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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Asian Stocks Follow U.S. Lower as Jobs Data Fuel Rate-Rise Bets

Asian Stocks Follow U.S. Lower as Jobs Data Fuel Rate-Rise Bets

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

  • Nikkei 225 tumbles after posting historic rally on Wednesday
  • Job openings in U.S. surge to record ahead of Fed meeting



Asian stocks dropped, after the regional benchmark index surged by the most in six years on Wednesday, as data on American job openings bolstered the case for higher U.S. interest rates.
Inpex Corp., Japan’s biggest energy explorer, slid 5.4 percent after crude oil futures declined. Murata Manufacturing Co. fell 3 percent in Tokyo, pacing losses among Apple Inc. suppliers after Apple unveiled new products. Mirae Asset Securities Co. plunged 18 percent in Seoul, heading for a record drop, following a report the South Korean brokerage is considering a bid for rival Daewoo Securities Co. as it prepares to sell 1.2 trillion won ($1 billion) of new shares.
The MSCI Asia Pacific Index sank 1.6 percent to 127.37 as of 10:32 a.m. in Hong Kong after jumping 4.2 percent on Wednesday. Japan’s Topix index lost 2.1 percent as the yen halted three days of declines. The Standard & Poor’s 500 Index slid 1.4 percent on Wednesday as investors weighed the implications of the employment data for next week’s Federal Reserve meeting.

“Markets will remain volatile until the Fed meeting next week,” Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors Ltd., which oversees about $118 billion said by phone. “Investors are again focusing on the potential U.S. interest-rate increase and how it would impact emerging markets.”

U.S. Jobs

Job openings in the U.S. surged to a record in July, data released on Wednesday showed. Fed officials have to consider whether market turmoil that began last month will offset the labor-market improvement and interrupt plans to raise the benchmark interest rate for the first time since 2006. Futures traders saw a 28 percent chance that the Fed would increase rates in September, down from 32 percent a week earlier, data compiled by Bloomberg show.
China’s Shanghai Composite Index dropped 0.5 percent, paring earlier losses of as much as 2 percent. The nation’s consumer prices rose 2 percent in August from a year earlier as a pork supply crunch drove up the cost of the staple. That’s the fastest pace in a year and compared with the 1.8 percent median estimate in a Bloomberg survey of economists. The Hang Seng China Enterprises Index of mainland stocks traded in Hong Kong fell 2 percent, while the city’s benchmark Hang Seng Index slipped 2.2 percent.

Regional Gauges

Japan’s Nikkei 225 Stock Average plunged 2.9 percent after surging by most since October 2008 on Wednesday. Taiwan’s Taiex index slid 0.3 percent and Singapore’s Straits Times Index dropped 1.6 percent. Australia’s S&P/ASX 200 Index decreased 2.2 percent. New Zealand’s NZX 50 Index was little changed after the central bank cut interest rates and said the currency should fall further. South Korea’s Kospi Index retreated 0.1 percent.

E-mini futures on the S&P 500 lost less than 0.1 percent after the underlying equity gauge failed to add to the second-biggest surge of 2015. Apple, the largest-weighted stock in the S&P 500, slipped 1.9 percent.
Courtesy: Bloomberg Business 10  September 2015

VALUEPICK

VALUEPICK
Expert
Expert
Volatility has become new normal in global markets and it creates opportunities. It is time to separate attractive frontier markets from China. Frontier market imports lot of things from emerging countries such as India, Brazil and China etc. Their cost will go down thanks to weakness in emerging market currencies. Some of the listed companies in Sri-Lanka also will benefit. Frontier markets are enjoying lower oil. Now they are going to enjoy lower cost for other materials as well.
 
Sometimes Chinese market could recover at the end of day. South Korean market could stay strong today when compare with other markets.

EquityChamp

EquityChamp
Moderator
Moderator
@VALUEPICK wrote:Volatility has become new normal in global markets and it creates opportunities. It is time to separate attractive frontier markets from China. Frontier market imports lot of things from emerging countries such as India, Brazil and China etc. Their cost will go down thanks to weakness in emerging market currencies. Some of the listed companies in Sri-Lanka also will benefit. Frontier markets are enjoying lower oil. Now they are going to enjoy lower cost for other materials as well.
 
Sometimes Chinese market could recover at the end of day. South Korean market could stay strong today when compare with other markets.

Can you spot what are those listed companies in CSE?

VALUEPICK

VALUEPICK
Expert
Expert
Currently I am doing some home work on selected production, food and textile oriented companies. First of all we should identify type of things such as industrial materials or any other commodity that they import from India and China. Sri-Lanka mainly imports rice, onion, dhal and other products from India and Pakistan.
 
In other words we should take advantage from lower commodity prices and other raw materials though listed companies in the coming months and quarters. Definitely productions cost is going to go down in above types of companies in the coming months. On top of that we should study demand for their products and services. When we find these two strong points in a company we should do further study to identify some great opportunities.

EquityChamp

EquityChamp
Moderator
Moderator
Will this benefit our plantation companies being the biggest export oriented sector in CSE.
Also TJL & MGT might worth to look at.
If LKR reaches 150 by the year end 11% additional rupee income to these companies from the same volume they are doing at the moment. Basketball

VALUEPICK

VALUEPICK
Expert
Expert
Rupee could stay around Rs.139 or could settle around Rs.135/136. Still export companies can benefit at least by five rupees minimum. Remember Rupee already had devaluation in 2012 and it shot up to Rs. 137 from Rs.110 during that period. Impost cost will not go up for some materials and products originating from some emerging countries as they have some of the weakest currencies. Their currencies have dropped quite lot. Import cost will go up for some items coming from countries such as Japan and the USA.
 
Tea exporters and tea companies are the biggest winners in this type of situation. Tea companies having demand and growth for their tea in Europe and North America will become top winners. We have few listed tea companies more exposure to Europe and the USA. Higher USD means strong buying power. Purchasing power of USA consumers will go up in the coming years. On top of that still USA is the biggest energy consumer in the world. Lower petrol, gas and oil will have big impact on their economy.

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