Asian markets higher after US Federal Reserve head's speech

By Raffaele Redi
• Updated

Investors mull over comments from Powell signalling tapering to start soon

Bull sculptures and flags flying outside Exchange Square, home of the Hong Kong Stock Exchange which is currently the third largest stock exchange in Asia                                 
Bull sculptures and flags flying outside Exchange Square, home of the Hong Kong Stock Exchange - Pic: Shutterstock
                                

Asian shares were slightly higher on Monday, 30 August 2021, as investors reflected on comments from Jerome Powell, signalling tapering to start soon but warning about Delta variant risks.

The head of the US Federal Reserve “positive note” reassured global markets but also increased uncertainty around the timing of tapering.

Japan’s benchmark Nikkei 225 edged up 0.5% to 27,789.29. Hong Kong's Hang Seng added 0.5% to 25,539.54, while the Shanghai Composite closed at 3,528.15, up 0.2%.

Chinese Huarong losses

Elsewhere, The South China Morning Post reported on Chinese state-owned asset management’s Huarong (HR) posting a CHY102.9bn ($15.9bn) loss for the last year, lacerating its shareholder equity by nearly 85%.

The company booked CHY107.8bn in impairments and suffered a CHN12.5bn loss on financial assets, according to the Asian newspaper.

Contextually, Wang Zhanfeng, the company chairman, stressed, in long-delayed 2020 results, its will to reshape the company and open up to new potential investors.

“The group formulated development plans and took initiative to seize development opportunities to actively reshape its development landscape, as it opened up new frontiers in changing market conditions and developed new opportunities amidst crises, striving to further solidify the foundation for the transformation and business growth of HR,” he said.

Porshe expanding in Asia

Elsewhere, Porsche announced on Monday plans to expand its engineering and assembly capacity in Asia.

From next year, a new permanent research and development satellite will be opened in China, allowing a sustained focus on what is Porsche’s biggest single market. Furthermore, the company is to strengthen its presence in the emerging markets of Southeast Asia.

Porsche said it will set up a small-scale local assembly in Malaysia to join the company’s network of production sites. “The vehicles will specifically match local requirements and will be available for Malaysia only,” claimed the company.

Tesla reported in talks in India

According to the Indian Economic Times the US electric car maker Tesla, would be in talks with at least three Indian suppliers to source critical parts as part of its plans to enter the Indian market.

As the paper reports, Elon Musk’s company is is looking to source critical electronic, electrical and mechanical components, even as Sona Comstar, Sandhar Technologies and Bharat Forge are understood to be among the Indian firms already supplying components to it.

TSLA price history

Date Close Change Change(%) Open High Low
Dec 2, 2022 193.71 -0.19 -0.10% 193.90 196.12 188.83
Dec 1, 2022 193.92 -1.09 -0.56% 195.01 198.16 191.12
Nov 30, 2022 194.96 15.16 8.43% 179.80 195.86 179.72
Nov 29, 2022 179.77 -2.99 -1.64% 182.76 185.71 178.12
Nov 28, 2022 182.76 3.86 2.16% 178.90 187.82 177.37
Nov 25, 2022 182.29 -3.90 -2.09% 186.19 187.83 179.97
Nov 24, 2022 184.14 1.20 0.66% 182.94 184.21 182.92
Nov 23, 2022 182.94 13.56 8.01% 169.38 182.96 169.32
Nov 22, 2022 169.38 2.20 1.32% 167.18 170.74 164.76
Nov 21, 2022 167.20 -10.07 -5.68% 177.27 177.67 166.94
Nov 18, 2022 179.33 -3.22 -1.76% 182.55 185.11 175.91
Nov 17, 2022 182.53 -4.31 -2.31% 186.84 187.65 180.25
Nov 16, 2022 186.77 -6.04 -3.13% 192.81 196.00 183.45
Nov 15, 2022 192.81 2.15 1.13% 190.66 200.09 190.36
Nov 14, 2022 190.59 -0.23 -0.12% 190.82 195.03 185.69
Nov 11, 2022 194.34 3.98 2.09% 190.36 195.80 181.92
Nov 10, 2022 190.36 14.28 8.11% 176.08 192.90 173.37
Nov 9, 2022 176.09 -13.75 -7.24% 189.84 195.10 174.88
Nov 8, 2022 189.79 -6.26 -3.19% 196.05 198.19 186.09
Nov 7, 2022 196.06 -12.83 -6.14% 208.89 209.60 195.79

Further reading: Asian markets suffer following US tech sell-off

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