Asian markets in the red as Chinese stocks slide again

Asian stocks, led by renewed weakness in Chinese markets following a two day holiday break, have finished Monday’s session lower.

Excluding China, losses between 0.2% and 0.5% were commonplace across the region although the Nikkei in Japan, assisted by modest yen weakness, managed to crawl into positive territory by the close having been down more than 1.50% earlier in the session.

Chinese stocks – keeping with recent traditional – endured a volatile session, rallying hard in early trade before once again plunging into the close.

The benchmark Shanghai Composite index finished down 2.55%, having been up close to 2% earlier in the session. All sectors, bar technology and healthcare, finished lower with financials – the beneficiary of government buying in recent weeks before last Thursday’s Victory Day military parade – suffering the heftiest loss at more than 5%.

As opposed to recent sessions where large cap stocks outperformed their smaller peers, the opposite occurred on Monday. The SSE 50 and CSI 300 indices, comprising larger firms, finished with losses of 4.92% and 3.43% respectively.

At the other end of the spectrum, the CSI 500, Shenzhen Composite and ChiNext indices – brimming with small cap stocks – finished higher.

Reflective of light volumes and profit taking following Friday’s near 2% rout, US stock futures currently sit up 0.85%. Stock markets in the US will be closed this evening for the Labor Day holiday.

In currency markets the moves were modest – likely due to the US being off this evening – with the US dollar rising against the Japanese yen and euro but falling against the Australian dollar and British pound.

Commodity markets were flat to lower. Copper futures were the exception to the rule, rising 0.65%.

The full regional scoreboard is found below.

Stocks

  • ASX 200 5030.40 , -10.20 , -0.20%
  • Nikkei 225 17860.47 , 68.31 , 0.38%
  • Shanghai Composite 3079.70 , -80.46 , -2.55%
  • Hang Seng 20735.68 , -104.93 , -0.50%
  • KOSPI 1883.22 , -2.82 , -0.15%
  • Straits Times 2855.58 , -8.23 , -0.29%
  • S&P 500 Futures 1938.00 , 16.25 , 0.85%

Forex

  • USD/JPY 119.35 , 0.36 , 0.30%
  • USD/CNY 6.3671 , 0.0122 , 0.19%
  • AUD/USD 0.6928 , 0.0023 , 0.33%
  • NZD/USD 0.6276 , -0.0001 , -0.02%
  • AUD/JPY 82.69 , 0.42 , 0.51%
  • EUR/USD 1.1131 , -0.0015 , -0.13%
  • GBP/USD 1.5180 , 0.0012 , 0.08%
  • USD INDEX 96.289 , 0.0600 , 0.06%

Commodities

  • Gold $1,122.40 , -$0.20 , -0.02%
  • Silver $14.57 , $0.00 , 0.00%
  • WTI Futures $45.73 , -$0.32 , -0.75%
  • Copper Futures $2.335 , $0.02 0.65%
  • Iron Ore Futures ¥383.50 , -¥5.50 , -1.41%

10-Year Bond Yields

  • Australia 2.675%
  • New Zealand 3.315%
  • Japan 0.360%
  • Germany 0.663%
  • UK 1.831%
  • US 2.131%

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