Another lacklustre session for Asian equity markets as we approach both the end of week closely followed by the end of the month. The Nikkei and Hang Seng both lost around 0.6% on the day with a small gain registered for Shanghai, but the big talking point remains the bond market and specifically the west. A few people talking about HSBC’s number and Standard Charter expected later but sadly they were to disappoint after Asia closed. SC missed estimates by a country mile and in late trading saw its shares down around 4.5%. They have rallied and were actually the best performing over the past 12 months so today’s fall is a small correction at these levels. Energy and Miners were other weak spots as concerns start to rise as data starts a destabilising display (BHP down 3% today). In late US trading the Nikkei had lost near 0.8% and the JPY trades into the 111 handle.
This post was published at Armstrong Economics on Feb 24, 2017.
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