Hong Kong Share Index Little Changed Ahead of China March Economic Data (review)

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Hong Kong stocks ended slightly higher on Thursday as investors sought cues for direction ahead of China's March economic data.

The Hang Seng index rose 0.3 percent, to 20,266.05, while the China Enterprises Index lost 0.2 percent, to 8,647.33 points.

Over the next week, China will release some key economic data for March, which will be closely monitored by investors to assess the country's economic health.

Most sectors in Hong Kong, including IT and utilities were firm, but financial and property shares weakened.

Hong Kong-listed shares of Chinese telecom equipment maker ZTE Corp tumbled 11.6 percent as trading resumed for the first time since the U.S. Commerce Department imposed export restrictions on the firm last month for allegedly violating sanctions against Iran.

Source : Reuters

U.S. Stocks Tumble After Rally Amid Renewed Worries on Growth

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The burst of bullishness that lifted U.S. stocks on Wednesday evaporated, with the Standard & Poor’s 500 Index posting the steepest selloff in six weeks amid renewed skepticism over global growth.

The Dow Jones Industrial Average dropped more than 230 points at its worst levels, while banks in the S&P 500 fell the most since February, pacing declines amid falling bond yields as investors sought havens. A measure of volatility spiked the most since January, with today’s selloff echoing action that started the year when lenders were also especially hard hit on flaring growth concerns.

The S&P 500 fell 1.2 percent to 2,041.97 at 4 p.m. in New York, alternating for a third day between gains and losses of at least 1 percent.

Stocks have made little progress since snapping a five-week winning streak last month that erased losses from the worst-ever start to a year. The S&P 500 has traded in a 35-point range since the Fed’s March 16 meeting, remaining within 1 percent of the 2,050 level over the past three weeks, as sentiment has lurched from optimism that central-bank policies will buttress global growth to worry their efforts may not be potent enough to fend off a slowdown.

Source: Bloomberg

U.S. Stocks Retreat After Rally Amid Renewed Worries on Growth

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The burst of bullishness that lifted U.S. stocks on Wednesday faded, with the Standard & Poor’s 500 Index sliding for a third time in four days amid renewed skepticism over global growth.

Equities backtracked as they struggled to build on 2016 highs reached last week, with investors awaiting clearer signals on the economic outlook and course for interest rates. Banks in the benchmark paced Thursday’s declines amid falling bond yields, with the group at the lowest level in more than a month.

The S&P 500 fell 1.1 percent to 2,044.12 at 12:25 p.m. in New York, after rising the most in more than three weeks yesterday to erase a 1 percent drop in the prior session. The Dow Jones Industrial Average sank 175.15 points, or 1 percent, to 17,540.90. The Nasdaq Composite Index lost 1.2 percent after a 1.6 percent surge Wednesday. Trading volume in S&P 500 shares was 8 percent below the 30-day average for this time of day.

Stocks have made little progress since snapping a five-week winning streak last month that erased losses from the worst-ever start to a year. The S&P 500 has traded in a 35-point range since the Fed’s March 16 meeting, remaining within 1 percent of the 2,050 level over the past three weeks, as sentiment has lurched from optimism that central-bank policies will buttress global growth to worry their efforts may not be potent enough to fend off a slowdown.

Source: Bloomberg

After Fed Minutes, Dollar Slumps to 1 1/2-Year Low Versus Yen

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The dollar touched the weakest level since October 2014 against the yen after the release of minutes from the Federal Reserve’s March meeting, when policy makers scaled back expectations for the pace of interest-rate increases in 2016.

The minutes shed more light on officials’ decision to keep rates unchanged last month, after hiking from near zero in December. The account showed policy makers debated an April rate hike, though several officials advocated a cautious approach, partly amid worries that slowing world growth could crimp the U.S. economy expansion.

The U.S. currency plunged March 16 after Fed Chair Yellen said the dollar’s two-year appreciation has weighed on inflation. The central bank also released projections implying two quarter-point rate increases this year, down from four forecast in December. The meeting dimmed the appeal of bets that U.S. monetary policy would diverge from the stimulus efforts of the Bank of Japan and the European Central Bank.

The dollar fell 0.5 percent to 109.79 yen as of 5 p.m. in New York, after touching 109.34. The greenback dropped 0.1 percent to about $1.14 per euro, approaching the weakest since October.

Source: Bloomberg