NTDTV
Market Report – China Weighs
(NTDTV)
In today’s market report… Japan’s election euphoria fizzled out, as the yen’s seven-week peak against the dollar hurt exporters. Tumbling Shanghai stocks erased the Nikkei’s jump to an 11-month high.
The election result, while widely anticipated, sparked buying of yen on hopes that new policies will support consumer spending in an economy trapped in deflation, high unemployment and a weak growth outlook.
But shares in Shanghai tanked over six percent to a three-month low, racking up losses of more than 21 percent in August.
Fears that banks will reign in their lending after a torrid first six months, and an abundant supply of new shares have been pushing share prices lower.
Falling Chinese shares prompted investors to buy the yen and sell other riskier currencies like the Australian dollar.
But the Australian market performed relatively well after financials got boost from ANZ, Australia’s fourth-biggest lender, who said its profits were in line with expectations and that it was starting to see bad debt provisions bottoming out.
Meanwhile South Korea’s top car parts maker, Hyundai Mobis, said it would set up a battery joint venture with LG Chem to develop lithium-ion battery packs for the ever-growing hybrid car market.
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