News Column

Asia flat ahead of ECB decision

June 5, 2014



Asian stocks posted only minor moves Thursday, as investors took a wait-and-see approach before an expected European Central Bank policy announcement later in the global trading day.

Japan'sNikkei 225 index gained 11.41 points, or 0.1%, to 15,079.37.

The Hang Seng Index in Hong Kong dipped 42.05 points, or 0.2%, to 23,109.66

The Nikkei is currently on its hottest buying streak of the year, rising in 10 of the last 11 sessions and gaining over 7.3% in the process.

Some traders have suggested Japan's stock market is poised for a brisk selloff after Prime Minister Shinzo Abe makes his latest growth strategy announcement in the coming days, noting that volume doesn't indicate overwhelming long-term investor support.

The U.S. dollar was also slightly weaker against the yen than its prior day afternoon levels, trading at 102.52. The euro was also slightly weaker, at 139.50.

CHINA

The Shanghai CSI 300 regained 22.33 points, or 1.1%, to 2,150.60

HSBC China May Services PMI data, published during the Asia morning trading session, came in at 50.7, somewhat lower than April's 51.4, but didn't appear to have a meaningful impact on markets.

In other markets;

Singapore's Straits Times Index gave back 0.53 points to 3,279.64

Korea's Kospi index returned from holiday to lose 13.08 points, or 0.7%, to 1,995.48

In Taiwan, the Taiex index recovered 20.76 points, or 0.2%, to 9,140.72

In New Zealand, the NZX 50 eked up 0.14 points to 5,159.49

Australia's S&P/ASX 200 fell 7.95 points, or 0.2%, to 5,436.88


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Source: Baystreet Foreign Markets Wrap (Canada)


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