Trading in global shares was mixed yesterday, with losses of more than 2 percent in Chinese benchmarks, as Asia’s main stock market in Tokyo stayed closed for the New Year holiday.
In European trade, France’s CAC 40 closed up 0.2 percent at 7,393.76, Germany’s DAX gained 0.6 percent at 20,024.66, and Britain’s FTSE 100 rose 1.1 percent at 8,260.09.
Investors remain cautious over what US president-elect Donald Trump might do once he takes office, including raising tariffs on imports from China and other Asian countries.
Photo: CNA
The Shanghai Composite index dropped 2.7 percent to close at 3,262.56 and the Hang Seng index in Hong Kong fell 2.2 percent to 19,623.32.
A survey of factory managers, the Caixin China Purchasing Managers Index, showed activity expanding at a slower pace last month as the index fell to 50.5 from 51.5 the previous month, on a scale where readings above 50 show expansion. New orders, employment and business sentiment weakened.
Upbeat talk by Chinese President Xi Jinping (習近平) in a New Year’s address did little to raise optimism among market players who are hoping for more aggressive action to support the economy and boost share prices.
Elsewhere in the Asia-Pacific region, the TAIEX in Taipei fell 0.88 percent to 22,832.06, its worst start to a year in nine years. Australia’s S&P/ASX 200 rose 0.5 percent to 8,201.20 and South Korea’s KOSPI was flat at 2,398.94.
On Wednesday, markets were closed on Wall Street for the New Year’s Day holiday, as were nearly all other world markets.
US stock indices closed mostly lower on Tuesday as the market delivered a downbeat finish on the final day of another milestone-shattering year on Wall Street.
The US markets’ stellar run was driven by a growing economy, solid consumer spending and a strong jobs market, while skyrocketing prices for companies in the artificial intelligence business helped lift the market to new heights.
After three interest rate cuts last year, the US Federal Reserve has signaled a more cautious approach heading into this year as the country prepares for Trump’s transition into the White House.
Trump’s threats to hike tariffs on imported goods have raised anxiety that inflation could be reignited as companies pass along the cost of tariffs.
In energy trading, benchmark US crude oil rose US$0.26 to US$71.98 a barrel.
Brent crude, the international standard, added US$0.28 to US$74.85 a barrel.
The US dollar slipped to ￥156.79 from ￥157.24, and the euro rose to US$1.0368 from US$1.0359.
SEMICONDUCTORS: The firm has already completed one fab, which is to begin mass producing 2-nanomater chips next year, while two others are under construction Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, plans to begin construction of its fourth and fifth wafer fabs in Kaohsiung next year, targeting the development of high-end processes. The two facilities — P4 and P5 — are part of TSMC’s production expansion program, which aims to build five fabs in Kaohsiung. TSMC facility division vice president Arthur Chuang (莊子壽) on Thursday said that the five facilities are expected to create 8,000 jobs. To respond to the fast-changing global semiconductor industry and escalating international competition, TSMC said it has to keep growing by expanding its production footprints. The P4 and P5
DOWNFALL: The Singapore-based oil magnate Lim Oon Kuin was accused of hiding US$800 million in losses and leaving 20 banks with substantial liabilities Former tycoon Lim Oon Kuin (林恩強) has been declared bankrupt in Singapore, following the collapse of his oil trading empire. The name of the founder of Hin Leong Trading Pte Ltd (興隆貿易) and his children Lim Huey Ching (林慧清) and Lim Chee Meng (林志朋) were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed. The younger Lims were directors at the company. Leow Quek Shiong and Seah Roh Lin of BDO Advisory Pte Ltd are the trustees, according to the gazette. At its peak, Hin Leong traded a range of oil products, made lubricants and operated loading
Citigroup Inc and Bank of America Corp said they are leaving a global climate-banking group, becoming the latest Wall Street lenders to exit the coalition in the past month. In a statement, Citigroup said while it remains committed to achieving net zero emissions, it is exiting the Net-Zero Banking Alliance (NZBA). Bank of America said separately on Tuesday that it is also leaving NZBA, adding that it would continue to work with clients on reducing greenhouse gas emissions. The banks’ departure from NZBA follows Goldman Sachs Group Inc and Wells Fargo & Co. The largest US financial institutions are under increasing pressure
TRENDS: The bitcoin rally sparked by US president-elect Donald Trump’s victory has slowed down, partly due to outflows from exchange-traded funds for the token Gold is heading for one of its biggest annual gains this century, with a 27 percent advance that has been fueled by US monetary easing, sustained geopolitical risks and a wave of purchases by central banks. While bullion has ticked lower since US president-elect Donald Trump’s sweeping victory in last month’s election, its gains this year still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium’s woes have deepened. The varied performances highlight the absence of a single, over-riding driver that has steered the complex’s fortunes, while also putting the spotlight
RSS