Forex Analysis & Reviews: 02.08.2022 - The main Asian indices show...

02.08.2022 11:30 PM

The main Asian indices show mainly a decline to 3%

The main Asian indices show mainly a decline to 3%. The only indicator that showed slight growth was the Australian S&P/ASX 200, which gained 0.07%. Other indicators of the region showed a rather serious decline: the Korean KOSPI fell by 0.52%, the Japanese Nikkei 225 - by 1.42%. China's Shanghai Composite and Shenzhen Composite lost the most - 2.26% and 2.92%, respectively, as well as the Hong Kong Hang Seng Index, which fell by 2.54%.

Investors' avoidance of risk is explained by the instability of the global geopolitical situation and the growing tension in relations between China and the United States in connection with the forthcoming visit of the speaker of the US Parliament to Taiwan. Although Taiwan does not appear in the official program of the speaker's visit, this is stated by local media. China, for its part, opposes a visit to the island by a representative of the US Parliament.

Reporting season is underway around the world, and companies in the Asia-Pacific region are no exception.

Securities price of Xinyi Solar Holdings, Ltd. decreased by 4.2% after reporting a 38% decrease in net profit in the first six months of 2022.

As Xinyi Solar Holdings, Ltd. worsened its financial outlook for the first six months of this year, caused by a series of lockdowns and losses due to currency fluctuations, its stock quotes fell by 0.8%.

Also, other Chinese companies - Xiaomi, Corp. (-5.4%) and Sino Biopharmaceutical, Ltd. (-4.5%).

Shares of a company from Japan JSR, Corp. fell immediately by 18.6% due to a decrease in profit for the first six months and worsening expectations for the rest of the year after falling demand for the company's products.

In South Korea, consumer prices increased by 6.3% in July compared to the same period last year, according to the latest statistics. This is a record inflation rate for more than 20 years, but they did not meet the expectations of experts. For comparison: the price increase in June 2022 was 6%.

A slight decrease in the share price is observed in the largest Korean enterprises: papers of Samsung Electronics, Co. fell in price by 0.2%, while Kia, Corp. – by 0.8%. The stock price of LG Electronics, Inc. fell slightly more, - by 1.3%.

The Reserve Bank of Australia decided to raise the interest rate by 50 points to 1.35-1.85% per annum. This is the third time the rate has been increased in order to combat rising inflation. In general, over three months, the central bank raised the base rate by 175 basis points. These rates are a record for the last almost 30 years.

The head of the RBA notes that the peak of inflation this year has not yet arrived and it will be at the level of 8%, and after reaching this value, it will begin to decline and reach the target level of 2-3% by 2024. Price growth in the second quarter amounted to 1.8% Q/Q and 6.1% Y/Y.

Among the S&P/ASX 200 components, Zip Co., Ltd. gained 8% and The a2 Milk, Co., Ltd. gained 6.8%.

At the same time, stock quotes of other companies in the country are declining: BHP Group, Ltd. and Rio Tinto Ltd. lost in price by 1.2% each.

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Anastasia Kravtsova,
Analytical expert of InstaForex
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