Asian shares mixed after the cancellation of the Evergrande sale agreement | national
Actions are mixed in Asia after leading Chinese real estate developer Evergrande said a plan to sell its property management arm to a smaller rival failed.
Shares slipped in Hong Kong, Seoul and Tokyo, while they rose in Australia and Shanghai.
Shares of China Evergrande Group fell 12.5% while shares of Evergrande Property Services fell 8%. In a notice to the Hong Kong Stock Exchange, Evergrande said it was having difficulty selling assets to resolve its lack of liquidity.
Hopson Development Holdings shares rose 12.4% after saying they were unable to complete the purchase. Trading in the shares of the three companies has been suspended pending a resolution of the transaction.
The Hong Kong Hang Seng Index lost 0.6% to 25,990.32 while the Shanghai Composite Index gained 0.2% to 3,594.78.
Some “verbal assurances from government officials and the easing of home loans for some of its major banks suggest authorities are monitoring housing market risks, in hopes of reassuring markets of the ripple impact on the economy. “said Yeap Jun Rong, a market strategist at IG in Singapore.
Japan’s Nikkei benchmark slipped 1.9% to close at 28,708.58, as the world’s third-largest economy headed for national elections to select a new prime minister.
The ruling party’s candidate in Japan, Prime Minister Fumio Kishida, has given mixed messages about his “new capitalism” policies and measures, which include promises to reduce income disparities. This has done little to reassure the markets so far.
The Australian S & P / ASX 200 was little changed, rising less than 0.1% to 7,415.40. South Korea’s Kospi fell 0.2% to 3,007.33.
The 10-year Treasury yield remained stable at 1.65%.
The price of Bitcoin slipped to $ 65,355 after crossing $ 66,000 for the first time on Wednesday. The gains came a day after the first exchange-traded fund linked to Bitcoin futures attracted strong interest from investors looking to enter the burgeoning cryptocurrency arena.
Strong healthcare company earnings on Wednesday helped push stocks up on Wall Street.
The market has gained ground as investors focus on the latest round of corporate earnings. Stocks have been volatile for weeks as rising inflation and lackluster economic data raised concerns about the way forward for the economic recovery.
The S&P 500 rose 0.4% to 4,536.19, its sixth consecutive gain. This puts it less than a point from the all-time high reached on September 2.
The Dow Jones Industrial Average rose 0.4% to 35,609.34. The Nasdaq fell less than 0.1% to 15,121.68.
Wall Street applauded the strong earnings of a variety of healthcare companies. Abbott Laboratories, which manufactures infant formulas, medical devices and drugs, rose 3.3% after significantly beating analysts’ third-quarter profit forecasts. Health insurer Anthem rose 7.7% after also posting strong financial results. Tech stocks have been lagging behind the broader market.
Investors are busy reviewing the latest corporate newsletters as they try to better understand how rising inflation and the lingering threat of COVID-19 will affect the economy.
A major concern remains supply chain disruptions and rising material costs reducing profits for many companies. Higher costs for businesses could mean higher prices for consumers, which could threaten spending that supports the recovery.
Several large companies are yet to publish their results this week. American Airlines, Southwest Airlines and Union Pacific will report on Thursday.
In energy trading, benchmark US crude fell 35 cents to $ 83.07 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 63 cents to $ 85.19 a barrel.
In currency trading, the US dollar fell to 114.08 Japanese yen from 114.27 yen. The euro slipped to $ 1.1643 from $ 1.1651.
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