After a week with several heavy trading days and unrest around the property giant Evergrande, the stock markets in Hong Kong are recovering.
The Mid-Autumn Festival was marked in Hong Kong with the traditional flame dragon dance. The stock exchange there is still open on Friday, while it is closed elsewhere in China and South Korea in connection with the public holiday. Photo: ISAAC LAWRENCE / AFPPublished:
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In Asia, the Hong Kong stock exchange clearly stands out in a positive direction on Friday morning.
There is a more cautious rise in several other places, while the Japanese stock markets have a flat development towards the weekend.
This is what it looks like on the most important stock exchanges in Asia and the Pacific, which are actually open, around 6.15 am Norwegian time:
Hang Seng in Hong Kong rises 2.71 per cent Nikkei 225 index in Tokyo falls marginally 0.01 per centFTSE Straits Times in Singapore rises 0.47 per centASX 200 in Sydney rises 0.50 per cent
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– It looks like a broad relief rally after a week of decline, says Marvin Chen, strategist at Bloomberg Intelligence i Hongkong.
The strong rise in Hong Kong comes, among other things, after there was an increase on Wall Street last night, and that oil prices fell back somewhat again on Thursday. High oil prices were highlighted earlier in the week as a negative factor for the markets, considering the importance it has for price growth and secondly the level of interest rates going forward.
The oil price (burnt spot) is at 93.2 dollars a barrel at the time of writing, after having been below 95 dollars early Thursday morning.
The trading break for the crisis-hit and debt-laden real estate giant Evergrande continues on Friday. Yesterday, the company confirmed that chairman Hu Ka Yan is suspected of breaking the law.
Tokyo’s price growth is calming down
There have been several key figures about the Japanese economy on the night of Friday, with the inflation figures for the metropolitan area normally receiving the most attention.
Price inflation in Tokyo moderated in September. Core inflation came in at 2.5 per cent, which was also slightly below what economists had expected, according to the report Reuters. Core inflation ignores the prices of fresh food, but includes fuel.
Otherwise, industrial production in Japan was unchanged from July to August, which was lower than expected.
Retail trade climbed by 7 per cent in August on an annual basis, exactly the same level as in July. Unemployment remained unchanged at 2.7 percent.
Holiday season next week
Several central stock exchanges, including those in Shanghai and South Korea, are closed on Friday for the mid-autumn holiday. This is also known as the moon festival.
Next week, the holidays will continue to affect the Asian stock markets. In China, the stock exchanges on the mainland are closed all week in connection with National Day. The Hong Kong Stock Exchange is only closed on Mondays.
The Seoul Stock Exchange is closed on both Monday and Tuesday.
2023-09-29 04:14:51
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