السبت , يونيو 13 2020

Asian stocks up despite lower yuan

Nikkei stock boards

Japanese stocks were higher despite the yuan uncertainty

Asian shares were up despite China sending the value of its currency, the yuan lower for the third consecutive day.

Thursday’s yuan guidance rate was set 1% down, a smaller margin than the shock cuts earlier in the week.

The midpoint is a guiding rate set by the government, from which trade can rise or fall 2% during the day.

The Shanghai Composite rose by 0.8% to 3,916.68 points in early trading on hopes the lower yuan will help exports.

In Hong Kong, the Hang Seng was up by 0.6% to 24,048.49 points.

The region’s largest stock market, the Nikkei 225 index, rose by 0.4% to 20,471.13 after hefty losses the previous day.

That’s despite core machinery orders falling 7.9% in June, down for the first time in four months, as official data showed just before markets opened.

In South Korea, the Kospi index was unchanged at 1,973.98 points.

Data released in the morning had the country’s July exports slightly revised down to a 3.4% drop.

But traders were also looking at South Korea’s central bank which after a morning meeting announced it would leave the interest rate unchanged at 1.5%.

In Australia, investors were more upbeat, bringing the benchmark SP/ASX 200 up by 0.5% to 5,407.00 points.

Market bellwether, mining giant BHP Billiton, saw shares up by almost 3% while a rise in gold prices also sent other mining companies higher.

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