as talk grows of fed rate rise
Last Updated : GMT 09:07:40
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Last Updated : GMT 09:07:40
Egypt Today, egypt today

Asia stocks fall

As talk grows of Fed rate rise

Egypt Today, egypt today

Egypt Today, egypt today As talk grows of Fed rate rise

Most Asian markets fell on October 17, 2016, following healthy gains
Hong Kong - Arab Today

Most Asian markets swung lower Monday following healthy gains at the end of last week, as investors bet that the Federal Reserve will raise interest rates before the end of the year.

Shares had soared Friday after data showed the first rise in Chinese factory prices for more than four years, fuelling hopes the world's number two economy is reaching the end of a years-long growth slowdown.

Analysts said comments from Fed boss Janet Yellen Friday suggested the US central bank would raise borrowing costs but at a steady pace.

Yellen said running a "high-pressure economy" could help it overcome the damage caused by the global financial crisis.

"If nothing else, this is another lower-for-longer prescription. However, these comments do not preclude a 25-basis-point rate hike this year as another step in the normalisation process," Thomas Simons, senior economist at Jefferies LLC in New York, wrote in a note to clients.

Most experts predict a rise by December at the latest and are closely watching the release this week of US industrial output and inflation data.

The prospect of higher borrowing costs weighed on Asian markets in the morning but some staged a recovery as the day wore on.

Tokyo ended 0.3 percent higher, with a pick-up in the dollar against the yen helping exporters, while Seoul was 0.2 percent up.

But Shanghai closed 0.7 percent lower and Sydney shed 0.8 percent, while Singapore sank 0.2 percent and Wellington tumbled 0.9 percent.

- Crown hammered -

Hong Kong was down 0.8 percent, with casino shares taking a hammering on news that 18 sales and marketing staff of Australia's Crown Resorts -- including an executive in charge of luring high-rollers to Australia -- had been held in China.

While it is not clear why they are being questioned, the Australian Broadcasting Corporation said it understood they were seized over soliciting Chinese big spenders to gamble in overseas casinos.

"The casino industry is in a sensitive position as recent Chinese government policy has been anti-corruption," Ronald Wan, chief executive of Partners Capital International in Hong Kong, told Bloomberg News.

Sands China sank 3.3 percent, Wynn Macau lost 2.7 percent and Galaxy Entertainment dived 4.3 percent.

In Sydney, Crown Resorts -- owned by billionaire James Packer -- plunged almost 14 percent.

Bangkok's market dipped 0.2 percent, having soared Friday as news of the death of Thailand's king fuelled bargain-buying after heavy selling in his final days.

The dollar strengthened Friday on the prospects of higher rates and maintained its gains in Asia.

The greenback bought 104.10 yen in Tokyo, from 104.16 yen in New York but still well up from the 103.66 yen Thursday. The euro bought $1.0985 from $1.0974 Friday but weaker than Thursday's $1.1056.

The pound remains bolted at three-decade lows as traders fret over Britain's plans to leave the European Union.

In early European trade London and Frankfurt each lost 0.3 percent and Paris fell 0.4 percent.

- Key figures at 0800 GMT -

Tokyo - Nikkei 225: UP 0.3 percent at 16,900.12 (close)

Hong Kong - Hang Seng: DOWN 0.8 percent at 23,037.54 (close)

Shanghai - Composite: DOWN 0.7 percent at 3,041.17 (close)

London - FTSE 100: DOWN 0.3 percent at 6,990.00

Euro/dollar: UP at $1.0985 from $1.0974 Friday

Dollar/yen: DOWN at 104.10 yen from 104.16 yen

Pound/dollar: DOWN at $1.2165 from $1.2193 

Euro/pound: UP at 90.37 pence from 90.01 pence

Oil - West Texas Intermediate: DOWN 24 cents at $50.11 a barrel

Oil - Brent North Sea: DOWN 22 cents at $51.73 a barrel

New York - DOW: UP 0.2 percent at 18,138.38 (close)

Source: AFP

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as talk grows of fed rate rise as talk grows of fed rate rise



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