Wednesday, 21 April, 2021


Asian shares plunge after major US index enters correction

Asian shares plunge after major US index enters correction Asian shares plunge after major US index enters correction
Conrad Doyle | 11 February, 2018, 08:59

US stocks moved sharply higher in early trading Friday, recouping some of the ground lost a day earlier when indexes plummeted, deepening a weeklong sell-off that knocked the market into a "correction" for the first time in two years.

Scott Wren, senior global equity strategist for Wells Fargo Investment Institute, said investors are anxious that the higher wages could eat into corporate profits and that the Fed could "make a mistake" and raise rates too quickly.

"If you put $100 into the market at the January 26 peak, you'd still have $90", said Greg McBride, chief financial analyst for Bankrate.com.

The yield on the benchmark 10-year Treasury note rose as high as 2.884 percent on Thursday, just below Monday's four-year high of 2.885 percent.

The up-and-down trading Friday came a day after the market entered its first correction in two years.

The broader All Ordinaries index was down 97.7 points, or 1.63 per cent, at 5,897.5 points. Employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. There was a more muted reaction from investors following the manufacturing and industrial production figures for December, suggesting that investors are not paying as much attention towards the United Kingdom economy when speculating over which way Sterling could possibly go next.

In the U.S., stocks have fallen anew in another trading session with big swings, as investors remain on edge after several days of volatile trading. Manufacturing is rebounding. Households and businesses are spending freely. And major economies around the world are growing in tandem for the first time since the Great Recession.

Higher interest rates push up borrowing costs for companies and individuals, which can hurt corporate profits and curb economic activity.

Energy and materials stocks lost ground as oil and metal prices dropped to their lowest in several weeks. That combination usually carries stocks higher. Those include worries about a potential rise in US inflation or interest rates and whether budget disputes in Washington might lead to another government shutdown. Many investors justified that by pointing out that interest rates were low and few alternatives looked like better investments.

He said he now is neutral on China equities "due to two concerns: valuations on China-consumer related industries and execution risks on deleveraging (more specifically financial deleveraging)". He said investors are now selling because they are afraid of bigger losses if they stand pat.

Fidelity International's chief investment officer for Japan, Takashi Maruyama, said the "massive volatility" was a reaction to the rapid rise on the Japanese market since a year ago.

"This is going to take longer to work out than people expect", he said.

Benchmark U.S. crude lost 64 cents to $60.51 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude fell 0.65 percent to $64.38 per barrel.

The local currency was trading at 77.89 United States cents at 1030 AEDT on Friday, from 78.25 on Thursday.

Among the big banks, ANZ, Westpac and Commonwealth Bank were down by 0.9 to 1.1 per cent cent, but National Australia Bank had edged up one cent, or 0.03 per cent. That means a drop of 10 percent from a recent peak. The euro held steady at $1.2248. That also sent the pound higher. The Nasdaq was up 48 points, or 0.7 percent, to 6,825.

The dollar edged higher against a basket of major currencies on Friday, thanks to renewed market expectations of higher USA interest rates this year.

In Tokyo, the Nikkei 225 index rose 1.1 per cent.

Healthcare stocks led declines, with Fisher & Paykel Healthcare Corp shedding about 2 percent, closely followed by industrial stocks.

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