Morning view: Down on the Asian stock markets – Sands China backs down
The leading stock exchanges in Asia offered declining indices during the Friday morning. However, the Tokyo Stock Exchange is closed.
Soon after that at past 6 Swedish time, the Shanghai stock exchange’s composite index was down 1.1 percent, while the technology-heavy Shenzhen component was down 1.8 percent.
In Hong Kong, the Hang Seng index lost 1 percent with internet giant Tencent down 2.3 percent, e-commerce company Alibaba 1.9 percent and casino company Sands China 3.5 percent.
Among other exchanges in the region, the Australian Stock Exchange’s S&P/ASX 200, which had closed on Thursday, is down 2.2 percent, while South Korea’s Kospi is down 1.9 percent and India’s Nifty 50 is down 1 percent.
News from the night and morning from Nyhetsbyrån Direkt:
On Thursday, stock market trading in the United States ended with the main index lower after a red-hot trading session the day before. Tech stocks were under particular pressure, while FedEx defied the sour mood and rose after its report. At the close, the S&P 500 was down 0.9 percent to 3,758, which was unchanged from the Stockholm Stock Exchange’s close. Asian stock markets generally followed lower on Friday.
During the trading day, the logistics company Fedex reported, which earlier in September warned of profit and gave preliminary figures for the past quarter. The preliminary numbers were in line with those published on Thursday night and the report also included the presentation of a $4 billion cost-cutting program by 2025. The stock climbed 0.8 percent.
Eye sensor company Tobii cannot comment on whether the company’s eye tracking technology is integrated into Pico’s new consumer VR headset called Pico 4 Pro. This is stated by Tobii’s information manager Joel Karlsson for Nyhetsbyrån Direkt shortly after Pico on Thursday launched its new VR headset in the Pico 4 and Pico 4 Pro versions.
In Great Britain, GfK’s index of household financial confidence fell to -49 in September from -44 in August. It was well below the expected -42 and the lowest mark achieved in the stat series, which started in 1974.
Britain’s Chancellor of the Exchequer Kwasi Kwarteng will on Friday try to use shock therapy to treat the country’s stagnant economy. This with a 30-point growth package that will turn “the vicious circle of stagnation into a virtuous circle of growth”, reports the Financial Times.
Jonathan Haskel, a member of the Bank of England’s monetary policy committee, said on Thursday that the government’s plans to stimulate the economy raise “difficult” questions for the central bank as it tries to push inflation down from 40-year highs.
Japanese Prime Minister Fumio Kishida said Thursday night that the government will keep a watchful eye on movements in the currency market and act forcefully against excessive fluctuations.
Keep track of…
Oncopeptides vs FDA
The research company Oncopeptides has lost more than half of its market value during the week after the American drug authority published documents ahead of an advisory meeting about the company’s cancer preparation Pepaxto. During Thursday evening, Swedish time, with the vote numbers 2 for and 14 against.
Heavy economic indicator
Today we receive important figures from several major economies in the form of preliminary purchasing managers’ indices from industry in September. Most focus is on the USA figure. Does the index stay above the 50 level, which is the dividing line between growth and economic slowdown?
Closed in the east
Those who want indications from the Asian stock markets will have to make do with indices outside Japan on Friday. The Tokyo Stock Exchange is closed for the celebration of the autumnal equinox so that traders can leave the stock market screens and devote themselves to family gatherings and outdoor activities.
Tieto separates dividends
Like several other companies, the IT consultant Tieto has switched to a half-yearly dividend and the year’s total amount of 1.40 euros per share has been split in two. Today, the share is traded without rights at the second half of the year’s 0.70 euros, approximately SEK 7.60. Expect a corresponding price drop.
You won’t miss:
“Sweden is deliberately walking straight into a wall and the krona will have to pay a high price,” says Jonas Thulin at Erik Penser Bank.
For Di, the asset management manager talks about what strategies you should have as a small saver and tips about three Swedish companies that he predicts will withstand the blow.