Asian shares mixed after Evergrande’s sale deal was terminated | WGN Radio 720

Equities are mixed in Asia after China’s leading real estate developer Evergrande said plans to sell its real estate management division to smaller rivals failed.

Stock prices fell in Hong Kong, Seoul and Tokyo, but rose in Australia and Shanghai.

China Evergrande Group’s share price plummeted 12.5%, while Evergrande Property Services’ share price fell 8%. In a notice to the Hong Kong Stock Exchange, Evergrande said he was having a hard time selling his assets to resolve the cash crisis.

Hopson Development Holdings shares rose 12.4% after stating that the purchase could not be completed. Trading on the shares of all three companies was suspended while waiting for the transaction to be settled.

Hong Kong’s Hang Seng Index fell 0.6% to 25,990.32 and the Shanghai Composite Index rose 0.2% to 3,594.78.

Some “verbal guarantees by government officials and mortgage easing at some major banks hope authorities are monitoring real estate market risk and reassuring the market about the impact of knock-ons on the economy. It suggests that we are, “said Yeap Jun Rong. IG Market Strategist in Singapore.

The Nikkei Stock Average, the Japanese benchmark, fell 1.9% to close at 28,708.58. This is because the world’s third-largest economy ran for national elections to elect a new prime minister.

Japan’s ruling party candidate, Prime Minister Fumio Kishida, has given various messages about his policies and his “new capitalist” measures, including narrowing income inequality. So far, it has done little to reassure the market.

Australia’s S & P / ASX 200 has remained largely unchanged, rising by less than 0.1% to 7,415.40. South Korea’s Kospi fell 0.2% to 3,007.33.

The Treasury’s rise yield for 10 years was stable at 1.65%.

After surpassing $ 66,000 for the first time on Wednesday, the price of Bitcoin fell to $ 65,355. This profit came the day after the first exchange-traded funds linked to Bitcoin futures attracted a great deal of interest from investors looking to enter the burgeoning cryptocurrency space.

On Wednesday, solid income from a health care company helped send higher stocks on Wall Street.

The market is growing steadily as investors shift their focus to the latest round of corporate earnings. Stock prices have been volatile for weeks as rising inflation and weak economic data have raised concerns about the path to economic recovery.

The S & P 500 rose 0.4% to 4,536.19, the sixth consecutive year of growth. It was less than a point from its all-time high on September 2.

The Dow Jones Industrial Average rose 0.4% to 35,609.34. Nasdaq fell by less than 0.1% to 15,121.68.

Wall Street supported solid revenue from various healthcare companies. Abbott Laboratories, which manufactures infant formulas, medical devices and pharmaceuticals, grew 3.3% after easily surpassing analysts’ third-quarter earnings forecasts. Health insurance company Anthem rose 7.7% after also reporting strong financial results. Technology stocks have fallen behind the wider market.

Investors are busy reviewing the latest report cards from businesses as they seek a clearer understanding of how rising inflation and the protracted threat of COVID-19 will affect the economy.

A key concern is that supply chain disruptions and rising material costs are affecting the profits of many companies. Higher corporate costs can lead to higher consumer prices, which can threaten the spending that underpins recovery.

Some big companies are still planning to announce earnings this week. American Airlines, Southwest Airlines and Union Pacific will report on Thursday.

In energy trading, benchmark US crude fell 35 cents to $ 83.07 a barrel in electronic trading on the New York Trading Exchange. Brent crude, the international standard, fell 63 cents to $ 85.19 a barrel.

In currency transactions, the US dollar fell from 114.27 yen to 114.08 yen. The euro fell from $ 1.1651 to $ 1.1643.

Asian shares mixed after Evergrande’s sale deal was terminated | WGN Radio 720

Source link Asian shares mixed after Evergrande’s sale deal was terminated | WGN Radio 720

Related Articles

Back to top button