09/13/2024 – 5:41
By André Marinho*
São Paulo, 09/13/2024 – Asian stock markets closed without a clear direction this Friday, with the attention of global markets already focused on the Federal Reserve’s (Fed) decision next week, after a series of inflation indicators in the United States pointed to a still uncertain scenario.
During the early hours of the morning, the chances of the US central bank opening the monetary easing cycle with a 50 basis point cut grew, amid a series of speculations. A report by The Wall Street Journal showed that the debate on the size of the first adjustment is still “open” at the Federal Open Market Committee (FOMC).
In this environment, the Kospi index closed the session up 0.13% in Seoul, at 2,575.41 points. In Taiwan, the Taiex advanced 0.49%, to 21,759.65 points. Shares of Taiwan Semiconductor Manufacturing (TSMC) rose 0.74%, amid a recovery in the semiconductor chip sector globally.
On the other hand, Tokyo felt the pressure of the yen’s rise to its highest level since December against the dollar, with the Nikkei index down 0.68%, at 36,581.76 points. Toyota (-2.31%) and Mazda Motor (-2.47%) were among the negative highlights.
In China, the Shanghai Composite Index fell 0.48% to 2,704.09 points, while the smaller Shenzhen Composite Index fell 1.08% to 1,476.26 points. The blue-chip CSI 300 index fell 0.42% to 3,159.25 points, its lowest closing score since January 2019.
On the other hand, the Hang Seng rose 0.75% to 17,369.09 points in Hong Kong. According to HSBC analysts, Chinese stocks could rise by up to 12% in the next 12 months, benefiting from the monetary easing campaign in the US. The process should reduce exchange rate pressure and increase liquidity, according to the analysis. The bank, however, warns that the recovery depends on an improvement in Chinese fundamentals.
In Oceania, Sydney’s S&P/ASX 200 rose 0.30% to 8,099.90, close to an all-time high. Shares in gold miners West African Resources and Perseus Mining rose more than 10%, following the appreciation of the precious metal.
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*With information from Dow Jones Newswires
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