Markets down in Asia
Asian stocks didn't like the jump in European and US interest rates overnight
In China, profit-takers continued to take profits, only more so. The worst performer in the Hang Seng China Enterprises Index was, unsurprisingly, Great Wall Motors, down 3.63%. Great Wall had touched HK$11 on June 12, up from a year-end start of around $7, before falling back to $9.81 at last night’s close.
Taiwan was Asia’s worst performing market, down just under 1%, but again that should be seen in context of the TWSE’s gains of the past few weeks. The tech-heavy Taiwan market benefited from global tech enthusiasm and performed in line with retreating tech stocks globally.
Outside of Asia, carry-trade currencies (high yielding currencies favored by investors who fund in low-interest currencies) lost a bit over 1% as US and European interest rates spiked, but has regained most of the ground it lost. All in all, an orderly response.