Mon, 04 Dec 2023

Asian stocks have soggy day, few winners and losers

Lola Evans
08 Aug 2022, 17:51 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia were mixed on Monday, but gains and losses were modest.

There is concern the U.S. Federal Reserve will hike rates again next month following Friday's much-stronger-than-expected job reports.

"Despite sluggish growth and an expected slide to a 0.2% m/m July CPI gain, the Fed will likely raise policy rates 75 bps at its September meeting," Bruce Kasman, head of economic research at JPMorgan, told Reuters Monday.

"The key question is whether it will decide that a material rise in the unemployment rate is necessary to achieve its objectives," he said. "If this is the case, its guidance on rates will move significantly higher, alongside a message that it will likely prove to be less sensitive to near-term growth disappointments."

In Japan, the Nikkei 225 gained 73.37 points or 0.26 percent to 28,249.24.

China's Shanghai Composite advanced 9.20 points or 0.13 percent to 7,259.50.

The Australian All Ordinaries added 9.20 points or 0.13 percent to 7,259.50.

South Korea's Kospi Index edged up 2.30 points or 0.09 percent to 2,493.10.

Going against the trend, the S&P/NZX 50 declined 25.66 points or 0.22 percent to 11,702.81. The Hang Seng in Hong Kong closed down 156.17 points or 0.77 percent at 20,045.77.

Despite the renewed concern about rate hikes, the U.S. dollar struggled to extend gains made on Friday.

The euro edged up to 1.0209 on foreign exchange markets in Asia Monday. The British pound firmed to 1.2105. The Swiss franc inched up to 0.9600. The Canadian dollar strengthened to 1.2898. The Australian dollar rose strongly to 0.6968. The New Zealand dollar was higher at 0.6268.

The Japanese yen retreated to 135.27.

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