Global Markets Get Off to a Slow Start
December 11 2017 - 9:03PM
Dow Jones News
By Gregor Stuart Hunter
Asia-Pacific stocks got off to a slow start Tuesday, though
better-than-expected Chinese credit data could be a bright spot for
some pockets of the markets.
Exchange-traded funds tracking domestic Chinese equities rose
overnight as government data showed banks stepped up lending last
month as some activity moved out of the shadow-banking system.
The Xtrackers Harvest CSI 300 China A-Shares ETF gained 2%.
"We think the strong credit growth reflects the government's
willingness to provide sufficient liquidity to maintain growth
stability," Goldman Sachs said. "This set of data should ease
concerns in the market about a growth slowdown led by an overly
tight policy stance."
The Nikkei Stock Average was recently 0.1% higher after starting
the day lower. The U.S. dollar remained at around Yen113.55, the
same as Monday's level when local equities trading ended.
New Zealand's benchmark eased 0.2% after logging its 42nd record
closing high of 2017 on Monday. Korea's Kospi was 0.3% lower.
Australia's S&P/ASX 200 was up 0.1%, aided by higher
commodity prices overnight. The global Brent oil benchmark rose 2%
overnight on news that a major European pipeline--used in
calculating Brent prices--will shut after a fracture was found.
Brent, which settled at a fresh 2 1/2 -year high Monday, rose 0.1%
in Asian trading.
Generally speaking, market participants are awaiting cues from
global central banks. The Federal Reserve's two-day meeting starts
later Tuesday. On Wednesday, a quarter-point rate increase is
expected to be announced. The European Central Bank and the Bank of
England also meet this week.
Bitcoin prices slipped after Securities and Exchange Commission
Chairman Jay Clayton warned about the risks to retail investors in
the red-hot cryptocurrency. Prices were recently around $16,700,
according to CoinDesk, after nearing $17,400 in late New York
trading.
Write to Gregor Stuart Hunter at gregor.hunter@wsj.com
(END) Dow Jones Newswires
December 11, 2017 20:48 ET (01:48 GMT)
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