Monday, September 21, 2015

Asian stocks deep in the red, FOMC-led risk-off extends

FXStreet (Mumbai) - Stocks on the Asian bourses kicked-off the week on a bearish note, with Fed-led uncertainty still weighing on investors’ minds and hence re-ignited risk-off moods across the financial markets.

On Thursday, the FOMC decided to keep monetary policy unchanged, contrary to many bets that the policy-setting committee would make the first US rate hike in almost a decade. The Fed’s decision cast doubts over US economic prospects amid several weeks of market turmoil fuelled by China slowdown fears.

Australia’s S &P/ASX 200 – the biggest loser

The benchmark Australian S&P/ASX 200 index emerges the biggest loser so far, with almost all 200 stocks on the index trading lower for the day. Weak commodity prices are weighing on resource stocks, with oil stocks among some of the weakest. The index tanks over 2.60% to trade at 5,032 points.

Japanese markets were spared losses, with three-consecutive bank holidays taking place from Monday through Wednesday.

The Chinese markets opened lower, with the Shanghai Composite down -0.70% at 3,076 points, testing 3k marker – key support levels. While Hong Kong's benchmark Hang Seng index loses -1.50% at 21,609. While Korea's benchmark Kospi index is down -1.53% to 1,965 points in Seoul.
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