Asian Markets Record Sharp Drop In Shanghai And Close Down

Written by Paulo Nogueira

Published on 05/12/2023 at 07:49

Updated on 05/12/2023 at 07:50

Após o fechamento chinês, a Moody’s reafirmou o rating da China em A1, mas alterou a perspectiva de estável para negativa

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Moody’s Maintains China Rating but Changes Outlook to Negative After Chinese Closure.

São Paulo, 05/12/2023 – Asian stock markets had a negative session on Tuesday, with a drop of over 1.5% in Shanghai and over 1% in Tokyo. In Oceania, the Sydney Stock Exchange also recorded a decline after the Reserve Bank of Australia maintained interest rates but did not rule out further increases, depending on the situation in the indicators.

The Shanghai Stock Exchange recorded a drop of 1.67%, closing at 2,972.30 points, at the lowest of the day. The Shenzhen Stock Exchange, which has a smaller scope, fell 1.95%, to 1,930.12 points. Fears about China’s growth influenced the decline, even after recent government measures to support the situation. Almost all sectors closed in the red in Shanghai, with software and hardware stocks among the worst performers. Beijing Kingsoft Office Software fell 2.65%, and iFlytek declined by 3.85%. Additionally, Asian stock markets suffered from uncertainty about the economic outlook in China.

Moody’s Confirms China’s Rating at A1 but Changes Outlook to Negative

After the Chinese closure, Moody’s reaffirmed China’s rating at A1 but changed the outlook from stable to negative. The agency warned about the indebtedness of local and state governments, which, according to it, will require the central government to support them, which could result in a potential worsening of the country’s fiscal situation.

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Nikkei Index and Tokyo Stock Exchange Decline After Closure

The Nikkei index of the Tokyo Stock Exchange fell by 1.37%, closing the day at 32,775.82 points. Technology sector stocks were under pressure, with Disco Corp. declining 5.6%, Advantes falling 6.0%, and Screen Holdings recording a drop of 5.4%, making these the most pressured stocks on the Nikkei.

Hang Seng Index Falls 1.91% in Hong Kong

In Hong Kong, the Hang Seng index recorded a decline of 1.91%, closing the day at 16,327.86 points. Investors were cautious before the monthly jobs report (payroll) in the United States, especially after speculation about more aggressive interest rate cuts by the Federal Reserve (Fed, the US central bank) receded, according to Gary Ng from Natixis. The technology and finance sectors were under pressure, with Lenovo recording a decline of 10%, Netease falling 5.2%, and Wuxi Biologics having a drop of 8.45% after analysts downgraded their forecasts for the pharmaceutical company’s stock.

Kospi, Seoul Stock Exchange and Taiwan Stock Exchange Record Declines

The Kospi index of the Seoul Stock Exchange closed down 0.82%, at 2,494.28 points, with battery and semiconductor-related stocks among the most pressured. Chip supplier SK Hynix fell 4.0%. On the Taiwan Stock Exchange, the Taiex fell 0.54%, closing the day at 17,328.01 points.

S&P/ASX 200 Index in Sydney Records a Decline of 0.89%

In Oceania, the S&P/ASX 200 index in Sydney recorded a decline of 0.89%, closing the day at 7,061.60 points. The daily loss of the Australian stock market was the largest since October 20. The Reserve Bank of Australia maintained the basic interest rate at 4.35%, but reaffirmed a hawkish stance if necessary, focusing on the data. Commodity stocks were among the worst performers, while the energy sector recorded a decline of 2.1%, amid lower oil prices.

With information from Dow Jones Newswires

Source: Info Money

Asian Markets Record Sharp Drop In Shanghai And Close Down

Moody’s Maintains China Rating but Changes Outlook to Negative After Chinese Closure.

Moody’s Confirms China’s Rating at A1 but Changes Outlook to Negative

Nikkei Index and Tokyo Stock Exchange Decline After Closure

Hang Seng Index Falls 1.91% in Hong Kong

Kospi, Seoul Stock Exchange and Taiwan Stock Exchange Record Declines

S&P/ASX 200 Index in Sydney Records a Decline of 0.89%

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Asian Markets Record Sharp Drop In Shanghai And Close Down

Moody’s Maintains China Rating but Changes Outlook to Negative After Chinese Closure.

Moody’s Confirms China’s Rating at A1 but Changes Outlook to Negative

Nikkei Index and Tokyo Stock Exchange Decline After Closure

Hang Seng Index Falls 1.91% in Hong Kong

Kospi, Seoul Stock Exchange and Taiwan Stock Exchange Record Declines

S&P/ASX 200 Index in Sydney Records a Decline of 0.89%

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Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Australia prepares to dredge 96.5 million m³ in Moreton Bay to deepen, widen, and realign channels of the Port of Brisbane, in a project of up to 25 years designed to accommodate larger ships and enhance maritime safety and regional port efficiency.

Study solves great ancient mystery: remains of Philip II, father of Alexander the Great, are identified in Vergina and resolves the enigma of the Macedonian royal tombs that had lasted half a century.

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