Hang Seng Index, ASX200, Nikkei 225: Hang Seng Hits Reverse

Industry Snapshot

This morning's class was diverse. The Nikkei 225 and ASX 200 both made advances, and US economic data and a positive US stock market session provided support in the morning. The US Futures, however, were followed into bearish terrain by the Hang Seng Index.

The immediate concerns of a more active Fed interest rate trend were allayed on Thursday by US economic data. The US economy grew less quickly than anticipated, but the job market stayed constrained. In Q4 the economy expanded by 2.7% as opposed to a preliminary 3.2%. However, the Fed was given some fuel for thought when initial unemployment applications dropped from 195k to 192k.

The NASDAQ Composite Index increased by 0.72% in reaction to the statistics and US business profits, while the Dow and the S&P 500 increased by 0.33% and 0.53%, respectively.

The heavyweights were held back from making more significant advances this morning by market anxiety regarding today's US Core PCE Price Index figures. A challenging US session is expected, as evidenced by the Dow Mini's 19-point decline and the NASDAQ Mini's 18-point decline.

Kazuo Ueda, the new governor of the Bank of Japan, brought comfort to the market by promising to keep the country's ultra-loose monetary policy in place despite the most recent inflation figures.

This morning's Asian economic schedule was relatively light as the G20 meeting got started in India, where inflation, the situation in Ukraine, and the connection between China and Russia could be heated subjects.

ASX 200

The overnight advances in the US provided assistance for the ASX 200's rise of 0.27%. Investors were not given any statistics from the Australian economic schedule this morning.

Financial equities provided assistance. National Australia Bank (NAB) and ANZ Group (ANZ) both saw gains of 0.53% and 0.57%, while Westpac Banking Corp (WBC) increased by 0.35%. With an increase of 1.34, the Commonwealth Bank of Australia (CBA) took the lead.

The early session of mining equities was negative. BHP Group Ltd (BHP) and Rio Tinto (RIO) both experienced declines of 3.34% and 1.83%, while Fortescue Metals Group (FMG) experienced a decline of 1.99%. The price of Newcrest Mining (NCM) fell by 2.54%.

Crude oil prices increased, supporting energy asset values. Gains of 0.80% and 1.15% were recorded by Santos Ltd. (STO) and Woodside Oil Company (WDS), respectively. This morning, WTI Oil increased 0.77% to $75.97.

Hang Seng

This morning, the Hang Seng fell 1.33%, defying the general Asian market pattern. This morning's market risk appetite was not influenced by any economic data. On the first anniversary of Russia's attack of Ukraine, the Hang Seng Index was negatively impacted by a downbeat morning session for the CSI 300.

Alibaba Group Holding Ltd (HK:9988) fell by 4.15%, while Tencent Holdings Ltd (HK:0700) fell by 2.02%.

Additionally, the morning was negative for equities in banks. China Construction Bank (HK: 0939) and Industrial and Commercial Bank of China (HK:1398) both experienced declines of 0.61% and 1.00%, respectively, while HSBC Holdings PLC fell by 0.94%.