Asian stock markets advance after Wall Street rally, gold extends, USD falls
The price of gold rose 38.80 to 1,969.80oz Tuesday, up 2% to another record high.
It is unusual for the price of gold, which tends to rise when worries about the economy are high, to do so well at the same as stocks, which tend to fade under such worries. But massive amounts of C-19 coronavirus chaos-fighting aid/relief/stimulus have flooded markets with huge supplies of cash seeking the highest returns possible.
The acute geopolitical uncertainties and socio-political strains align with preference for a currency-like the JPY, and safe-haven hard asset such as gold at the expense of USD which is geting hammered in here.
Stocks higher in Hong Kong, Shanghai despite rising US-China tensions
Share prices advanced across the region, with Tokyo’s Nikkei 225 index JP:NIK up 0.1% and the Hang Seng HK:HSI in Hong Kong adding 0.5%. The Shanghai Composite index CN:SHCOMP advanced 0.6% and the Kospi KR:180721 in Seoul rose 1.1%.
Benchmark indexes in Taiwan, Singapore, and Indonesia were mixed, while the S&P ASX/200 in Sydney gained 0.2%.
Shares of Samsung Electronics KR:005930 surged in SKorea ahead of its new-smartphone unveiling event next week, while Mitsubishi Motors JP:7211 fell in Tokyo trading after a deep decline in sales and a ”shocking” warning that it expects its biggest annual operating loss in 20 yrs.
Much attention will be focused on a 2-day meeting for the Fed’s FOMC that begins Tuesday, while hopes for more aid/relief/stimulus for the American economy are rising as Congress debates another package.
Monday, the major US stock market indexes finished at: DJIA +114.88 at 26584.77, NAS Comp +173.09 at 10536.35, S&P 500 +23.78 at 3239.41
Volume: Trade on the NYSE came in at light at 790-M/shares exchanged
- NAS Comp +17.4% YTD
- S&P 500 +0.3% YTD
- DJIA -6.9% YTD
- Russell 2000 -11.0% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish in here.
Looking Ahead: Investors will receive the Conference Board’s Consumer Confidence Index for July and the S&P Case-Shiller Home Price Index for May Tuesday.
Data as of 28 July 2020. All quotes delayed at least 15 mins.
|.TRXFLDJPP||Thomson Reuters Equity Japan Index||3:44am EDT||137.46||-0.67||-0.49%|
|.TRXFLDHKP||Thomson Reuters Equity HK Index||3:50am EDT||305.94||+4.48||+1.49%|
|.TRXFLDINP||Thomson Reuters Equity India Index||3:50am EDT||1,270.69||+11.25||+0.89%|
|.N225||Nikkei Stock Average 225||2:15am EDT||22,657.38||-58.47||-0.26%|
|.HSI||Hang Seng Index||4:00am EDT||24,754.15||+150.89||+0.61%|
|.AORD||ASX All Ordinaries Index||3:22am EDT||6,146.80||-22.80||-0.37%|
|.KS11||KOSPI Index||2:32am EDT||2,256.99||+39.13||+1.76%|
|.SETI||SET Composite Index||24 Jul 2020||1,340.92||-18.73||-1.38%|
|.JKSE||Jakarta Composite||4:14am EDT||5,112.99||-3.68||-0.07%|
|.PSI||PSE Composite Index||12:50am EDT||5,927.11||+66.17||+1.13%|
|.SSEC||Shanghai Composite Index||3:00am EDT||3,227.96||+22.73||+0.71%|
|.BSESN||S&P BSE Sensex||4:04am EDT||38,347.00||+412.27||+1.09%|
|.FTFBMKLCI||FTSE Bursa Malaysia KLCI||4:05am EDT||1,607.17||+15.69||+0.99%|
|.HNX30||HNX 30 Index||26 Jul 2020||189.58||-13.91||-6.84%|
Have a healthy day, Keep the Faith!