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The rising number of COVID-19 cases in multiple countries is creating a mixed outlook for Asian stocks today. In Hong Kong, the Hang Seng index rose by about 0.45%, despite the Chief Executive’s warning about a surge in COVID-related infections across the region. In China, the Shanghai Composite increased by 1.78%, while Japan’s Nikkei 225 index fell by 1.15%.
One of the biggest movers in Asia was Geely Automobile, the owner of Volvo, whose shares went up by 3%. On the other hand, shares of tech giant Tencent fell by more than 2%. In Japan, Canon, Konica Minolta, and Nissan all saw their shares drop by more than 10% each.
Nissan’s significant loss was due to a $4.5 billion financial shortfall, and as reported earlier this week, the company risks running out of cash within the year if these losses continue. Canon’s shares plummeted by 13%, hitting a two-year low, primarily due to a sharp decline in product demand.
In Europe, futures markets are showing mixed results as traders react to earnings reports from several major regional banks. DAX index futures are up by 0.15%, while FTSE 100 futures are down by 0.10%. The continent-wide Stoxx 50 index dropped by 0.27%, while Italy’s FTSE MIB is slightly up by 0.15%.
Today’s key movers in Europe include Deutsche Bank and Barclays, both of which reported mixed earnings. Deutsche Bank revealed it had allocated 761 million euros for credit losses and increased its investment bank provisions. The bank’s revenues reached 6.3 billion euros in the second quarter of this year, slightly above the 6.2 billion euros from the same period last year. Its common equity tier 1 capital ratio was 13.3%, slightly lower than last year’s 13.4%.
Deutsche Bank’s CEO, Christian Sewing, noted that despite a challenging environment, the bank grew revenues and continued to reduce costs, staying on track to meet all targets.
Meanwhile, Barclays reported a net income of £695 million for the first half of the year, with credit loss provisions rising to £1.6 billion.
The US dollar index declined by about 0.15% as investors await today’s FOMC interest rate decision. The dollar weakened by 0.15% against the Swedish krona, 0.30% against the euro, and 0.13% against the Swiss franc. It also fell by 0.10% against the Canadian dollar.
The weakening dollar has renewed interest in commodities. Silver prices, which were down earlier, have turned positive, climbing 0.40%. Gold, copper, and palladium prices have also increased by more than 0.50%.