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Asian markets take Nasdaq price glitch in stride

Tuesday 03:40 BST

Overview

Asia equities rose, tracking a positive lead from Wall Street as energy stocks advanced as oil hovered at a three-week high, shrugging off an apparent Nasdaq price glitch.

Hot topic

A host of Nasdaq-listed stocks were all set at $123.47 a share, seemingly owing to a computer glitch, seeing Apple stocks take a dive while Zynga rocketed more than 3,000 per cent.

In after-hours trading on the eve of the US Independence Day Holiday, market data showed companies including Apple, Amazon, Zynga, eBay, Microsoft and Bed Bath & Beyond were repriced at $123.47. This saw Amazon’s share price drop 87.2 per cent with Apple down 14.3 per cent on Nasdaq.

In a statement, Nasdaq said the glitch was related to “improper use of test data” sent out to third party data providers.

Equities

Asia equities climbed, with Australia’s S&P/ASX 200 up 1.7 per cent as the financial sector rose 2.4 per cent ahead of the Reserve Bank of Australia’s decision on interest rates later on Tuesday. In Japan, the Topix index was up 0.3 per cent with the energy sector up 1.3 per cent a day after Brent crude notched its longest winning streak in five years.

In Hong Kong the Hang Seng Index was up 0.1 per cent with the energy sector up 2.7 per cent. In China the Shanghai Composite was down 0.4 per cent while the Shenzhen Composite was off 0.3 per cent.

Forex

The dollar index, which measures the greenback against a basket of peers, was 0.1 per cent weaker after strengthening 0.6 per cent in the previous session.

The Australian dollar was 0.1 per cent stronger against its US counterpart at $0.7665 ahead of the decision from the RBA, which is expected to stand pat at 1.5 per cent.

The Japanese yen was 0.1 per cent stronger against the dollar at ¥113.27.

Fixed income

The 10-year US Treasury yield, which moves inversely to price, was up 4.6 basis points at 2.350 per cent.

The yield on 10-year Australian government bonds was up 0.5bp at 2.659 per cent, hovering at an eight-week high as investors waited to see if the central bank would follow other global central banks in adopting a more hawkish tone.

Commodities

Brent crude oil, the global benchmark, slipped 0.5 per cent to $49.41 a barrel, still hovering around three-week highs. Oil recorded its eighth successive advance on Monday, the longest winning streak in five years.

West Texas Intermediate, the US marker, was down 0.5 per cent at $46.82.

Gold was up $2.18, or 0.2 per cent, at $1,222.38 an ounce after sliding 1.5 per cent on Monday to an eight-week low.

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