In China, both relief measures for the real estate sector and relief from Corona are underway, and stock markets are on the rise. In Japan, the giant Softbank fell.
The picture is mixed on major stock exchanges in Asia Pacific on Monday morning.
The Hong Kong Stock Exchange recorded the clearest positive result, but there is also an increase in the Shanghai Stock Exchange. In Japan, on the other hand, there is a decline, among other things, driven by a fall in heavyweight Softbank.
This is what it looks like around 6:00 a.m.:
- The Nikkei 225 in Tokyo fell 0.82 percent
- Hong Kong’s Hang Seng Index is up 2.82%
- The Shanghai Composite Index is up 0.41%.
- The Kospi in Seoul rose slightly by 0.08 percent
- Singapore’s FTSE Straits Times Index is up 1.46%
- The ASX 200 index in Sydney fell 0.16 percent
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On Friday, Asian stock markets rose sharply after US inflation numbers came in less than expected. The Hong Kong Stock Exchange closed up 7.89 percent. Stock markets in the United States also continued to rise Friday evening.
Softbank’s stock plunge
The Japanese conglomerate’s share is down 13.7 percent at the time of writing, and the drop in Softbank’s stock is weighing on the Tokyo Stock Exchange.
Softbank’s flagship investment fund, The Vision Fund, reported a loss equivalent to nearly $9.9 billion (1.38 billion yen) in the fourth quarter, writes CNBC.
At the same time, the company did not announce a widely expected share buyback, Bloomberg wrote.
SoftBank as a whole made a profit of just over 3 billion yen.
Help for the real estate sector in China
Real estate stocks help lift the stock market in Hong Kong.
The real estate sector in China has suffered from financial problems and suffered from high debts for a long time. According to the media, the Chinese authorities asked, among other things, to grant a deferral of the repayment of some loans to real estate companies.
In China, the country’s strict coronavirus rules have also been relaxed. On Friday, the authorities announced, among other things, that the quarantine period for close contacts and access would be shortened.
Meanwhile, higher numbers of infections were reported throughout the weekend, writes Reuters.
“It’s hard to see how new cases are anything but negative from an economic point of view, but symbolic of the movement, however small, in the no-contagion strategy that the market is happily clinging to,” Ray Atrell at NAB tells the news agency.
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