· World shares struggle to shake off bearish mood as U.S. tech giants wobble
Share markets struggled globally on Friday in a shadow cast by overnight falls in U.S. big tech shares, as well as doubts about the prospects for a U.S. stimulus after the Senate rejected a Republican bill.
In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.2%, thanks to a rebound in Hong Kong and Chinese shares, but it still hovered just above a one-month trough touched earlier this week. Japan's Nikkei .N225 rose 0.6%.
Dampening the mood, the U.S. Senate on Thursday killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing.
U.S. tech shares, unquestionable leaders of the world’s stock recovery since late March, failed to sustain a brief rebound.
· Samsung shares could rally over 40% to record highs on smartphone rebound and chips, analyst says
Samsung shares could rally over 40% in the next year, according to one analyst who sees TV and smartphone sales rebounding sharply in the near-term and a boost in the chip division.
SK Kim, analyst at Daiwa Capital Markets, raised his 12-month price target on the stock to 85,000 Korean won ($71.52) from 82,000 Korean won. That represents upside of around 45% from Wednesday’s close, when Kim issued his target price revision.
“We expect strong earnings upside to Samsung Electronics’ (SEC) earnings in 3Q20, led by the set device (mobile and TV) division,” Kim said in a note.
· Nikkei gains as coronavirus fears ease in Tokyo
Japanese shares rose to one-week highs on Friday, tracking U.S. futures higher, after the capital city of Tokyo dropped its coronavirus alert by one notch from the highest level as infections continue to decline.
The benchmark Nikkei share average rose 0.74% to 23,406.49. For the week, the index has gained 0.87%.
The broader Topix gained 0.72% at 1,636.64, with all but four of the 33 sector sub-indexes on the Tokyo exchange trading higher. The index posted its third weekly gain.
Both indexes marked their highest levels since Sept. 3. *Nikkei gains as coronavirus fears ease in Tokyo*
Japanese shares rose to one-week highs on Friday, tracking U.S. futures higher, after the capital city of Tokyo dropped its coronavirus alert by one notch from the highest level as infections continue to decline.
The benchmark Nikkei share average rose 0.74% to 23,406.49. For the week, the index has gained 0.87%.
The broader Topix gained 0.72% at 1,636.64, with all but four of the 33 sector sub-indexes on the Tokyo exchange trading higher. The index posted its third weekly gain.
Both indexes marked their highest levels since Sept. 3.
· China shares post biggest weekly drop in eight as Sino-U.S. rift weighs
Chinese shares recovered lost ground to end higher on Friday, though the benchmark Shanghai Composite Index posted its biggest weekly drop in eight as Beijing’s rift with Washington had investors sticking to safer assets.
At the close, the Shanghai Composite index was up 0.79% at 3,260.35 after earlier falling as much as 0.44%. The index finished 2.83% lower for the week, its biggest weekly drop since mid-July.
The blue-chip CSI300 index closed up 0.99%, trimming its weekly losses to 3%.
· European markets inch higher with Brexit standoff in focus
European markets were mostly higher Friday morning as investors monitored tense negotiations between the U.K. and the European Union.
The pan-European Stoxx 600 eked out 0.2% gains in early trade, with oil and gas falling 0.6% while household goods added 0.7%.
Reference: CNBC, Reuters
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