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Today’s Top Stock Market News. Daily Overview on the News from the Stock Market. Friday – 2018/08/10

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Stock Market News Today
2018/08/10

Lira plunges to new low as ECB concerns mount.

So far on Friday, the currency is down more than 10 per cent to an all-time low beyond TL6 per dollar, after sinking more than 5 per cent overnight.

The Turkish lira fell heavily to yet another record low against the dollar as concern over Europe’s exposure to its recent fall overshadowed promises by the Turkish government to bolster the economy.
So far on Friday, the currency is down more than 10 per cent to an all-time low beyond TL6 per dollar, after sinking more than 5 per cent overnight.

The latest fall came after the Financial Times reported that the eurozone’s chief financial watchdog is concerned the zone’s major lenders are overexposed to Turkey.

The moves also came after the US showed no signs of lifting crippling sanctions despite the visit of a Turkish delegation to the US capital.

The lira will stay in the spotlight with Turkey’s finance minister Berat Albayrak slated to unveil “a new economic model” later on Friday, although investors showed little optimism ahead of the speech.

Jet Airways shares drop to 3-year low on results delay.

Shares in Jet Airways, India’s oldest privately-owned airline, dropped almost 8 per cent on Friday to their lowest price in three years.

Jet’s shares fell 7.9 per cent during morning trading on Friday to Rs278 ($4.03) – a level not seen since June 2015. The fall came after the chairman of its audit committee quit, following which the company announced its audit panel had not approved its results.

The company said in a Stock market announcement on Thursday night: “The audit committee did not recommend the said financial results to the board for its approval, pending closure of certain matters.” It did not respond to a request to comment further.

Asia-Pacific stocks dip following humdrum US lead.

Geopolitics continued to weigh on markets in Asia-Pacific on Friday while Japan’s economy returned to growth in the second quarter.

Japan’s Topix was down 0.6 per cent at a one-month low as the industrials sector shed 0.6 per cent and information technology stocks fell 0.8 per cent. Meanwhile, the yen was 0.1 per cent stronger at ¥110.93 following better-than-expected Japanese economic growth in the second quarter.

Capital Economics senior Japan economist Marcel Thielant said the Japanese economy faces headwinds from labour and capacity shortages. “While gross domestic product started expanding again in the second quarter, growth isn’t as vigorous as last year,” he said. “With the economy running into capacity constraints, we think that activity will remain sluggish for now.”

In Hong Kong, the Hang Seng index was down 0.3 per cent, but remained on track to post a 3 per cent gain for the week, its largest one-week gain since April. Chinese stocks were more subdued than recent days with the CSI 300 of Shanghai and Shenzhen stocks up 0.4 per cent.

Qualcomm settles $774m antitrust dispute in Taiwan.

Qualcomm has settled its antitrust dispute in Taiwan, resolving one of several legal battles the mobile chipmaker is facing around the world.

Qualcomm said the agreement allows it to continue setting licensing terms based on the price of an entire device using its technology and intellectual property, rather than just components such as modems.

Those licensing practices have become a key point of contention with litigants including Apple and the US Federal Trade Commission.

Last October, the Taiwan Fair Trade Commission fined Qualcomm around $774m, alleging that it had abused its dominant position in providing chips for wireless data connections in mobile phones. Qualcomm had denied the allegations and launched an appeal.

On Friday morning in Taiwan, the TFTC and Qualcomm said they had resolved their dispute and reduced the initial fine to NT$2.73bn ($93m), which has already been paid.

Russia’s Medvedev rages against US sanctions.

Russian prime minister Dmitry Medvedev on Friday issued a fierce warning against a further escalation of western sanctions.

“I would not want to comment on discussions of future sanctions, but I can say one thing: If something happens of the kind of a ban on bank’s activities or on the use of a certain currency, then we can call that quite straightforward by its name, that’s a declaration of economic war,” Russian news agencies quoted Mr Medvedev as saying during a visit to the far eastern peninsula of Kamchatka.

“And to that war we will definitely have to react – with economic means, political means, and if necessary also with other means.”

Mr Medvedev was commenting on a bipartisan draft bill introduced in the US senate which proposes restricting the activities of Russia’s largest banks in the US and their use of the US dollar.

His remarks followed a market rout on Thursday after the US administration imposed new sanctions, including a ban on Russian state imports of US technology, to punish Moscow for the poisoning of a former Russian agent with a nerve agent in the UK.

Global Market Overview

Trade concerns continued to weigh on markets in Asia while the Turkish lira slipped to a fresh record low ahead of an announcement of a “new economic model”.

The Turkish lira slipped to a new record low in the wake of a diplomatic rift between Ankara and Washington. The lira fell 1.7 per cent to an all-time low of TL5.6481 per dollar following a sharp slide on Thursday after a Turkish delegation failed to achieve progress on the lifting of US sanctions. Ankara’s promise of a “new economic model”, set to be outlined later on Friday, also did little to spark confidence. The Turkish currency has fallen by almost a third for the year to date as concerns swirl over management of the economy.

The Russian rouble, which tumbled to a two-year low in the previous session on US sanctions in response to the poisoning of a former Russian agent in London, had found some poise, holding at Rb66.6768 per dollar.

In Asia-Pacific, New Zealand’s currency weakened for a second day after the country’s central bank pushed back its timetable for raising interest rates on Thursday. The currency has fallen 2 per cent over the past two days to $0.661, its lowest level in almost 30 months.

The yen was 0.2 per cent stronger at ¥110.85 following better than expected economic growth in the second quarter. Capital Economics senior Japan economist Marcel Thieliant said the Japanese economy faces headwinds from labour and capacity shortages.

“While gross domestic product started expanding again in the second quarter, growth isn’t as vigorous as last year,” he said. “With the economy running into capacity constraints, we think that activity will remain sluggish for now.”

Meanwhile, the dollar index, a measure of the greenback against a basket of peers, nudged 0.1 per cent higher to 95.576. The pound strengthened 0.1 per cent to $1.2829 although the UK currency remained near an 11-month low. The euro was steady at $1.1527.

Equities.
In Asia-Pacific equities, Japan’s Topix was down 0.6 per cent to a one-month low as the industrials sector shed 0.7 per cent and information technology stocks fell 0.8 per cent. A Japanese delegation to Washington will hold a second day of trade talks on Friday.

In Hong Kong, the Hang Seng index was down 0.5 per cent and on track to post a 2.9 per cent gain for the week, its best five-day stretch since April. Moves in Chinese stocks were more subdued than in recent days, with the CSI 300 of Shanghai and Shenzhen stocks holding flat.

Australia’s S&P/ASX 200 dipped 0.2 per cent as the basic materials sector fell 0.6 per cent and lower oil prices dragged on the energy segment.

South Korea’s Kospi was down 0.8 per cent as Samsung, which on Thursday launched its new Note 9 smartphone, fell 3.1 per cent after Morgan Stanley warned of elevated inventory in the semiconductor sector.

On Wall Street overnight, the S&P 500 dipped 0.1 per cent while the Nasdaq Composite eked out a 0.1 per cent gain.

Fixed income.
The yield on the 10-year US Treasury was flat at 2.922 per cent while that for equal-maturity Japanese government bonds was down 1 basis point at 0.099 per cent.

Commodities.
Oil prices were steady with the international benchmark Brent crude rose 0.2 per cent to $72.17 a barrel after falling 3.2 per cent on Wednesday. West Texas Intermediate was virtually unchanged at $66.84 a barrel.

Gold was a touch higher at $1,212 an ounce.



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Today’s Top Stock Market News. Daily Overview on the News from the Stock Market. Friday – 2018/08/10

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