Asia Markets: Asian markets mixed after Wall Street start week strong

Asia Markets: Asian markets mixed after Wall Street start week strong

29 Sep    Finance News

People cross a bridge in Tokyo’s Shinjuku Park as the NTT DoCoMo Yoyogi Building looms in the background.

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Asian markets were mixed in early trading Tuesday, following gains on Wall Street.

Japan’s Nikkei 225 NIK, +0.21% fell 0.3% and Hong Kong’s Hang Seng index HSI, -0.24% slipped 0.4%. The Shanghai Composite SHCOMP, +0.52% gained 0.5% as the smaller-cap Shenzhen Composite 399106, +1.20% rose 1.2%. South Korea’s Kospi 180721, +0.91% advanced 0.9%. Stocks fell in Taiwan Y9999, -0.11% but rose in Singapore STI, +0.60% and Indonesia JAKIDX, +0.40%. Australia’s S&P/ASX 200 XJO, +0.01% inched up 0.1%.

Shares of Japanese telecom giant Nippon Telegraph & Telephone 9432, -0.26% fell in Tokyo trading after announcing it intends to acquire full control over mobile phone carrier NTT Docomo, whose shares were suspended from trading after the announcement.

Stocks gained in mainland China after reports that Chinese leaders will support a lowered economic-growth forecast for the next five years due to the global pandemic and trade tensions with the U.S. China’s central bank also reportedly vowed to step up fiscal support for the economy by lowering lending rates and financing costs.

U.S. stocks booked solid gains Monday. The S&P 500  SPX, +1.61%  rose 53.14 points, or 1.6%, to end at 3,351.60. The Nasdaq Composite  COMP, +1.86%  climbed 203.96 points, or 1.9%, to close at 11,117.53. The Dow Jones Industrial Average  DJIA, +1.50%  advanced 410.10 points, or 1.5%, finishing at 27,584.06, while booking its third session of gains in a row.

“With the end of the month and the quarter upon markets, a lot of portfolio rebalancing is occurring in the institutional investor space. I would suggest that those flows, rather than a sudden ‘the world is saved’ epiphany are the genesis of the overnight equity rally,” wrote Jeffrey Halley, senior Asia-Pacific market analyst at Oanda, in a note.

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