Asian Markets Mixed on Crude Oil Price

Asian Markets Mixed on Crude Oil Price
by, Staff, Bullish University

Binary options traders saw a rather mixed day, this morning, in the Asian and Pacific Rim markets. They were forced to adjust binary options strategy as the price of crude fell weighing heavily on the major players in Australia’s oil industry.

In Australia, the S&P ASX 200 was up 0.1 percent as the materials sub-index rose 0.28 percent. The heavily weighted financial sub-sector rose 0.4 percent but gains were offset by a 0.93 percent drop in the energy sub-sector.

Those binary options traders, who were trading stocks on this market, had to contend with a 2.8 percent fall in Santos, Oil Search which fell 1.7 percent and Origin Energy which retreaded by over 1.4 percent.

These stocks were effected by US WTI Crude oil which fell 0.9 percent to $49.37 per barrel and the global benchmark WTI Brent which fell 0.8 percent to $51.50 per barrel. Binary options strategy had to adjust bearish with oil this morning.

In South Korea, the Kospi Composite Index lost 0.13 percent after pairing earlier losses of just over one half of a percent. Stock markets in mainland China were higher after returning from the Golden Week hiatus. The Shanghai Composite jumped over1.2 percent and the Shenzhen Composite Index was up over 1.5 percent this morning.

Looking at the markets in Thailand, the SET Index dropped over 2.6 percent on news that the 88 year old King Bhumibol Adulyadej was in unstable condition after hemodialysis. The USD/BAHT Forex pair rose 0.43 percent by noon Hong Time causing a shift in binary options strategy.

Financial markers in Hong Kong, Taiwan and Japan were all closed for public holidays today.

Looking at corporate news in Australian, the Macquarie Group rose 0.13 percent after news surfaced that the Australian make was going to acquire Green Investment Bank for £2 billion. The CIMIC Group, a Spanish controlled engineering firm, said it would offer A$3.15 a share to buy stock of rival UGL. This cash deal is at 47.2 percent premium on Friday’s close. Shares of UGL surged over 48 percent on the deal and the CIMIC Group rose 0.2 percent. Back in June, AGL warned that delays at one of its largest oil and gas projects would be hard on the bottom line. This sent shares down by 33 percent.

Australian mining plays were up over 35 percent on merger and acquisition news on Monday.

Looking at corporate news, affecting binary options strategy, in South Korea, shares of Samsung Electronics fell over three percent on news that they were suspending production on the Galaxy Note 7. Fires are continuing in the replacement models of their flagship phablet device.

Turning our attention to the Forex markets, the central bank of China set the yuan midpoint at 6.7008 against the US Dollar. This is the weakest mid-point since September 2010. The yuan floats two percent on either side of this mid-point. By 12:15 HK time, the Dollar to Yuan Forex pair was trading up at 0.45 percent to $6.6990. China’s yuan (renminbi) has been officially included in the International Monetary Fund’s basket of reserve currencies as of October 1.

Those binary options traders trading the Mexican peso noted the USD/MXN was down 1.28 percent this morning as the peso got stronger. The peso has already gained more than two percent and at its highest level in two months. The Forex markets are lengthening the odds of a Trump victory in November.

 

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