MARKETS ASIA / Consolidation mode – rally in commodity stocks | 12/3/20

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From Steffen Gosenheimer

TOKYO / SHANGHAI (Dow Jones) – The consolidation in the equity markets in East Asia and Australia goes into the next round on Thursday. At the long-term or record highs that have been partially reached, the indices move only a little, and in different directions.

The fact that the Markit purchasing managers’ index for the service sector in China rose in November to its highest level since April 2010 and, with a value of 57.8, is deep in the area indicating expansion, does not provide any stronger impetus. On Monday, the official index for China had already conveyed the same message that the Chinese economy is continuing to recover strongly from the corona shock. In October the value was still 56.8.

The Shanghai Composite Index is just as close as the Nikkei Index in Tokyo, which is down 0.1 percent to 26,776 points. Seoul tends to hold its own in late trading, while in Hong Kong the plus of half a percent is slightly higher. Sydney closed at a premium of 0.4 percent.

The future trade relations between China and the USA are also an issue in the Shanghai and Hong Kong markets. Even under the newly elected President Joe Biden, the tense relationship is unlikely to change at first, which is causing uncertainty, according to market observers.

Iron ore price rallies commodity stocks

In Sydney, stocks from the commodities and steel sectors were favorites of the day. The iron ore price, which rose to a seven-year high, after the Brazilian producer Vale lowered its production outlook, reported dealers. Fortescue iron ore miner shares jumped 13 percent, BHP gained 5 percent and Rio Tinto nearly 7 percent. The Australian companies in the industry have reduced costs significantly in recent years and, thanks to high profit margins, have benefited greatly from the high iron ore price, it said.

In Seoul, Samsung Electronics are still looking for the strong previous day’s plus, they rise by 0.6 percent to 70,000 won. Kiwoom analysts believe Samsung is likely to beat its own forecasts for the memory chip business in the fourth quarter, partly because China’s PC and smartphone manufacturers built their inventories more than expected. Kiwoom also expects a global shortage of memory chips in the first half of 2021 and is increasing its forecast for Samsung’s operating profit by 25 percent.

Dollar continues to weaken

On the foreign exchange market, the dollar is no longer on its feet, the dollar index is again slightly in the red after the losses of the two previous days. The main reason is that given the hopes of a global economic recovery in light of the recent positive vaccine news, the dollar is currently not wanted as a so-called safe haven. In the wake of the weakness of the dollar, the euro has meanwhile left the $ 1.21 mark well behind. At the beginning of the week it was still under $ 1.1950.

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Index (stock exchange) last +/-%% YTD end

S&P/ASX 200 (Sydney) 6.615,30 +0,38% -1,03% 06:00

Nikkei-225 (Tokio) 26.779,65 -0,08% + 13,29% 07:00

Kospi (Seoul) 2.680,92 +0,19% +21,99% 07:00

Shanghai Comp. 3,443.88 -0.16% + 12.91% 08:00

Hang-Seng (Hongk.) 26,665.75 + 0.50% -5.91% 09:00

Straits-Times (Sing.) 2.813,30 +0,08% -12,94% 10:00

KLCI (Malaysia) 1.611,06 + 0.77% + 0.63% 10:00

Forex last +/-% 00:00 Wed, 8: 49h% YTD

EUR/USD 1,2122 +0,1% 1,2113 1,2084 +8,1%

EUR/JPY 126,59 +0,1% 126,50 126,25 +3,8%

EUR/GBP 0,9053 -0,1% 0,9058 0,8995 +7,0%

GBP/USD 1,3389 +0,1% 1,3373 1,3434 +1,0%

USD/JPY 104,43 -0,0% 104,44 104,48 -3,9%

USD/KRW 1097,31 -0,3% 1100,20 1101,15 -5,0%

USD/CNY 6,5628 -0,0% 6,5630 6,5607 -5,8%

USD / CNH 6.5511 + 0.1% 6,5443 6,5524 -6.0%

USD/HKD 7,7519 +0,0% 7,7519 7,7524 -0,5%

AUD/USD 0,7410 -0,0% 0,7414 0,7381 +5,7%

NZD / USD 0.7064 -0.1% 0.7070 0.7079 + 4.9%

Bitcoin

BTC / USD 19,082.50 -0.3% 19,137.50 18,954.75 + 164.7%

ROHÖL last VT-Settl. +/-% +/- USD% YTD

WTI/Nymex 45,17 45,28 -0,2% -0,11 -19,4%

Brent/ICE 48,17 48,25 -0,2% -0,08 -20,4%

METALS last previous day +/-% +/- USD% YTD

Gold (Spot) 1.833,85 1.831,00 +0,2% +2,85 +20,9%

Silver (spot) 23.97 24.15 -0.7% -0.18 + 34.3%

Platinum (Spot) 1.016.65 1.015.10 + 0.2% +1.55 + 5.4%

Kupfer-Future 3,48 3,48 +0,0% +0,00 +23,0%

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Contact the author: [email protected]

DJG / DJN / gos / ros

(END) Dow Jones Newswires

December 03, 2020 00:45 ET (05:45 GMT)



Source link
https://www.finanzen.at/nachrichten/aktien/maerkte-asien-konsolidierungsmodus-rally-bei-rohstoffaktien-1029860131

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