Japanese equities took another hit overnight, falling to two-month lows as concerns grow about Brexit. The Nikkei 225 fell 1.3% early after hitting a low that touched an early April low of 15,817.74. Some of the problem storms from a stronger yen, up 12% since January against the dollar as exporters feel the pain. Just yesterday it hit a six-week high of 105.735.
Global risk off trades have dropped replaced by risk on so investors look for safe havens.The Korean Kospi edged lower 0.4%, the Australian S&P/ASX 200 lost 1.8%, the Hang Seng Index fell 0.1% and the Shanghai Composite Index moved up 0.2%.
Chinese investors appear to be waiting on MSCI’s decision, to be announced Tuesday evening in New York, on whether to include Chinese stocks in its widely tracked Emerging Markets Index.
Global risk off trades have dropped replaced by risk on so investors look for safe havens.The Korean Kospi edged lower 0.4%, the Australian S&P/ASX 200 lost 1.8%, the Hang Seng Index fell 0.1% and the Shanghai Composite Index moved up 0.2%.
Japan’s Nikkei Stock Average was down 1.3%, Korea’s Kospi fell 0.4% and Australia’s S&P/ASX 200 lost 1.8%. The Hang Seng Index retreated 0.1%, while the Shanghai Composite Index rose 0.2%.
Chinese investors appear to be waiting on MSCI’s decision, to be announced Tuesday evening in New York, on whether to include Chinese stocks in its widely tracked Emerging Markets Index.
Amid the uncertainty leading up the U.K. referendum next week, investors are shedding riskier assets such as stocks and buying yen and gold. Gold rose overnight and was recently trading at $1,284.50 per troy ounce.
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