Most Asian stock markets continue to climb, US dollar cools

SYDNEY, NSW, Australia – Asian stock markets were mixed on Monday, with most stock markets losing ground early, but recovering later in the day.

Only the Australian market ended down.

The currency markets saw the US dollar lose ground, except against the Japanese yen which fell sharply.

“Bond yields continue to rise, inflation expectations are rising and monetary tightening in various forms is increasingly prevalent,” ANZ analysts said in a note.

“The global chip shortage will continue until next year, adding even more uncertainty to uneven recoveries,” analysts said. “Add in the energy shortages, and the economic landscape is materially more sober than the optimism that accompanied the early stages of the global recovery.”

At the close on Monday, the Australian All Ordinaries were 16.20 points or 0.21% lighter at 7,601.10.

The Nikkei 225 in Japan was up sharply, adding 449.26 points or 1.60% to close at 28,498.20.

China’s Shanghai Composite and Hong Kong’s Hang Seng were higher in the late afternoon.

The euro climbed to 1.1581 at the Sydney close on Monday. The British pound strengthened to 1.3652. The Swiss franc was unchanged at 0.9275.

The Canadian dollar edged up to 1.2459. The Australian dollar was in demand at 0.7332. The New Zealand dollar climbed to 0.6936.

The Japanese yen conversely fell to 112.69.

Source link

About Troy McMiller

Check Also

Seoul shares open lower amid virus concerns

The benchmark figures for the Composite Korean Stock Price Index (Kospi) were displayed on Thursday …

Leave a Reply

Your email address will not be published. Required fields are marked *