impact.
Prime Minister Shinzo Abe on Saturday said his government will compile Japan’s “boldest ever” package of economic measures to address the impact of the new coronavirus.
Despite last week’s impressive gains, there are still some skeptics calling for renewed selling pressure on the Nikkei 225 Index after a rise in domestic coronavirus cases stoked worries of tougher domestic restrictions for social distancing.
Japan may be betting on a recovery in China, but there is still nothing to suggest the Chinese economy has turned a major corner.
Apple is preparing the ground to possibly delay the launch of its first 5G iPhones as the coronavirus pandemic threatens global demand and disrupts the company’s product development schedule, sources familiar with the matter have told the Nikkei Asian Review.
There are multiple reports that White House officials reached a deal with Senate leaders on a massive stimulus bill intended to cushion the economic blow of the coronavirus outbreak. “We have a deal,” White House official Eric Ueland told reporters, according to Reuters.
Japan’s share benchmark Nikkei climbed nearly 7% to its highest level in 1-1/2 weeks on Tuesday, outperforming regional peers, supported by hopes of buying by the Bank of Japan (BOJ) and public pension funds.
Some of the weakness in the Asia-Pacific region was attributed to the gap-lower opening in the United States after a massive funding package to combat the impact of coronavirus did not get enough votes in a key Senate procedural vote Sunday evening.
Asian stock markets gained Tuesday after the U.S. Federal Reserve promised support to the struggling economy as Congress delayed action on a $2 trillion coronavirus aid package. Traders were encouraged by the Fed's promise to buy as many Treasurys and other assets as needed to keep financial markets functioning. “Asian investors like what they see from an all-in Fed which is being viewed in a very impressive light for both Main and Wall Street even as the U.S. congress dithers,” said Stephen Innes of AxiCorp.
China kept its benchmark lending rate steady on Friday, defying expectations for a reduction to ease borrowing costs in an economy jolted by widespread disruptions to businesses from the coronavirus pandemic, Reuters reported.
Asian stock markets were mostly higher Friday after modest Wall Street gains on hopes government and central bank action can shield the world economy from a looming global recession caused by the coronavirus pandemic. Benchmarks in Shanghai, Hong Kong, Australia and Southeast Asia advanced. Oil gained again after U.S. benchmark crude soared 23% on Thursday for its biggest one-day gain on record.
South Korea stocks resumed their declines after benchmark indexes fell more than 8%, triggering circuit breakers for the second time in a week.
Despite billions of dollars being thrown at the economy and the markets, the price action strongly suggests that investors won’t be satisfied until the effects of virus peak or until a cure is found.
Major Asian stock markets were higher Wednesday after Wall Street rebounded on President Donald Trump's promise of aid to get the U.S. economy through the coronavirus outbreak. Benchmarks in Shanghai, Tokyo and Hong Kong all advanced. Australia's main index fell 5% and smaller Asian markets were mixed.
The Australian stock market unexpectedly surged on Monday, attempting to rebound from Monday’s panic sell-off, which was its worst day since the 1987 Black Monday crash.
Hong Kong's central bank cut rates and the level of capital buffers it requires financial institutions to hold to 1% from 2% of their risk-weighted assets on Monday, to help companies and lenders weather the impact of the coronavirus outbreak. The countercyclical capital buffer is part of the Basel III regulatory capital framework and aims to build up additional capital during periods of excessive credit growth. The central bank's chief executive Eddie Yue told reporters the move was expected to release HK$500 billion ($64.3 billion) into the market and hoped this would support small and medium-sized firms.