Hong Kong stocks finish week with more losses
Hong Kong stocks finished a tough week with another loss Friday as 2024 got off to a terrible start for equities, with a forecast-beating US jobs report denting hopes for an early interest rate cut.
The Hang Seng Index sank 0.66 percent, or 110.65 points to 16,535.33.
The Shanghai Composite Index fell 0.85 percent, or 25.17 points, to 2,929.18, and the Shenzhen Composite Index on China’s second exchange sank 1.34 percent, or 24.08 points, to 1,773.43.
London stocks fall
The UK’s FTSE 100 fell on Friday, set to mark losses in the first trading week of 2024, owing to aggressive repricing of early rate-cut bets, while investors looked ahead to US jobs data for clues on the future path of interest rates globally.
The Blue-Chip FTSE 100 was down 0.6 percent by 0810 GMT, on track to snap a five-week winning streak.
The Mid-cap FTSE 250 index eased 0.5 percent.
Precious metal miners led the losses among sectors, falling 6.5 percent to a nearly two-month low on broad selloff.
The Index is set to log its worst day in 20 months, if losses hold.
Money Markets are now pricing in 130 basis points of interest rate cuts by the Bank of England in 2024, compared with 150 basis points last week.
European stocks drop
Europe’s main stock markets lost ground in opening deals on Friday, as cautious investors awaited key US payrolls data.
In initial deals, London’s benchmark FTSE 100 index of top bluechip companies slid 0.6 percent to 7,675.88 points.
In the eurozone, the Paris CAC 40 shed 0.8 percent to 7,392.07 points and Frankfurt’s DAX index retreated 0.7 percent to 16,501.31.
Japanese shares rise
Japanese Shares rose on Friday as a weaker yen boosted exporters including automakers and financials climbed amid a continued hunt for value stocks.
The Nikkei climbed 0.45 percent to 33,442.62 by the midday break and was set to wrap up the holiday-shortened week with a marginal loss.
The Broader Topix rose 0.56 percent to 2,392.19 and was on course to rise 1.09 percent for the week.
Australian shares set for worst week in 2-1/2 months
Australian Shares inched higher on Friday, but were poised for their worst week since late October as caution prevailed ahead of a key domestic inflation report that could provide clues on the central bank’s next moves.
The S&P/ASX 200 index edged 0.1 percent higher to 7,503.70 by 0018 GMT.
The Benchmark has declined 1.1 percent so far this week after five straight weekly gains.
The Country’s monthly inflation report for November, due next week, will be a key indicator for market participants to gauge the Reserve Bank of Australia’s (RBA) monetary policy decisions for the year ahead.
The RBA is likely to start easing its monetary policy as soon as May or June, even if the central bank has a nominal tightening bias.
Indian shares set to open higher
India’s Benchmark Nifty 50 index is set to open higher on Friday, on course to erase weekly losses, ahead of quarterly results starting next week, while global stocks remained subdued after fresh data raised doubts over early US rate cuts in 2024.
India’s GIFT Nifty was trading at 21,770 as of 8:24 a.m. IST, suggesting the NSE Nifty 50 will open above its previous close of 21,658.60 points.
Asian Markets were muted, tracking a weak close on Wall Street overnight, after resilient labour market data dampened expectations of multiple interest rate cuts by the US Federal Reserve this year.
The blue-chip Nifty 50 witnessed selling pressure after hitting record high levels on Monday, before trimming losses on Thursday, led by strong business updates by key lenders and financial companies. The index is down 0.33 percent for the week so far.
China stocks fall
Chinese Stocks closed down on Thursday dragged by liquor companies’ shares, as investors remained worried about macroeconomic factors despite a survey showing that services activity expanded at the quickest pace in five months.
China’s Blue-Chip CSI 300 Index ended 0.9 percent lower, while the Shanghai Composite Index lost 0.4 percent.
Hong Kong benchmark Hang Seng Index was roughly flat.
China’s services activity in December expanded at the fastest pace in five months, thanks to a solid rise in new business, a private-sector survey showed.
Liquor stocks fell 2.3 percent and led declines, with Luzhou Laojiao and Kweichou Moutai down 3.3 percent and 1.5 percent, respectively.
Most Gulf markets gain on rising oil prices
Most Stock Markets in the Gulf ended higher on Thursday on the back of rising oil prices, with the Saudi index leading the gains. Oil – a catalyst for the Gulf’s financial markets – rose by about 1 percent, extending gains amid concerns over Middle Eastern supply after disruptions at an oilfield in Libya and heightened tensions relating to the Israel-Hamas war. Saudi Arabia’s benchmark index advanced 1.8 percent, buoyed by a 5 percent jump in Elm Co and a 6.9 percent surge in the country’s biggest lender Saudi National Bank. However, petrochemical makers and cement companies were mostly in negative territory.
Sri Lanka shares end higher
Sri Lankan shares closed higher on Thursday, helped by gains in consumer staples and industrial stocks. The CSE All Share index settled up 0.23 percent at 10,740.03. Ceylon Tobacco Company PLC and Expolanka Holdings PLC were the top gainers on the CSE All Share, rising 5.1 percent and 1.4 percent, respectively. Sri Lanka shares end higher boosted by consumer staples. Trading volume on the index rose to 43.8 million shares from 29.8 million in the previous session. The Equity market’s turnover fell to 627.3 million Sri Lankan rupees ($1.95 million) from 768.9 million in the previous session, according to exchange data. Foreign Investors were net sellers, offloading stocks worth 122.7 million rupees, while domestic investors were net buyers, purchasing shares worth 553 million rupees.