Stock Market News

Asian stocks rangebound before U.S. inflation, China hit by property woes

2024.05.13 22:46

Asian stocks rangebound before U.S. inflation, China hit by property woes

Investing.com– Most Asian stocks kept to a tight range on Tuesday as anticipation of key U.S. inflation data deterred any major trades, while Chinese markets retreated as another major property developer defaulted on bond payments. 

Regional markets traced a lack of committed moves on Wall Street, as traders remained wary of any major bets before inflation readings on Tuesday and Wednesday. 

U.S. stock index futures were also rangebound in Asian trade. 

Chinese stocks stall as property market hit with fresh defaults

China’s and indexes fell about 0.3% each, pulling back further from their highest levels so far in 2024. Losses were driven chiefly by a drop in property market stocks.

Agile Group Holdings Ltd (HK:) was at the heart of this decline. Hong Kong shares of the property developer slid nearly 15% after it said it defaulted on an interest rate payment on Monday.

The firm also clocked a sharp decline in sales in the first four months of 2024, as a property market slump showed little sign of easing. 

Concerns over a broader property market melt-down largely offset optimism over Beijing outlining plans for a massive bond issuance, which entails more fiscal stimulus for the country.

Losses in property stock also kept Hong Kong’s index trading sideways, although heavyweight technology stocks including Baidu Inc (NASDAQ:) (HK:), Alibaba Group (HK:) (NYSE:) and Tencent Holdings Ltd (HK:) advanced ahead of their quarterly earnings this week.

Sentiment towards China also remained skittish as recent reports suggested the Biden administration was considering more trade tariffs on China.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.

Broader Asian markets muted before U.S. inflation 

Broader Asian stocks moved in a flat-to-low range, as focus remained squarely on upcoming U.S. inflation data that is expected to factor into interest rates. 

Japan’s index rose 0.1%, supported by an over 2% bounce in technology giant SoftBank Group Corp. (TYO:) after it swung to a profit in the fourth quarter. The firm’s loss for fiscal 2024 also narrowed substantially from the prior year. 

Data on Tuesday showed Japanese inflation grew as expected in April. 

Australia’s fell 0.3%, while South Korea’s was flat. 

Futures for India’s index pointed to a flat open, as investors also remained wary of Indian markets amid the 2024 general elections. 

But the biggest point of focus across Asian markets was the upcoming U.S. inflation data. inflation is due on Tuesday, while the more closely-watched reading is due on Wednesday. 

Any signs of sticky inflation are likely to further diminish expectations of interest rate cuts by the Federal Reserve, and are likely to rattle markets. 

Inflation is also expected to remain well above the Fed’s 2% annual target rate, giving the central bank little impetus to immediately begin trimming rates.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 84,064.52 1.36%
ethereum
Ethereum (ETH) $ 1,936.82 2.39%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.35 1.42%
bnb
BNB (BNB) $ 624.10 3.74%
solana
Solana (SOL) $ 128.88 1.21%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.720457 2.72%
dogecoin
Dogecoin (DOGE) $ 0.173858 2.84%
tron
TRON (TRX) $ 0.220097 3.38%
staked-ether
Lido Staked Ether (STETH) $ 1,934.94 2.65%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,851.47 1.16%
pi-network
Pi Network (PI) $ 1.35 3.01%
leo-token
LEO Token (LEO) $ 9.78 2.49%
chainlink
Chainlink (LINK) $ 14.12 5.06%
the-open-network
Toncoin (TON) $ 3.47 1.25%
stellar
Stellar (XLM) $ 0.274319 3.46%
usds
USDS (USDS) $ 1.00 0.02%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,317.26 2.71%
hedera-hashgraph
Hedera (HBAR) $ 0.192379 4.53%
avalanche-2
Avalanche (AVAX) $ 18.83 2.46%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 2.08%
sui
Sui (SUI) $ 2.34 4.52%
litecoin
Litecoin (LTC) $ 92.87 2.84%
mantra-dao
MANTRA (OM) $ 7.00 3.39%
polkadot
Polkadot (DOT) $ 4.42 2.37%
bitcoin-cash
Bitcoin Cash (BCH) $ 337.99 1.10%
ethena-usde
Ethena USDe (USDE) $ 0.999759 0.04%
weth
WETH (WETH) $ 1,934.58 2.20%
bitget-token
Bitget Token (BGB) $ 4.44 1.45%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.19%
hyperliquid
Hyperliquid (HYPE) $ 13.44 0.92%
whitebit
WhiteBIT Coin (WBT) $ 28.52 0.48%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,055.69 2.26%
monero
Monero (XMR) $ 210.89 0.35%
uniswap
Uniswap (UNI) $ 6.33 2.95%
susds
sUSDS (SUSDS) $ 1.04 0.10%
aptos
Aptos (APT) $ 5.37 4.08%
dai
Dai (DAI) $ 0.999845 0.02%
near
NEAR Protocol (NEAR) $ 2.64 5.09%
pepe
Pepe (PEPE) $ 0.000007 12.16%
okb
OKB (OKB) $ 50.82 3.89%
internet-computer
Internet Computer (ICP) $ 6.01 7.19%
mantle
Mantle (MNT) $ 0.817187 0.88%
ethereum-classic
Ethereum Classic (ETC) $ 18.12 3.65%
ondo-finance
Ondo (ONDO) $ 0.867123 5.84%
gatechain-token
Gate (GT) $ 21.97 3.09%
tokenize-xchange
Tokenize Xchange (TKX) $ 33.57 12.34%
aave
Aave (AAVE) $ 176.31 6.47%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,018.51 1.28%