Indian shares ended more than 1% lower to hit a three-month low on Friday as a short-seller attack on Adani Group companies triggered a selloff in its shares and of the banks, wiping off a combined $48 billion in the conglomerate's market value over two days.
World stocks eked out a 5-1/2 month high and the dollar held close to an eight-month low on Friday, as reassuring U.S. economic and inflation data kept the bulls largely in charge ahead of next week's slate of top central bank meetings. Asia-Pacific shares maintained their best start to a year overnight with a 9-month high despite ongoing drama in India.
Japan's government bond yields rose to their highest levels in more than a week on Friday, as investors braced for an auction for 10-year bonds and as Tokyo's consumer inflation hit a four-decade high. The 10-year JGB yield rose to 0.475%, its highest since the Bank of Japan kept a trading band for the benchmark yield unchanged at the policy meeting on Jan. 18.
The yen rose against the dollar on Friday as heated Tokyo inflation readings spurred bets that a hawkish pivot from the Bank of Japan was in the offing. However, the U.S. dollar pulled away from near a nine-month low to the euro and a seven-month trough to sterling as traders braced for a critical week when the central banks responsible for all three currencies will meet.
Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate.
Asian stocks rose on Friday and were poised for their fifth straight week of gains after data highlighted a resilient U.S. economy, boosting investor sentiment ahead of next week's slate of central bank policy meetings.
Asian stocks rose on Friday and were poised for their fifth straight week of gains after data highlighted a resilient U.S. economy, boosting investor sentiment ahead of next week's slate of central bank policy meetings.
Indian shares ended more than 1% lower to hit a three-month low on Friday as a short-seller attack on Adani Group companies triggered a selloff in its shares and of the banks, wiping off a combined $48 billion in the conglomerate's market value over two days.
Battery maker LG Energy Solution said on Friday demand for electric vehicle batteries in North America would likely stay strong this year, boosting its revenue, despite lingering worries about inflation. The South Korean company, which supplies Tesla, General Motors Co and others, said it is targeting revenue growth of 25-30% this year, aiming to achieve up to 33.3 trillion won in revenue.
- Private home prices in Hong Kong, one of the most unaffordable territories in the world, fell 15.6% in 2022 in the first annual drop since 2008, official data showed on Friday. Prices in the Asian financial hub were weighed down by a weak economic outlook and rising mortgage costs, following a COVID-19 outbreak at the beginning of the year.
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