Asian stock markets were lower Tuesday as investors awaited monetary policy announcements from central banks and the outcome of China’s economic planning meeting.
CHINA MEETING: Chinese leaders began a five-day meeting on Monday to set goals for the world’s second-largest economy for the next five years. The Communist Party leaders are expected to redouble their efforts to shift China’s reliance on trade and investment to more self-sustaining growth driven by domestic consumption. Whether China’s growth target would be lowered or not is a point of hot debate, Mizuho Bank said in a daily commentary, following Chinese Premier Li Keqiang’s remark that communist leaders will accept growth below their official target of “about 7 per cent.” On Friday, Beijing cut interest rates for a sixth time since November.
CENTRAL BANKS: Central bankers in some of the world’s biggest economies are convening this week to discuss key rates and stimulus actions. The U.S. Federal Reserve begins its two-day meeting later on Tuesday amid low expectations for a rate increase as the global economy remains fragile. Bank of Japan policymakers are meeting on Friday amid expectations for signals of more easing.
THE QUOTE: “No one expects the Fed to budge on policy tomorrow,” DBS Group Research said in a daily note. Third-quarter U.S. growth data slated for release on Thursday could determine whether the central bank “dares move” next month, it said.
Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), together with its subsidiaries, provides travel services for hotel accommodations, transportation ticketing services, packaged tours, and corporate travel management in the People’s Republic of China. The Company shares are trading 122.83% above their 52 week low price after the last close and 3.61% below the 52 week high. Its latest closing price was down 42.43% from the average-price of 200 days while it kept its distance from the SMA50 at 34.48% and 32.49% compared with the SMA 20.
Shares of Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM) were 27.94% up 52 week lows as of the latest close and -11.28% below the 52 week high. Its latest closing price was up -0.67% from the average-price of 200 days while it maintained a distance from the SMA 50 at 7.54% and 2.39% compared with the SMA 20. Taiwan Semiconductor Manufacturing Company Limited engages in the computer-aided design, manufacture, packaging, testing, sale, and marketing of integrated circuits and other semiconductor devices.
Baidu Inc (ADR) (NASDAQ:BIDU) provides Internet search services in China and internationally. It offers Chinese language search platform on its Baidu.com Website that enables users to find relevant information online, including Web pages, news, images, documents, and multimedia files through links provided on its Website; and international products and services to users in other countries. The stock’s latest price traded at 66.24% up 52 week lows after the closing bell and was -34.03% behind its 52 week high. Its latest closing price was 13.54% below the SMA200 while the distance from the SMA 50 and SMA 20 was 13.15% and 13.54% respectively.
JD.Com Inc (ADR) (NASDAQ:JD) is trading 24.55% higher than the 52 week low price and -29.37% behind the 52 week high. The stock’s latest closing price was -10.09% down from the average-price of 200 days while it kept its distance from the SMA50 at 3.06% and -0.15% compared with the SMA 20. JD.com, Inc., through its subsidiaries, operates as an online direct sales company in the People’s Republic of China.
Avago Technologies Ltd (NASDAQ:AVGO) designs, develops, and supplies semiconductor devices with a focus on analog III-V based products. The Company so far this year has moved down 23.98% and its monthly performance stands at -2.47%. The stock was up 56.22% from its 52 week low and was -17.38% below the 52 week high. Its latest closing price was down -0.14% from the average-price of 200 days while it kept its distance from the SMA50 at 1.00% and 2.69% compared with the SMA 20.