TOKYO: Stocks were hammered yesterday August 31 as the yen hovers near a 15-year high against the dollar. Many Japanese companies like Sony, Panasonic and Toyota rely heavily on exports, so a stronger yen cuts into their profits. Japan’s Nikkei stock average tumbled to a 16-month low, falling 3.6 percent.
HONG KONG: Stocks slipped yesterday August 31 as concerns over the state of the global recovery were stoked by poor consumer data from the US and a slump in Tokyo.
Hong Kong’s benchmark Hang Seng Index fell 0.97 percent, or 200.73 points, to 20,536.49. Turnover was HK$56.89 billion
Technology firms led the index’s fall, with Foxconn International shedding 7 percent to HK$5.17 after a first-half net loss and offering an uninspiring outlook for the second half.
SINGAPORE: The Straits Times Index fell 0.2 percent to 2,950.33 at the close.
Shares on the measure trade at an average 14.3 times estimated earnings, compared with about 17.4 times at the beginning of the year.
Among the most active stocks, Ca-pitaLand fell 1.8 percent to S$3.91 after sliding 1/2 percent on Monday, Allgreen Properties sank 3.8 percent to S$1.02, and City Developments fell 4.5 percent to S$10.94, its lowest since July 13.
VIETNAM: The VN Index surged 10.27 points or 2.31 percent to 454.82 points with total trading volume of over 45 million shares worth 1.195 trillion dong.
The HNX Index rose 3.52 points or 2.82 percent to 128.4 points with total market trade of 45.8 million shares for 1.007 trillion dong in value.
EUROPE: Shares edged higher yesterday helped by a rise in US consumer confidence data, though gains were limited by fears for economic recovery, with the market recording its worst monthly decline since May.
The pan-European FTSEurofirst 300 index of top shares closed up 0.1 percent at 1,026.34 points.
The Euro STOXX 50 was 0.2 perc ent higher at 2,622.95.
Across Europe, the FTSE 100 index was 0.5 percent higher, Germany’s DAX was up 0.2 percent, and France’s CAC 40 was 0.1 percent higher.
AMERICA: The stock market ended its worst August since 2001 with meager gains Tuesday after minutes from the latest Federal Reserve meeting showed officials’ increasing concern about the economy.
Stock indexes gave up most of their gains in mid-afternoon after the release of minutes from the Fed’s Aug. 10 meeting. Fed officials said during their discussions that they recognized that the economy might need further stimulus beyond the purchases of government debt the central bank announced that day. Some of the officials acknowledged that economy had softened more than they had anticipated.
The Dow Jones industrial average ended with a gain of 5 points, having been up 64 following a reading on consumer confidence in August that came in stronger than expected. Stocks fell sharply for much of August after a series of reports suggested that the recovery has weakened.
The S&P 500, the measure used most by stock market professionals, finished August with a loss of 4.7 percent. It was the S&P 500′s worst showing for the month since August 2001, when it lost 6.4 percent as the dot-com bubble collapsed. Year-to-date, the S&P 500 is down 5.9 percent.
The Dow rose 4.99, or 0.05 percent, to close at 10,014.72.
Broader indexes were mixed. The Standard & Poor’s 500 index edged up 0.41, or 0.04 percent, to 1,049.33. The Nasdaq composite index fell 5.94, or 0.3 percent, to 2,114.03.
Other market indicators also had dismal performances in August, having surged ahead in July on a series of strong earnings reports. The Dow lost 4.3 percent in August, while the Nasdaq lost 6.2 percent.
Rising stocks outpaced falling ones by about 4 to 3 on the New York Stock Exchange, where consolidated volume was low at 4.5 billion shares.
Volume has been very light in recent days, which can exaggerate movements in the market.
Treasury prices rose, sending their yields lower, as cautious investors put money back into bonds. The yield on the 10-year Treasury note, which helps set interest rates on mortgages and other kinds of loans, fell to 2.47 percent from 2.53 percent late Monday.
Benchmark Currency Rates USD EUR JPY GBP CHF CAD AUD HKD HKD 7.7798 9.8608 0.0925 11.936 7.6595 7.306 6.9364 AUD 1.1216 1.4216 0.0133 1.7207 1.1042 1.0533 0.1442 CAD 1.0648 1.3497 0.0127 1.6337 1.0484 0.9494 0.1369 CHF 1.0157 1.2874 0.0121 1.5583 0.9538 0.9056 0.1306 GBP 0.6518 0.8262 0.0077 0.6417 0.6121 0.5812 0.0838 JPY 84.116 106.6162 129.05 82.816 78.993 74.998 10.812 EUR 0.789 0.0094 1.2104 0.7768 0.7409 0.7034 0.1014 USD 1.2675 0.0119 1.5342 0.9845 0.9391 0.8916 0.1285 Bloomberg