Chinese stocks fell sharply, Asian markets

Chinese stocks fell sharply, Asian markets “went chaotic”

Mainland Chinese stocks fell the strongest point in the region in October 23 trading after warning businesses need to prepare to respond to the fluctuations of the yuan.

China’s Shanghai Composite Index lost 1.04% in October 23 trading. Photo: AFP

The Shanghai Composite Index closed 1.04% lower to 3,278 points while Shenzhen Component slipped nearly 2% to 13,128.46 points. In contrast, the Hong Kong Hang Seng Index at the end of the session still edged up 0.46%.

China’s foreign exchange management agency today 23/10 recommended businesses to prepare for the upcoming fluctuations of the yuan. This week, the yuan has appreciated about 1% against the US dollar to the highest level since July 2018 – the time when the US-China trade war was just raging. Less than five months ago, the yuan slipped to its lowest level against the greenback since early 2008.

The Japanese stock market today closed in the green as the Nikkei 225 edged up 0.18% to 23,516.59 points, while Topix climbed higher with 0.34% to close the day with 1,625.32. . The green color also stayed in the Korean market when Kospi closed up 0.24% to 2,360.81 points.

Meanwhile, Australian stocks were tinged with red with the S & P / ASX 200 index slipped 0.11% to 6,167 at the end of the session. Overall, the MSCI Asia-Pacific (excluding Japan) went flat with 585.29 points.

Shares of semiconductor manufacturers in Asia-Pacific today were in the sights of investors after the chip giant Intel announced conflicting business results. Shares of Tokyo Electron (Japan) lost 2.74% while shares of Advantest fell 1.08%. By contrast, shares of Samsung Electronics (South Korea) edged up 0.17% while SK Hynix rose 0.72%.

The news of the Covid-19 translation in the US continued to attract the attention of investors. The US Food and Drug Administration on October 22 approved the antiviral drug remdesivir of Gilead Sciences Biopharmaceutical Company for the treatment of Covid-19. This intravenous drug helped to shorten recovery time for some Covid-19 patients hospitalized.

The US is still stuck with the new stimulus package of the Covid-19 era. “The steel dress” Nancy Pelosi, President of the US House of Representatives on October 22, said the new stimulus package agreement has “come here” but she warned that the process of turning this agreement into law will still take a lot. time while she and the administration of President Donald Trump are trying to resolve outstanding issues.

Wall Street stocks flourished last night with all three major indices simultaneously increased points. Dow Jones closed more than 152.84 points, or 0.5%, to 28,363.66 points, while the S&P 500 also rose 0.5% to 3,453.49 and Nasdaq Composite closed. inched 0.2% up 11,506.01 points.

On the money markets, the US dollar index against other major currencies rebounded significantly to 93,022, from the 92.8 level commonly seen in recent days. Japanese Yen slipped slightly to 104.74 JPY / USD, while Australian dollar strengthened and converted 1 AUD “eat” 0.7127 USD, compared with 1 AUD / 0.757 USD earlier this week.

Oil prices on the Asian market this afternoon decreased. Brent crude oil futures for delivery slid 0.24% to $ 42.36 / barrel while US crude futures dropped by 0.32% to $ 40.51 / barrel.

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