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Asian markets settle mostly down on Wednesday
Oct-16-2024
Asian markets settled mostly down on Wednesday tracking Wall Street’s fall overnight after data showed business activity at manufacturing firms in New York State contracted unexpectedly in October. Market sentiments weakened further by lingering geopolitical tensions in the Middle East and reports suggesting that the US government is mulling a cap on export licenses for AI chips to specific countries. Meanwhile investors are focusing to upcoming US economic data that will influence expectations about the US Federal Reserve's interest rate cuts. The Atlanta Fed's Raphael Bostic said he penciled in just one more rate cut of 25 basis points this year, while San Francisco Fed's Mary Daly said one or two cuts in 2024 would be reasonable. Chinese shares gained marginally as China's housing minister set to hold a press briefing on Thursday that will likely provide more details of measures to promote the steady and healthy development of the property sector. Japanese shares declined on tracking chip shares sell-off after ASML Holding warned of a slower-than-expected recovery for some semiconductor end-markets after orders came in below expectations for the third quarter as chip makers held back spending on key production equipment.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,202.95

1.66

0.05

Hang Seng

20,286.85

-31.94

-0.16

Jakarta Composite

7,648.94

21.99

0.29

KLSE Composite

1,632.63

-9.34

-0.57

Nikkei 225

39,180.30

-730.25

-1.86

Straits Times

3,590.62

-4.85

-0.14

KOSPI Composite

2,610.36

-23.09

-0.88

Taiwan Weighted

23,010.98

-281.06

-1.22

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