Tokyo stocks drop in morning on geopolitical concerns despite solid GDP data

Tokyo stocks drop in morning on geopolitical concerns despite solid GDP data”

Compared to the previous quarter, the economy expanded 1.0 percent, versus the median estimate for 0.6 percent growth.

The market headed south as investors returned from a three-day holiday weekend in Japan after geopolitical tensions dented overseas markets on Friday. That easily topped the 2.5 percent rise forecast in a Reuters poll.

The Nikkei 225 fell almost 1% as markets re-opened after a public holiday last week.

The benchmark S&P/ASX 200 rose 37.30 points or 0.66 percent to 5,730.40 while the broader All Ordinaries index ended up 35.10 points or 0.61 percent at 5,778.60.

Gains among technology companies and deteriorating Fed rate hike expectations helped U.S. stocks snap a three-day losing streak on Friday, though the markets saw their worst weekly loss since March.

Annualized GDP for previous quarter was revised to a 1.5 percent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 percent growth from a 0.3 percent increase. The dollar index stood at 93.088 at 8:02 a.m. HK/SIN.

Seoul stocks rebounded as tensions between the United States and North Korea abated and weak US inflation data added to doubts the Federal Reserve will hike interest rates for the third time this year.

The dollar edged higher against the yen after senior United States national security officials said Sunday that the nation is not on the brink of nuclear war with North Korea, but the danger is much greater than it was a decade ago.

In corporate news, Commonwealth Bank of Australia CEO and Managing Director Ian Narev is expected to retire by the end of the 2018 financial year, the bank said on Monday. CBA has recently been dogged by allegations that it potentially ignored breaches in money-laundering regulations in Australia. Gloves and protective clothing maker Ansell tumbled 3.1 percent after its full-year profit missed forecasts. The company attributed the fall in profit to increasing raw material prices and acquisition charges.

Oil prices made gains on Friday as markets digested a mix of slowing US oil rig additions and instability in Nigeria after protesters occupied a Royal Dutch Shell plant, Reuters reported.

The dollar was 0.24 percent higher against the yen in early Asian trade, trading at 109.40 yen, but the greenback was flat against most of its other primary trading partners including the euro, the loonie and the pound. Brent crude was off 0.06 percent at Dollars 52.07 a barrel and USA crude rose 0.02 percent to trade at USD 48.83.

Like this


14 August 2017
Costlier Veggies Push Up Wholesale Inflation To 1.88% in July
Wholesale inflation soared to a 23-month high of 3.55 per cent in July as vegetables, pulses and sugar turned costlier. Inflation based on the wholesale price index (WPI) was 0.90 per cent in June 2017 and 0.63 per cent in July 2016.

14 August 2017
GJM leaders meet Rajnath, to continue stir for statehood
The GJM has called for an indefinite strike in Darjeeling hills since June 12, demanding a separate state of Gorkhaland. They demanded that the Centre should immediately intervene, considering the sentiments of the people of the hills.

14 August 2017
Japan econmin: No need for new stimulus package for economy
Private consumption added 0.9% on quarter, beating forecasts for 0.5% after rising 0.4% in the previous three months. Japan's economy has grown for a sixth straight quarter after delivering annualized growth of 4% in the June quarter.

14 August 2017
Military option possible in Venezuela
Arreaza called on "good-minded" Venezuelans to put aside their political differences and unite in rejecting Trump's comments. I don't think so", McMaster said. "Military force must be the last option, not the first.

14 August 2017
Two civilians killed in south Kashmir clashes
He was shifted to nearby hospital from where he was referred to SMHS Hospital Srinagar where doctors declared him brought dead. Massive clashes erupted between people and the state government forces in Kakapora area of distirct Pulwama on Monday.

14 August 2017
Rory McIlroy may miss the rest of 2017 due to injury
McIlroy plans to fly back to Northern Ireland directly from the PGA Championship to meet with his fitness expert, Steve McGregor. McIlroy certainly hasn't lacked distance off the tee this week, ripping drives in practice out the back of the driving range.

14 August 2017
Joe Bologna Dead at 82
But for the younger audience out there, you may remember Bologna as Adam Sandler's distant dad from the film Big Daddy . Meanwhile, the actor's final work was in " Tango Shalom ", a project that he wrote and starred in alongside Taylor.

14 August 2017
Dow winning streak snapped as stocks drift lower
Ten-year US yields dropped 4 basis points (bps) to 2.242% by 6:00AM ET (10:00GMT) while German equivalents fell 3.8 bps to 0.435%. President Donald Trump told the North that any threat it presented to the United States would be met with "fire and fury".

14 August 2017
Scaramucci: "The President Knows What He's Going To Do With Steve Bannon"
But with the White House and Congress on vacation for a month, more examples of this will be suspended until their return. A coalition of major civil rights and faith groups called on Prsident Trump to fire deputy assistant Sebastian Gorka .

14 August 2017
Watch the extended trailer for Episode 706 of Game of Thrones
While this group seems like they might be fairly successful in their quest, the cracks of other reunions are starting to show. Shit's about to get real on Game of Thrones , and that probably means the body count is about to rise.