International stocks: Hong Kong’s ‘Nasdaq of the east’ has tough first day

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The Hang Seng TECH Index — which tracks the 30 most significant tech firms that trade in the town, which includes Alibaba (BABA) — briefly jumped 2.2% in early trade and was at one place a best performer in the area. But it then reversed course and was very last down .8%. Citi analysts dubbed the new index the “Nasdaq of the East” final week said they envisioned that “superior quality” Chinese tech corporations will probable be attracted to Hong Kong.
The debut arrives a week soon after Hang Seng Indexes announced its generation. HSI observed at the time that the tech sector has taken on an growing degree of significance in Hong Kong as organizations which includes Alibaba (BABA), JD.com (JD) and NetEase (NTES) — all of which trade in New York — have turned to the city for secondary listings. And Ant Group, the business behind the Chinese cell payments small business Alipay, announced very last 7 days that it has picked both of those Hong Kong and Shanghai for its first community giving.
Stocks in other places in Asia-Pacific were being combined. South Korea’s Kospi (KOSPI) ended up .8%, though China’s Shanghai Composite (SHCOMP) was up .3%. But Hong Kong’s benchmark Cling Seng (HSI) dropped .4%, and Japan’s Nikkei (N225) shut .2% reduced. India’s Sensex fell .5%.
European markets had been primarily reduce in early trading. The FTSE 100 (UKX) and France’s CAC 40 (CAC40) fell .5% and .4% respectively. Germany’s DAX was up .1%.
Traders are continuing to keep an eye on the development of the coronavirus pandemic globally, along with tensions concerning the United States and China. The US consulate in Chengdu closed Monday following Beijing purchased it to shut. Previous 7 days, the US govt abruptly purchased the closure of China’s consulate in Houston, Texas.

Gold price ranges soared to a record superior, surpassing $1,933 per ounce as investors sought risk-free haven belongings amid geopolitical uncertainty and fears for the economic climate.

The US dollar, meanwhile, struggled as traders worried about the strength of the US recovery after jobless statements unexpectedly rose very last week for the very first time in 4 months. The dollar weakened on Monday from each the Japanese yen and the euro, down .5% and .4% respectively from the former session.
Traders are looking ahead to the Federal Reserve’s financial coverage assembly on Wednesday and Thursday, at which the US central lender is predicted to update its economic forecast and desire charge stance. Tech stocks are also likely to established the tone, with Google-guardian Alphabet, (GOOGL) Amazon (AMZN), Apple (AAPL) and Facebook (FB) all because of to submit earnings this 7 days.
US shares might open on a optimistic footing. Futures for the Dow (INDU), Nasdaq (COMP) and S&P 500 (SPX) were up between .4% and .8%.
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Cary Douglas

About the Author: Cary Douglas

Cary Douglas is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

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