Asia markets end mixed, retracing some Yellen-inspired gains – CNBC
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Asia markets ended mixed on Thursday, with some markets partially retracing their advances following U.S. Federal Reserve chair Janet Yellen’s cautious stance on the path of tightening earlier this week.
Japan’s Nikkei 225 swung between gains and losses before finishing lower by 120.29 points, or 0.71 percent, to 16,758.67 on the final day of the country’s financial year. For the January-March quarter, the index lost 11.95 percent.
In South Korea, the Kospi ended down 6.29 points, or 0.31 percent, at 1,995.85; the index is up 1.76 percent for the year-to-date.
Hong Kong’s Hang Seng index closed down 26.69 points, or 0.13 percent, at 20,776.70; the index is off 5.19 percent for the January-March quarter.
Chinese markets were higher, with the Shanghai composite closing up 3.73 points, or 0.12 percent, at 3,004.37; for the January-March quarter, the index is down 15.11 percent. The Shenzhen composite added 5.44 points, or 0.28 percent, to 1,912.20; the index is off 17.18 for the year-to-date.
Australia’s ASX 200 finished up 72.51 points, or 1.45 percent, at 5,082.78, boosted by advances in the financials, energy and materials subindexes, which gained between 0.93 and 1.75 percent. The benchmark index was off 4.02 percent for the January-March quarter.
Chris Weston, chief market strategist at IG, wrote in an afternoon note that the first quarter of 2016 has been “a tale of two halves,” with the beginning of the period defined by a belief that the capital markets were staring at an all-out collapse, led by a fear of a Chinese yuan devaluation.
Since then, the yuan has actually strengthened against the dollar and the S&P 500 is touching its highs for the year, he noted.
“The world is seemingly a perfectly pleasant place to be, led by Janet Yellen, who has left traders with a growing view to avoid listening to regional Fed members [who recently sounded hawkish notes] and totally focus on her comments,” added Weston.
Asia markets end mixed, retracing some Yellen-inspired gains – CNBC}