US dollar slightly weakened. Shanghai Composite plunged 6.42%.

Throughout the day EUR/USD was trading up and down around the yesterday closing price of 1.0852. However, US dollar slightly weakened against Euro at the end of the Asian session and the pair closed at 1.0867 (+0.16%) as of 3:00 AM EST.

Asian shares crashed today. Among the worst performing Asian indices was Shanghai composite, which dropped 6.42%. Below are mentioned the performances of major indices today:

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  • Shanghai composite plummeted to 2,749.79, its lowest level since December 2014, losing 6.42%.
  • Nikkei 225 closed at 16,708.90 sliding 2.35%.
  • Hang Seng dropped 2.48%, closing at 18,860.80.
  • South Korea’s Kospi Composite index lost 1.15% finishing at 1,871.69.

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Today major event concerning Asian markets was the Bank of Korea’s preliminary data announcement, which showed that South Korea’s economic growth slowed in the last quarter of 2015.

The economy grew 0.6% in the fourth quarter from the previous quarter. It expanded 2.6% since the beginning of the year, which is the lowest level since 2012. The slowdown was mainly caused by weakening economy in China, which is the largest export market for South Korea. According to the announcement earlier this month the bank expects the economy to grow 3% in 2016.

Today the South Korean giant Hyundai Motor Co. posted its quarterly earnings, according to which net profit for Oct-Dec was 1.53 trillion won ($1.27 billion), which is 8% lower compared with last year’s result. The largest South Korean automaker’s earnings have dropped for 8 quarters in row.

Oil prices continue to fall today. As of 02:53 ET, the WTI crude was trading at 29.57 USD/bbl or down 2.54% and Brent Crude at 29.73 USD/bbl, down 2.52%.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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