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Today's Summary - 20130523
Global market slide on Japan super-tumble: HSI 22,669.68 (-591.40)
Last night the US market advanced for about 150 points in early session. In the first part of Bernanke's speech, he claimed that too early in exiting the QE program will be harmful to economy growth. Nevertheless in his latter part of the talk, he said that the size of purchase may be reduced that is related to the economic data. Separately, the last FOMC minutes also disclosed that most members have already discussed on the timing of the QE exit. DJIA reverted its early trend and deep dived for more than 200 points, bringing to the close at 15,307 (-80). This morning the AP markets declined, but the Tokyo market continued to advance.
Nevertheless, after the Nikkei 225 advanced for another 300 points hitting the intraday high of 15,943, the market suddenly reverted its trend and deep dived thereafter.
Separately, HSBC announced the China May PMI that shocked the market. The meter reading dropped below 50 to 49.6, that slipped below the boom-and-bust level of 50 for the first time in last 7 months.
This morning the May HSI futures opened at 23,050 (-240), bringing the stock market to open at 23,067 (-194) fifteen minutes later. The market then hovered at the 23,000 level for a while, but then continued to decline. The morning session finished at 22,990 (-381). Half day turnover is 37.4 bil HK$.
In the afternoon the Tokyo market continued to dive, finished at day-low of 14,484 (-1,143). The HK market also declined further to the 22,600 edge. HSI finished at 22,670 (-591). Total turnover of the day is 83.6 bil HK$.
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