Global Stock Markets Patchy Following U.S. Declines -- Update
October 26 2017 - 1:21AM
Dow Jones News
By Ese Erheriene
Asian stock market results were patchy Thursday following modest
overnight declines in the U.S. and Europe, though Japan and China
were logging gains.
Disappointing quarterly reports from the likes of Chipotle
Mexican Grill and Boeing weighed on stocks Wednesday, bringing at
least a momentary pause to this month's strong global gains.
Amid the overnight drop, "confidence is expected to be
undermined for Asian equity bourses," said Jingyi Pan, a market
strategist at IG Group.
Additionally, investors were displaying caution ahead of
anticipated comments from the European Central Bank later Thursday
on scaling down bond purchases. ECB President Mario Draghi's press
conference is "about the only thing that matters today," said
Prakash Sakpal, an Asia economist at ING.
Stock indexes in Australia, Hong Kong, Korea, Taiwan and India
were all recently down less than 0.1%.
But New Zealand's benchmark closed down 0.4% after ending a
15-day winning streak Wednesday. It was the index's biggest drop in
six weeks. Fletcher Building weighed on the index with a 3.6%
decline Wednesday, and then shed another 2.7% Thursday.
Meanwhile, the Nikkei Stock Average rose 0.3%, reversing some of
a late selloff Wednesday that ended the index's record 16-day
winning streak.
A firmer yen capped Thursday's stock gains, as some financial
names jumped in anticipation of further U.S. interest-rate
increases. Daiwa Securities climbed nearly 5% and Nomura rose
2.5%.
The dollar was recently down 0.2% in Asian trading at
Yen113.50.
In China, stocks rose after early softness, extending Wednesday
afternoon gains that followed the unveiling of members of the
country's top governing body.
The Shanghai Composite finished morning trading up 0.5%. Not
since Oct. 9, after a week-long holiday in China, has the index
closed a day up or down that much as officials had sought market
stability for the party congress.
In commodities, gold futures rose 0.2% amid The Wall Street
Journal Dollar Index falling 0.1%. U.S. oil futures eased a further
0.1% after dropping modestly overnight, a decline prompted by
domestic stockpiles surprisingly rising last week.
Write to Ese Erheriene at ese.erheriene@wsj.com
(END) Dow Jones Newswires
October 26, 2017 01:06 ET (05:06 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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