Tue, 27 Sep 2022

Asian stocks move sideways amidst U.S. dollar weakness

Lola Evans
19 Jul 2022, 17:35 GMT+10

SYDNEY, NSW, Australia - Stocks were somewhat directionless in Asia on Tuesday, although investors in Japan pushed the Nikkei 225 higher after returning from the long weekend.

"It's a bit like 'paint by numbers' at the moment, you've got a picture to fill in, but we don't have all the colours yet," Kerry Craig, global market strategist at JPMorgan Asset Management told Reuters Tuesday

"There are a couple of things missing (such as the direction of the labour market and unemployment rate in the U.S., and whether central banks will step back and say 'that's the peak in inflation and we don't need to be as hawkish', or 'we're going to be really aggressive'."

In Tokyo, the Nikkei 225 advanced 173.21 points or 0.65 percent to 26,961.68.

In China, the Shanghai Composite was flat, ending 1.33 points or 0.04 percent higher at 3,279.43.

In New Zealand, the S&P/NXX 50 inched down 0.90 of a point or 0.01 percent to 11,162.73.

South Korea's Kospi Composite edged down 4.28 points or 0.18 percent to 2,370.97.

The Australian All Ordinaries fell 35.00 points or 0.51 percent to 6,853.00.

In Hong Kong, the Hang Seng shed 185.12 points or 0.89 percent to 20,661.06.

The U.S. dollar continued to lose ground during the Asian time zone. The euro crept up to 1.0176 by the Sydney close. The British pound firmed top 1.1994. The Japanese yen steadied at 137.99. The Swiss franc rose to 0.9727.

The commodity currencies forged ahead. The Canadian dollar jumped to 1.2941. The Australian dollar strengthened to 0.6870. The New Zealand dollar was in demand at 0.6201.

Overnight on Wall Street, the Dow Jones Industrial Average dived 215.65 points or 0.69 percent to close Monday at 31,072.61.

The Standard and Poor's declined 32.31 points or 0.84 percent to 3,830.85.

The tech-laden Nasdaq Composite dropped 92.37 points or 0.81 percent to 11,360.05.

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