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06.09.202215:08 Forex Analysis & Reviews: Chinese authorities push most Asia-Pacific indicators up

The main indices of the Asia-Pacific region are trading mixed. Most of them show gains, including the Chinese Shanghai Composite and Shenzhen Composite indices, increasing by 1.11% and 0.82% respectively. The Korean KOSPI added 0.07% and the Japanese Nikkei 225 slightly jumped by 0.1%. Other indicators declined. The Hong Kong Hang Seng index fell by 0.16% and the Australian S&P/ASX 200 index lost 0.36%.

Investors show positive sentiment due to the information that the Chinese authorities intend to take measures to support the economy, affected by the previous restrictions related to COVID-19, the crisis in the real estate sector, as well as difficulties with electricity supplies.

In addition, the People's Bank of China considers lowering the reserve requirement ratio to 6% already this month. The decision follows the yuan dropping to its lowest level since 2020.

Among Chinese companies, the top losers were Zhongsheng Group HOLDINGS, Ltd., dropping by 4.9%, Alibaba Health Information Technology, Ltd., losing 4.3% as well as Nongfu Spring, Co., plunging by 2.6%.

Japan recorded a 3.4% increase in consumer spending in July. Although analysts expected a 4.2% rise.

Among the companies included in the Nikkei 225 index, Unitika, Ltd. became the top gainer and added 7.5%. At the same time, Tokyo Electric Power, Co. Holdings, Inc. decreased by 4%.

Other Japanese companies showed mixed performance. Thus, Fast Retailing was up 0.1%, while Nissan Motor dropped by 0.75%.

Among the largest South Korean companies, Samsung Electronics decreased by 0.18%, while Hyundai Motor rose by 0.25%.

The Reserve Bank of Australia decided to raise the interest rate by 0.5%, to 2.35% from 1.85%. The news was not quite encouraging for investors. This is the fourth hike in a row. In total, the rate has added 225 points or 2.25%. This is the highest increase in almost 30 years.

At the same time, Australian consumer confidence rose by 1.3% last week, logging a three-month high.

The country also recorded an increase in the current account surplus balance in April-June 2022 to A$18.3 billion against A$2.8 billion year-on-year.

Shares of the largest Australian companies declined. BHP lost 1% and Rio Tinto decreased by 1.1%.

Rio Tinto announced it reached an agreement in principle to buy the rest of Turquoise Hill Resources' shares to acquire full ownership of the company.

Anastasia Kravtsova,
Analytical expert of InstaSpot
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