Day: September 7, 2022

Major Asian stock markets closed Wednesday mostly lower ahead of the release of the US Federal Reserve beige book and amid China’s disappointing trade figures.

Chinese exports rose 7.1% year-on-year in August, missing a market forecast of a 12.8% rise, slowing from 18% growth in July. The offshore yuan weakened below 7 per dollar, its lowest since July 2020.

The Fed’s Beige Book is set to be released later Wednesday, a summary of 12 US district reports of current economic conditions.

The Asia Dow, which includes blue-chip companies in the region, dropped 1.94% or 60.22 points to 3,044.22

Tokyo’s Nikkei 225 stock exchange fell 0.71% or 196.2 points to 27,430.30.

The Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, lost 0.83% or 158.4 points to 19,044.30.

The Indian Sensex benchmark declined 0.28% or 168 points to end the day at 59,028.91 points, while the Singapore index was down 0.41%, or 13.3 points, to close at 3,210.83.

On the other hand, China’s Shanghai Stock Exchange rose slightly, 0.09%, or 2.85 points to close at 3,246.29.

Source: Anadolu Agency

Albania decided to “terminate” diplomatic relations with Iran over “intense cyber-attacks,” the Albanian Council of Ministers said on Wednesday, according to local media.

“The Council of Ministers has decided with immediate effect the termination of diplomatic relations with the Islamic Republic of Iran,” said a statement by the Cabinet, according to Albanian news site Politiko.

“This decision was made known with an official note to the Embassy of the Islamic Republic of Iran, which was requested to leave the territory of the Republic of Albania within 24 hours of all diplomatic and technical-administrative personnel, including the security personnel,” it added.

Source: Anadolu Agency

The Japanese yen on Wednesday weakened to the 144 range against the US dollar, hitting a fresh 24-year low, fueled by a widening policy gap between the Bank of Japan (BoJ) and the US Federal Reserve.

While the Japanese central bank is sticking to its ultra-loose monetary policy, the Fed is expected to continue monetary tightening to tame inflation.

Japan’s Chief Cabinet Secretary Hirokazu Matsuno said he was concerned about the rapid and one-way movements of currency markets and would take action if necessary.

Matsuno said the government will continue to monitor the foreign exchange market movements and take the necessary steps with the perception of an emergency in case similar movements continue.

Japanese Finance Minister Shunichi Suzuki also stated he is following the depreciation of the yen very closely. “Recent moves are rather rapid and one-sided. We need to be watching developments with strong interest,” he told a press briefing.

Source: Anadolu Agency