FXStreet (Mumbai) – The Asian indices reversed previous losses and swung back into the positive territory on Thursday, as the sluggish close on the Wall Street was offset by the rebound seen in the commodity space.
The US markets remain closed today in observance of Thanksgiving Day, and as such trading volumes are likely to remain low for the rest of the week.
Nikkei ignores stronger yen
The Japanese markets pose a descent recovery after yesterday’s losses and trade firmer this session. However, the gains remained capped on the back of a stronger yen which dented the exports’ stocks. While retail and auto sector stocks enjoyed gains and supported the upside. USD/JPY drops -0.15% to 122.57 while the Nikkei rises 0.67% to trade at 19,980.
The Australian benchmark, the S&P/ASX trades 0.51% higher on the back of a sharply lower AUD/USD, following poor capex figures. Therefore, exporters’ stocks benefited from a weaker AUD while the overnight recovery in gold and base metals prices also boosted the mining and resource stocks. Australia’s Q3 private capex was down 9.2% versus a 2.8% decline expected.
While the Chinese indices trade in the green, with Shanghai Composite (SSEC) advancing 0.25% to 3,654. China’s A50 index gains 0.13% to 10,689 points. Hong Kong’s Hang Seng led the Asian rally, rising 1.07% to 22,740.
(Market News Provided by FXstreet)