Forex Analysis & Reviews: 10.11.2022 - Major Asian indicators show...

10.11.2022 04:10 PM

Major Asian indicators show declines up to 1.7%

The major Asian indicators dropped up to 1.7%. The Shanghai Composite and Australian S&P/ASX 200 indices dropped by 0.39% and 0.5% respectively. Korea's KOSPI fell by 0.91%, as well as Shenzhen Composite and Japan's Nikkei 225 were both down by 0.98% each. The Hong Kong Hang Seng index showed the biggest drop, shedding by 1.7%.

Investors' pessimism was due to a decline in major US and European indicators yesterday. Investors avoid risks during today's trading session, as they are waiting for the latest statistical data on US inflation for October. According to forecasts, consumer price growth in the country declined to 8% from September's reading of 8.2%.

China reported another COVID-19 outbreak. One of the major cities recorded the highest number of cases over the past year.

Among the companies traded on the Hong Kong stock exchange, the biggest losers were Geely Automobile Holdings, Ltd. which fell by 6.5%, BYD, Co. Ltd., down 4.6%, and Shenzhou International Group Holdings, Ltd., declining by 4.7%. Alibaba Group lost 4% and Tencent Holdings, Ltd. slumped by 2.2%.

Among Japanese companies in the industrial sector, the strongest decrease was demonstrated by Kubota, Corp., down 6.7%, and Kobe Steel, Ltd. Ltd., declining by 6.1%.

Despite the fact that according to the results of the quarterly report of Honda Motor, Co. managed to increase its net profit by 14%, the figure did come in line with experts' forecasts, due to which the stock fell by 4.2%.

Due to a 3-fold reduction in net profits in the second quarter of this fiscal year, Japan's Nissan Motor, Co. fell by 0.1%.

Shares of the companies included in the Korean KOSPI show mixed results. Samsung Electronics fell by 2.1%, while Hyundai Motor gained 0.6%.

According to the latest statistical data, inflation expectations in Australia have increased to 6% this month compared to the previous month's reading of 5.4%. The increase in this indicator was recorded for the first time in the last five months.

In Australia, BHP decreased by 1.5%, and its competitor Rio Tinto dropped by 0.3%.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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