Blockchain jobs are booming in Asia, even as cryptocurrency prices struggle

Blockchain and cryptocurrency jobs are increasingly appealing to job seekers from more conventional sectors in Asia — even as the technology’s most famous use case struggles on the price front. Blockchain technology, which underpins cryptocurrencies such as bitcoin, is a digital record of transactions that cannot be altered. Mainstream interest in the space picked up last year as cryptocurrency prices soared late in 2017. A cursory search for blockchain jobs on LinkedIn yields results for openin


Blockchain and cryptocurrency jobs are increasingly appealing to job seekers from more conventional sectors in Asia — even as the technology’s most famous use case struggles on the price front. Blockchain technology, which underpins cryptocurrencies such as bitcoin, is a digital record of transactions that cannot be altered. Mainstream interest in the space picked up last year as cryptocurrency prices soared late in 2017. A cursory search for blockchain jobs on LinkedIn yields results for openin
Blockchain jobs are booming in Asia, even as cryptocurrency prices struggle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: cheang ming, omar marques, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, walters, booming, theres, struggle, job, jobs, prices, space, seekers, asia, cryptocurrency, technology, crypto, blockchain, interest


Blockchain jobs are booming in Asia, even as cryptocurrency prices struggle

Blockchain and cryptocurrency jobs are increasingly appealing to job seekers from more conventional sectors in Asia — even as the technology’s most famous use case struggles on the price front.

Blockchain technology, which underpins cryptocurrencies such as bitcoin, is a digital record of transactions that cannot be altered. It has the potential to not only disrupt much of finance, but also many other industries.

The much-hyped technology has been adopted over the last two years by both start-ups and more established corporations. Mainstream interest in the space picked up last year as cryptocurrency prices soared late in 2017.

If job postings are any indication, that trend is going to grow. Recruitment firm Robert Walters said it has seen a 50 percent increase in the number of roles related to blockchain or cryptocurrencies in Asia since 2017, with developers with Python language skills among the most highly sought after.

A cursory search for blockchain jobs on LinkedIn yields results for openings at corporations like IBM along with positions at newer businesses, such as cryptocurrency exchange Binance.

And there’s also strong interest from job seekers: According to data from job search engine Indeed’s main Asian markets (Australia, India, Singapore and Malaysia), there’s been high interest in blockchain roles.

Due to its relative nascency, however, many of those entering the cryptocurrency and blockchain-related space are coming from other industries.

“We hardly ever hire from inside of crypto because most people inside of crypto are very inexperienced. You have very, very few people who are experienced who get into the crypto industry,” said Julian Hosp, co-founder of Singapore-based crypto wallet and card start-up TenX.

In fact, even though there are plenty of blockchain enthusiasts looking to join the industry, “not many people have the actual skill sets” required for developer roles, said John Mullally, director of financial services at Robert Walters in Hong Kong.


Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: cheang ming, omar marques, sopa images, lightrocket, getty images
Keywords: news, cnbc, companies, walters, booming, theres, struggle, job, jobs, prices, space, seekers, asia, cryptocurrency, technology, crypto, blockchain, interest


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Asia markets close mostly positive following US-China trade developments

In the Greater China region, markets were mixed after beginning their trading day in positive territory. The Hang Seng Index traded 0.11 percent up with the most sectors in mixed territory as of 3:05 p.m. HK/SIN. Also in focus was Tencent, which had seen its shares slide earlier in the week following a string of negative news. The moves come after a Thursday rebound in U.S. markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in U.S.-China trade


In the Greater China region, markets were mixed after beginning their trading day in positive territory. The Hang Seng Index traded 0.11 percent up with the most sectors in mixed territory as of 3:05 p.m. HK/SIN. Also in focus was Tencent, which had seen its shares slide earlier in the week following a string of negative news. The moves come after a Thursday rebound in U.S. markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in U.S.-China trade
Asia markets close mostly positive following US-China trade developments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-17  Authors: eustance huang, cheang ming
Keywords: news, cnbc, companies, uschina, positive, trade, following, economic, traded, markets, close, asia, seen, global, talks, earlier, developments, china, trading


Asia markets close mostly positive following US-China trade developments

Down Under, the ASX 200 edged around 0.17 percent higher to close at 6,339.20. Fortescue Metals ended the trading day down 1.17 percent.

In the Greater China region, markets were mixed after beginning their trading day in positive territory.

The Hang Seng Index traded 0.11 percent up with the most sectors in mixed territory as of 3:05 p.m. HK/SIN. Also in focus was Tencent, which had seen its shares slide earlier in the week following a string of negative news. The Chinese tech giant’s stock was up 3.01 percent in afternoon trade.

On the mainland, the Shanghai Composite fell by 1.33 percent to close at 2,669.10. Fosun Pharmaceuticals was among those taking the largest hit, closing the day down by 6.73 percent.

The moves come after a Thursday rebound in U.S. markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in U.S.-China trade talks all boosting investor sentiment.

White House economic advisor Larry Kudlow confirmed to CNBC’s “Squawk Box” earlier reports saying China and the U.S. will hold a fresh round of trade talks later in August, giving investors hope that the world’s two largest economies can solve an ongoing trade spat. According to Reuters, the planned talks were characterized as “lower level.”

Recent months have seen the U.S. and China slapping import tariffs on each other as a result of disagreements over the trade deficit between the two countries. This has led to investor concerns about the possibility of the trade war leading to a slowdown in global economic growth.

In a morning note, Rob Carnell, chief economist and head of research Asia-Pacific at ING, said trade “really is the main market driver these days.”

Commenting on the news about the possibility of renewed U.S.-China trade talks, Carnell said: “The U.S. won’t allow this to go any further unless China sounds as if it is making sufficient concessions on the bilateral deficit, and intellectual rights.”

The Turkish lira, which has come under increased scrutiny in recent weeks after touching a record low on Monday, continued strengthening from levels last seen during Asian trade on Thursday afternoon. The currency traded at 5.7963 per U.S. dollar at 3:41 p.m. HK/SIN.

On Thursday, U.S. Treasury Secretary Steven Mnuchin said more economic sanctions could be placed on Turkey if the country did not hand over detained American pastor Andrew Brunson, Reuters reported.

“The market has become much more volatile this year around these headlines, rumors even,” Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said on CNBC’s “Squawk Box.”

With data from this year suggesting that global economic growth might have peaked, Kleintop said, markets have put more emphasis on what he terms “marginal issues” such as the situation between the U.S. and Turkey which are likely to have limited financial impact.

In the last session, the Dow Jones Industrial Average gained 396.32 points to close 1.58 percent higher at 25,558.73, posting its biggest jump since April 10. Other U.S. indexes saw more moderate gains.

The dollar index, which tracks the greenback against a basket of currencies, was at 96.495. Against the yen, the dollar traded at 110.72 as of 3:11 p.m. HK/SIN, after the safe haven Japanese currency traded above the 111 level earlier in the day.

Over in Shenzhen, the beleaguered Changsheng Biotechnology, which is part of an ongoing prosecution by the Chinese government for a scandal over the falsification of data in its vaccines, ended the trading session 5.02 percent lower, with Dow Jones reporting that the stock could see a possible de-listing.

— CNBC’s Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-08-17  Authors: eustance huang, cheang ming
Keywords: news, cnbc, companies, uschina, positive, trade, following, economic, traded, markets, close, asia, seen, global, talks, earlier, developments, china, trading


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Asian shares decline, with tech trading lower after Wall Street losses

Losses in Asia came on the back of declines in markets stateside: The Dow Jones Industrial Average lost 137.51 points and closed 0.54 percent lower at 25,162.41. The Nasdaq Composite dropped 1.23 percent and the S&P 500 finished the session lower by 0.76 percent. Tech shares in the U.S. were pressured following disappointing quarterly earnings from Tencent. Tencent on Wednesday announced profit for the quarter ending in June dipped 2 percent to 17.87 billion yuan ($2.59 billion) from one year ag


Losses in Asia came on the back of declines in markets stateside: The Dow Jones Industrial Average lost 137.51 points and closed 0.54 percent lower at 25,162.41. The Nasdaq Composite dropped 1.23 percent and the S&P 500 finished the session lower by 0.76 percent. Tech shares in the U.S. were pressured following disappointing quarterly earnings from Tencent. Tencent on Wednesday announced profit for the quarter ending in June dipped 2 percent to 17.87 billion yuan ($2.59 billion) from one year ag
Asian shares decline, with tech trading lower after Wall Street losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-16  Authors: eustance huang, cheang ming
Keywords: news, cnbc, companies, declines, yuan, street, dollar, trading, asian, overnight, following, losses, tech, wall, decline, billion, shares, markets, dropped, energy, lower


Asian shares decline, with tech trading lower after Wall Street losses

Elsewhere, the ASX 200 saw a relatively smaller drop of 0.68 percent, with the energy and material subindexes leading the way following a fall in commodity prices overnight. Major mining players such as Rio Tinto and BHP all seeing declines around 3 percent. In the energy space, Woodside Petroleum saw a slight dip of 0.61 percent while other names sustained larger declines, most notably Origin Energy which slid 6.49 percent.

Losses in Asia came on the back of declines in markets stateside: The Dow Jones Industrial Average lost 137.51 points and closed 0.54 percent lower at 25,162.41. The Nasdaq Composite dropped 1.23 percent and the S&P 500 finished the session lower by 0.76 percent.

Tech shares in the U.S. were pressured following disappointing quarterly earnings from Tencent. The sector, which has the largest weighting in the S&P 500, fell more than 1 percent following the disappointing announcement from the Chinese tech giant, with companies like Facebook and Alibaba all recording losses.

Tencent on Wednesday announced profit for the quarter ending in June dipped 2 percent to 17.87 billion yuan ($2.59 billion) from one year ago, coming in below the Thomson Reuters forecast of 19.67 billion yuan. That was also the first decline in profit for the company in almost 13 years.

Tencent shares had stumbled in the last session, dropping 3.61 percent in Hong Kong as its gaming business came under greater regulatory scrutiny. The tech giant’s U.S.-listed shares dropped 6.67 percent on Wednesday.

Emerging markets performed poorly overnight, with the iShares MSCI Emerging Markets ETF (EEM) falling more than 2.9 percent and moving into bear-market territory, referring to a drop of more than 20 percent from recent highs.

Concerns related to Turkey’s currency crisis were also in the background after the country’s currency dropped to a record low earlier this week. The lira held on to overnight gains to trade at 5.9517 to the dollar at 8:05 a.m. HK/SIN, strengthening after Turkey cut offshore banks’ access to its currency.

The dollar index, which tracks the dollar against a basket of currencies, was mostly steady overnight. The index was last at 96.729 after touching a 13-month high of 96.984 in the last session.

Meanwhile, the offshore yuan traded at 6.9448 at 8:03 a.m. HK/SIN after earlier weakening to trade at the 6.95 handle.

In Southeast Asia, Indonesia’s central bank on Wednesday raised interest rates by 25 basis points to 5.5 percent. Bank Indonesia has cumulatively increased rates by 125 bps so far this year.


Company: cnbc, Activity: cnbc, Date: 2018-08-16  Authors: eustance huang, cheang ming
Keywords: news, cnbc, companies, declines, yuan, street, dollar, trading, asian, overnight, following, losses, tech, wall, decline, billion, shares, markets, dropped, energy, lower


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Asian markets edge lower, with Hang Seng leading declines; Turkish lira steadies

Australian stocks firmed through the morning, with the S&P/ASX 200 reversing early declines to drift higher by 0.05 percent. The Shanghai Composite was around 0.7 percent lower, with most major insurers, such as Ping An Insurance Group, trading more than 1 percent lower. That was a common story across most sectors, with Tencent extending losses, last trading lower by 3.3 percent. The drop in the tech giant came amid Tuesday’s news that it had pulled a video game from one of its platforms. The Tu


Australian stocks firmed through the morning, with the S&P/ASX 200 reversing early declines to drift higher by 0.05 percent. The Shanghai Composite was around 0.7 percent lower, with most major insurers, such as Ping An Insurance Group, trading more than 1 percent lower. That was a common story across most sectors, with Tencent extending losses, last trading lower by 3.3 percent. The drop in the tech giant came amid Tuesday’s news that it had pulled a video game from one of its platforms. The Tu
Asian markets edge lower, with Hang Seng leading declines; Turkish lira steadies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: cheang ming
Keywords: news, cnbc, companies, seng, dollar, lower, amid, markets, turkeys, declines, turkish, lira, currency, steadies, week, leading, came, hang, sentiment, edge


Asian markets edge lower, with Hang Seng leading declines; Turkish lira steadies

Australian stocks firmed through the morning, with the S&P/ASX 200 reversing early declines to drift higher by 0.05 percent. The heavily weighted financials sector, however, remained in negative territory, weighed down by Commonwealth Bank of Australia’s 3.37 percent fall amid an ongoing financial sector inquiry in the country.

Greater China markets all took a slight dip in early hours trade. The Shanghai Composite was around 0.7 percent lower, with most major insurers, such as Ping An Insurance Group, trading more than 1 percent lower.

Hong Kong’s Hang Seng Index traded close to 1.2 percent lower. That was a common story across most sectors, with Tencent extending losses, last trading lower by 3.3 percent. The drop in the tech giant came amid Tuesday’s news that it had pulled a video game from one of its platforms.

Markets in South Korea and India were closed on Wednesday.

The Turkish lira strengthened from a record low touched earlier this week, causing investor sentiment to firm overnight.

The lira was relatively stable at 6.3754 to the dollar at 9:54 a.m. HK/SIN, mostly holding onto overnight gains after firming some 8 percent in the last session.

The lira’s recent steep fall, which saw it plunge to an all-time low of 7.24 earlier this week, was triggered by increased U.S.-Turkey tensions over the detention of an American pastor in Turkey, but weakness in the currency also came against the backdrop of economic issues faced by the country.

Overnight moves in the currency came as Turkey’s Finance Minister Berat Albayrak said Tuesday that the country would protect the lira, adding that he thought the currency would firm, Reuters said.

The “rebound in the lira gave European banks and other emerging markets some respite. However, it is fair to say that the saga is not over,” David Plank, head of Australian economics at ANZ, said in a note.

“The root cause of Turkey’s problems — a very large external deficit denominated in foreign currency – remains unaddressed by authorities … Investors will remain wary of possible contagion to the European banking system and will be keeping an eye on other countries with high levels of foreign-currency debt,” he added.

Amid the improvement in market sentiment, Turkish President Recep Erdogan refused to back down, calling for Turkey to “produce enough for ourselves” in a speech in which he urged his people to boycott U.S. electronics. “If they have iPhone, there is Samsung on the other side. And we have our own telephone brands,” he said.

Stocks stateside rose on Tuesday amid the general improvement in sentiment: The Dow Jones Industrial Average rose 0.45 percent, or 112.22 points, to close at 25,299.92 and the S&P 500 added 0.64 percent to end at 2,839.96, with both indexes gaining after four straight sessions of declines.

The dollar index, which tracks the greenback against six other currencies, last stood at 96.732, just below a 13-month peak of 96.794 on Tuesday. Against the yen, the dollar extended gains to trade at 111.33 at 9:55 a.m. HK/SIN.

On the earnings front, Tencent and China Unicom are among the corporates reporting results.


Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: cheang ming
Keywords: news, cnbc, companies, seng, dollar, lower, amid, markets, turkeys, declines, turkish, lira, currency, steadies, week, leading, came, hang, sentiment, edge


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Struggling Chinese stocks may cheer news of increased inclusion on a widely followed index

Index provider MSCI said in its most recent quarterly index review that it will be proceeding with the second phase of partial inclusion of China A shares, referring to stocks traded in mainland China, in the MSCI Emerging Markets Index and other indexes. As part of that, the company is adding an additional 2.5 percent of the market capitalization of the stocks included in the index. Ten A shares will also be added as part of the review, taking the total number of A shares in the MSCI China Inde


Index provider MSCI said in its most recent quarterly index review that it will be proceeding with the second phase of partial inclusion of China A shares, referring to stocks traded in mainland China, in the MSCI Emerging Markets Index and other indexes. As part of that, the company is adding an additional 2.5 percent of the market capitalization of the stocks included in the index. Ten A shares will also be added as part of the review, taking the total number of A shares in the MSCI China Inde
Struggling Chinese stocks may cheer news of increased inclusion on a widely followed index Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: cheang ming, vcg, visual china group, getty images
Keywords: news, cnbc, companies, shares, struggling, inclusion, china, composite, shanghai, followed, market, widely, increased, markets, stocks, msci, index, think, cheer, chinese


Struggling Chinese stocks may cheer news of increased inclusion on a widely followed index

Chinese equities have stumbled this year, but a recent development might have the ability to provide some relief in the near term.

Index provider MSCI said in its most recent quarterly index review that it will be proceeding with the second phase of partial inclusion of China A shares, referring to stocks traded in mainland China, in the MSCI Emerging Markets Index and other indexes.

As part of that, the company is adding an additional 2.5 percent of the market capitalization of the stocks included in the index. Ten A shares will also be added as part of the review, taking the total number of A shares in the MSCI China Index to 236 and representing 0.75 percent of the MSCI Emerging Markets Index.

MSCI will also be making 13 additions to its China All Shares Index. Those companies included China Shenhua Energy, China United Network Communications and Hengli Petrochemical, as well as telecommunications equipment maker ZTE. The changes will be implemented at the end of August.

While the news is not expected to be a major game changer, given how around 230 A shares were first included in the key global index in June, it could prove to be good news to Chinese markets, which have tanked this year.

“I would say that because it’s mostly expected, I think the positive impact on the Chinese market would be marginal, but then because the market here has fallen substantially, so any foreign money coming in would be a help to stabilize the Chinese stock market,” Hao Hong, head of research at Bank of Communications International, told CNBC’s Dan Murphy.

Chinese equities have been among the worst performers globally this year amid the slowing Chinese economy and the country’s ongoing trade dispute with the U.S.

Both the Shanghai Composite and Shenzhen Composite were in bear market territory at the end of Monday. The Shanghai benchmark was down more than 22 percent from its 52-week high at the previous market close.

Even though the Shanghai share average remained stuck in a downtrend, Hao suggested that some near-term upside is a possibility.

“I think the downward trend is intact, but then I think in the near term, because the market is so oversold, and also because we’re detecting some policy shift from the top, so I wouldn’t be surprised to see some consolidation or even a small technical rebound from here,” he said

As of late Tuesday morning, the Shanghai Composite was trading lower by 0.52 percent and the smaller Shenzhen Composite eased 0.67 percent.


Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: cheang ming, vcg, visual china group, getty images
Keywords: news, cnbc, companies, shares, struggling, inclusion, china, composite, shanghai, followed, market, widely, increased, markets, stocks, msci, index, think, cheer, chinese


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Nikkei leads advance as Asian shares shrug off recent uncertainty over Turkey crisis

The Turkish lira traded at 6.9606 at 8:04 a.m. HK/SIN after touching a record low on Monday. The currency had pared some of its recent losses overnight after the Turkish central bank moved to calm market nerves. “The efforts announced by the Turkish central bank to stabilize the TRY (Turkish lira) appear to have assisted. The lira slipped 20 percent on Friday when tensions between the U.S. and Turkey increased last week. Wall Street slipped in the last session, with investor sentiment wobbly as


The Turkish lira traded at 6.9606 at 8:04 a.m. HK/SIN after touching a record low on Monday. The currency had pared some of its recent losses overnight after the Turkish central bank moved to calm market nerves. “The efforts announced by the Turkish central bank to stabilize the TRY (Turkish lira) appear to have assisted. The lira slipped 20 percent on Friday when tensions between the U.S. and Turkey increased last week. Wall Street slipped in the last session, with investor sentiment wobbly as
Nikkei leads advance as Asian shares shrug off recent uncertainty over Turkey crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: cheang ming
Keywords: news, cnbc, companies, turkish, reported, asian, bank, uncertainty, advance, lira, leads, shares, turkey, shrug, slipped, currency, nikkei, crisis, try, finish, overnight, recent


Nikkei leads advance as Asian shares shrug off recent uncertainty over Turkey crisis

The Turkish lira traded at 6.9606 at 8:04 a.m. HK/SIN after touching a record low on Monday. The currency had pared some of its recent losses overnight after the Turkish central bank moved to calm market nerves.

“The efforts announced by the Turkish central bank to stabilize the TRY (Turkish lira) appear to have assisted. The TRY has not endured further depreciation in overnight trade, but it has not substantially declined either,” Richard Grace, chief currency strategist at Commonwealth Bank of Australia, said in a morning note.

The lira slipped 20 percent on Friday when tensions between the U.S. and Turkey increased last week. That came after no progress was made on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016 against the government of President Recep Tayyip Erdogan.

Wall Street slipped in the last session, with investor sentiment wobbly as a financial crisis in Turkey played out.

The Dow Jones Industrial Average slipped 0.5 percent, or 125.44 points, to close at 25,187.70, logging its fourth straight finish in negative territory. The S&P 500 edged down by 0.4 percent to end at 2,821.93 and the Nasdaq Composite shed 0.25 percent to finish the day at 7,819.71.

In Asian corporate news, Taiwanese contract manufacturer Foxconn on Monday reported second-quarter net profit came in at 14.49 billion Taiwan dollars ($567.25 million), Reuters reported. That was below an average estimate of T$21.94 billion in a Reuters poll.

In currencies, the dollar index, which tracks the U.S. currency against a basket of currencies, was mostly steady at 95.169.


Company: cnbc, Activity: cnbc, Date: 2018-08-14  Authors: cheang ming
Keywords: news, cnbc, companies, turkish, reported, asian, bank, uncertainty, advance, lira, leads, shares, turkey, shrug, slipped, currency, nikkei, crisis, try, finish, overnight, recent


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Asian shares decline amid investor worries over Turkey

Elsewhere, the Kospi eased 0.68 percent as tech stocks extended recent declines, with heavyweight Samsung Electronics losing 1.21 percent. Markets in Europe were also affected by the ongoing turmoil in Turkey, with investors concerned about the contagion effect of lira’s steep fall on banks in the region. The pan-European Stoxx 600 fell more than 1 percent in the end of that session. On the commodities front, oil prices added slightly to gains made in the previous session on the back of concerns


Elsewhere, the Kospi eased 0.68 percent as tech stocks extended recent declines, with heavyweight Samsung Electronics losing 1.21 percent. Markets in Europe were also affected by the ongoing turmoil in Turkey, with investors concerned about the contagion effect of lira’s steep fall on banks in the region. The pan-European Stoxx 600 fell more than 1 percent in the end of that session. On the commodities front, oil prices added slightly to gains made in the previous session on the back of concerns
Asian shares decline amid investor worries over Turkey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming
Keywords: news, cnbc, companies, amid, losses, lira, asian, investor, shares, gains, decline, turkey, trade, declines, worries, session, stocks, turkish, lower


Asian shares decline amid investor worries over Turkey

Elsewhere, the Kospi eased 0.68 percent as tech stocks extended recent declines, with heavyweight Samsung Electronics losing 1.21 percent.

Over in Australia, the S&P/ASX 200 recorded slimmer losses, with the index last trading lower by 0.26 percent as the dip in the heavily weighted financials sector was partially offset by gains seen in energy and information technology stocks.

Markets in Thailand are closed on Monday for a holiday.

The moves lower in Asia came after U.S. stocks dropped on Friday, triggered by fears over the sell-off in the Turkish lira after U.S. President Donald Trump said he had approved the doubling of metals tariffs against Turkey on Friday. The lira briefly slumped 20 percent against the dollar after the announcement.

The Turkish currency ended the last session down by some 16 percent and extended its declines early on Monday, edging past the 7.00 level to the dollar to touch a new record low. It later pared some losses to last trade at 6.8145.

On Friday, the Dow Jones Industrial Average declined 0.77 percent, or 196.09 points, to close at 25,313.14 and also erasing its gains for the month. Other U.S. indexes also notched declines of a similar magnitude.

Markets in Europe were also affected by the ongoing turmoil in Turkey, with investors concerned about the contagion effect of lira’s steep fall on banks in the region. The pan-European Stoxx 600 fell more than 1 percent in the end of that session.

On the commodities front, oil prices added slightly to gains made in the previous session on the back of concerns over supply. Brent crude futures were mostly steady, adding 0.03 percent to trade at $72.83 per barrel and U.S. West Texas Intermediate crude rose 0.15 percent to $67.73.


Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming
Keywords: news, cnbc, companies, amid, losses, lira, asian, investor, shares, gains, decline, turkey, trade, declines, worries, session, stocks, turkish, lower


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After hitting new record low, Turkish lira pares some losses on central bank statements

The Turkish lira retraced some losses after touching a new record low in Asia’s Monday trade following a recent geopolitics-triggered free fall in the currency. On Monday, the lira last traded down by around 3.5 percent against the greenback at 6.6475 at 2:30 p.m. HK/SIN. It had earlier dropped to a fresh all-time low of 7.24, before paring some losses after moves were taken to assuage market nerves frayed by the currency’s recent weakness. The retracement in losses came after the Turkish centra


The Turkish lira retraced some losses after touching a new record low in Asia’s Monday trade following a recent geopolitics-triggered free fall in the currency. On Monday, the lira last traded down by around 3.5 percent against the greenback at 6.6475 at 2:30 p.m. HK/SIN. It had earlier dropped to a fresh all-time low of 7.24, before paring some losses after moves were taken to assuage market nerves frayed by the currency’s recent weakness. The retracement in losses came after the Turkish centra
After hitting new record low, Turkish lira pares some losses on central bank statements Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming, yasin akgul, afp, getty images
Keywords: news, cnbc, companies, low, recent, turkey, central, hitting, steps, turkish, pares, moves, reserves, market, lira, record, statements, losses, trade, bank


After hitting new record low, Turkish lira pares some losses on central bank statements

The Turkish lira retraced some losses after touching a new record low in Asia’s Monday trade following a recent geopolitics-triggered free fall in the currency.

On Monday, the lira last traded down by around 3.5 percent against the greenback at 6.6475 at 2:30 p.m. HK/SIN. It had earlier dropped to a fresh all-time low of 7.24, before paring some losses after moves were taken to assuage market nerves frayed by the currency’s recent weakness.

The retracement in losses came after the Turkish central bank moved to improve liquidity during Asia afternoon trade. Among the moves announced Monday were a slashing of lira required reserves held by banks by 250 basis points for all maturities, Reuters said.

Before that, Finance Minister Berat Albayrak had said in a Sunday interview with local media outlet Hurriyet that the government had a plan in place following the fall in the lira, Reuters reported. Albayrak said Turkish institutions will take “necessary steps” beginning Monday, but the news agency said few specifics had been provided on what those steps included.

The lira briefly plunged 20 percent against the dollar on Friday, finishing the U.S. session lower by some 16 percent after U.S. President Donald Trump said he had approved metals tariffs on Turkey to be doubled.

The weakness in the lira came against the backdrop of the Turkish economy facing major challenges, but it has come under pressure most recently after U.S.-Turkey talks over the detention of a U.S. pastor in Turkey appeared to make no major progress.

“The decline in the lira is multifaceted, caused not only by a weak external position in terms of current account deficit and inadequate currency reserves, but also the challenging political environment which exacerbates the vulnerabilities in the lira,” Kerry Craig, global market strategist at J.P. Morgan Asset Management, wrote in a recent note.

“A mid-meeting rate hike and tightening of monetary policy may help to avert the lira’s decline, to some extent,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming, yasin akgul, afp, getty images
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Health care: What are the biggest trends to watch out for?

Health care is among the leading sectors in the S&P 500 so far this year, up more than 8 percent in 2018. The sector saw a pick up in deal making in the first quarter of the year with U.S. insurer Cigna’s proposed merger with pharmacy benefits company Express Scripts among those making the news. Earlier this year, Bain & Company said it expected deal activity in the sector was unlikely to go away anytime soon. Apart from that, health care innovations have also been in the news, with major tech f


Health care is among the leading sectors in the S&P 500 so far this year, up more than 8 percent in 2018. The sector saw a pick up in deal making in the first quarter of the year with U.S. insurer Cigna’s proposed merger with pharmacy benefits company Express Scripts among those making the news. Earlier this year, Bain & Company said it expected deal activity in the sector was unlikely to go away anytime soon. Apart from that, health care innovations have also been in the news, with major tech f
Health care: What are the biggest trends to watch out for? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming, ariel skelley, digitalvision, getty images
Keywords: news, cnbc, companies, sector, earlier, making, health, biggest, trump, company, weighing, care, watch, trends, unlikely, deal


Health care: What are the biggest trends to watch out for?

Health care is among the leading sectors in the S&P 500 so far this year, up more than 8 percent in 2018.

The sector saw a pick up in deal making in the first quarter of the year with U.S. insurer Cigna’s proposed merger with pharmacy benefits company Express Scripts among those making the news. Earlier this year, Bain & Company said it expected deal activity in the sector was unlikely to go away anytime soon.

Apart from that, health care innovations have also been in the news, with major tech firms — with names like Microsoft, Apple and Amazon — making moves in the space.

Drug pricing by phamaceuticals companies amid increased scrutiny and public backlash has also made headlines, with even U.S. President Donald Trump weighing in on the issue after Pfizer raised prices earlier this year.


Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: cheang ming, ariel skelley, digitalvision, getty images
Keywords: news, cnbc, companies, sector, earlier, making, health, biggest, trump, company, weighing, care, watch, trends, unlikely, deal


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China edges up while most Asian markets trade lower; dollar holds onto gains

Elsewhere, the Kospi pulled back by 0.72 percent as major technology names recorded declines in early trade. The S&P/ASX 200 gave up early gains to trade lower by 0.13 percent. The energy and utilities led losses, losing 1.41 percent and 1.13 percent, respectively, while the heavily weighted financials sector recorded slight gains. The Shanghai Composite was nearly flat at 0.13 percent in morning trade and the smaller Shenzhen Composite rose 0.52 percent. MSCI’s index of shares in Asia Pacific e


Elsewhere, the Kospi pulled back by 0.72 percent as major technology names recorded declines in early trade. The S&P/ASX 200 gave up early gains to trade lower by 0.13 percent. The energy and utilities led losses, losing 1.41 percent and 1.13 percent, respectively, while the heavily weighted financials sector recorded slight gains. The Shanghai Composite was nearly flat at 0.13 percent in morning trade and the smaller Shenzhen Composite rose 0.52 percent. MSCI’s index of shares in Asia Pacific e
China edges up while most Asian markets trade lower; dollar holds onto gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: cheang ming
Keywords: news, cnbc, companies, china, composite, recorded, asian, trade, higher, rose, dollar, holds, markets, gains, edges, shanghai, session, territory, lower, major


China edges up while most Asian markets trade lower; dollar holds onto gains

Elsewhere, the Kospi pulled back by 0.72 percent as major technology names recorded declines in early trade. Samsung Electronics fell 3.52 percent and SK Hynix declined 3.59 percent.

The S&P/ASX 200 gave up early gains to trade lower by 0.13 percent. The energy and utilities led losses, losing 1.41 percent and 1.13 percent, respectively, while the heavily weighted financials sector recorded slight gains.

In its monetary policy statement, the Reserve Bank of Australia said growth was likely to come in above 3 percent in 2018 and 2019. It also noted that inflation “is likely to be a bit lower in the near term.”

Chinese equities were in positive territory, extending the sharp gains made in the previous session. The Shanghai Composite was nearly flat at 0.13 percent in morning trade and the smaller Shenzhen Composite rose 0.52 percent. Still, the Shanghai benchmark was in bear market territory at the end of the last session.

Hong Kong’s Hang Seng Index, meanwhile, was down 0.18 percent, even though property and construction stocks initially rose, leading the morning’s advance.

MSCI’s index of shares in Asia Pacific excluding Japan was lower by 0.33 percent in Asia morning trade.

That followed the mixed session seen stateside on Thursday. Major U.S. indexes traded flat for most of the day before slipping late in the session as investors focused on this quarter’s strong earnings. Nearly 90 percent of S&P 500 companies have reported quarterly results so far.

Trade concerns have also been in the spotlight, with China announcing earlier this week that it would retaliate against recent U.S. tariffs. The Chinese Ministry of Commerce announced Wednesday a 25 percent tariff on $16 billion in U.S. goods, a move that came after the U.S. Trade Representative’s office said duties on $16 billion in Chinese imports would take effect on Aug. 23.

The Nasdaq Composite notched its eighth consecutive positive session, finishing the day higher by 0.04 percent at 7,891.78. That was the tech-heavy index’s longest win streak this year. Other major U.S. indexes finished the session slightly lower.

European markets were also mixed overnight, with the pan-European Stoxx 600 edging 0.1 percent higher. Asian markets, meanwhile, closed mostly higher on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-08-10  Authors: cheang ming
Keywords: news, cnbc, companies, china, composite, recorded, asian, trade, higher, rose, dollar, holds, markets, gains, edges, shanghai, session, territory, lower, major


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