Asian Markets Close Lower to Match the US Dips

Published on: 01 Dec, 2017

The majority of the Asian markets dipped on November 30, with the stabilization of oil prices post dip in the last session. Technology stocks went south after the US shares in this sector got sold off on November 29. Regional investors also took into account the better-than-anticipated PMI data from China.

Technology stocks were sold in bulk with an improvement in the financial. The DJIA or Dow Jones Industrial Average stopped at record highs. The investors concentrated on the US economic momentum. The second estimate for the third quarter GDP got revised to about 3.3 percent from the previous three percent. This percentage is above 3.2 percent as the markets expected. The Dow went up by 0.44 percent or 103.97 points. This happened as the investors concentrated on the American economic momentum. The second estimate for the GDP in the third quarter was subsequently revised from 3 percent to 3.3 percent. This percentage is more than the market-expected 3.2 percent.

The US dollar softened a little against a currency basket. Dollar index came to 93.150 at about 3:05 p.m. HK/SIN, a little below November 29 close of 93.257. Overnight gains were made against yen. The latter traded at 112.18. Bitcoin traded approximately at about $10,225 at 3:25 p.m. HK/SIN post the volatile trade over last 24 hours. This cryptocurrency went up higher prior to dipping about 18 percent.

The NZ dollar was dragged into the limelight post a currency dip of approximate 0.5 percent. A survey conducted by ANZ showed that business confidence in New Zealand has gone down to lowest levels from 2009. The NZ currency dollar traded $0.6845 when it was 3:04 p.m. HK/SIN. In contrast, the close on Wednesday clocked $0.6878. The British pound went to its two-months highs as progress was made between the European Union and the United Kingdom. Sterling was traded at $1.3455 post a high of $1.3479, a little earlier in the present session.

The Dow went up 0.44 percent or 103.97 points to stop at 23,940.68. Nasdaq composite was seen to underperform when compared to the other bigger American indexes. There was a dip of 1.27 percent as the popular technology companies suffered considerable declines. The US Treasury yields went up higher as the investors noted 'better than anticipated' GDP numbers. It also helped that Janet Yellen, the Federal Reserve Chair, remarked about her concerns about American public debt trajectory.

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Danny Abramov

Email: Danny@financialbuzz.com

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