Equity indexes in Asia rise

24 April, 2018

Asian equity indexes moved into green territory on Tuesday despite a weak lead from Wall Street on the back of higher Treasury yields and as traders await more economic reports.

Japan’s Nikkei 225 increased 0.95 percent, while the Korean Kospi index marked a 0.45 percent loss. Financials were among best performers for the day.

Meanwhile in Australia, the S&P/ASX 200 benchmark posted a 0.60 percent gain as most subindexes traded in green territory, with financials adding close to one percent in the session.

In mainland China, the Shanghai composite and the Shenzhen were up 1.91 percent and 1.81 percent respectively by the time of this writing. The Hang Seng traded 1.09 percent higher.

Wall Street top three indexes ended lower on Monday as Treasury yields settled dangerously close to three percent. The Dow Jones industrial average was down 14.25 points at 24,448.69, with Goldman Sachs leading decliners.

The benchmark 10-Year US Treasury yield rose up to 2.99 percent in the prior session, a level not seen since 2014. That move boosted demand for the greenback, which reacted with an increase to an eight-week high.

The US dollar index, which gauges the greenback against six major competitors, was trading 0.63 percent higher at 90.64 by the time of this writing.

The S&P 500 ended flat at 2,670.29, with technology losses being compensated by increases in telecommunications. The Nasdaq composite eased 0.3 percent to 7,128.60.

On the data front, the US manufacturing and services PMIs for April outperformed expectations at 56.5 and 54.4 respectively. Existing home sales grew 1.1 percent in March to 5.6 million units.

Economic calendar:

Europe: German business expectations, current assessment and lfo business climate index for April are all scheduled at 08:00 GMT, with readings of 104.4, 125.7 and 114.8 seen. CBI industrial trends orders for April in the UK will be released as of 10:00 GMT.

United States: the S&P/CS HPI composite for February is coming at 13:00 GMT, followed by CB consumer confidence for April and new home sales for March at 14:00 GMT.

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