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Daily Scan: Asian shares end the week higher

By NexChange
Capital Markets

Updated throughout the day

September 11

Good evening everyone. With the Fed keeping the world on the edge of their seats, Asian shares went into risk-off mode once again with only the Shenzhen Composite and Japan’s broader Topix managing to eke out some gains. Here’s how Asia’s largest bourses did this week:

 
Day
Week

Shanghai Composite
+0.073
+1.3%

Shenzhen Composite
+0.62%
+3.8%

Hang Seng Index
-0.27%
+3.2%

Hang Seng China Enterprises Index
-0.63%
+6%

Nikkei 225
-0.19%
+2.7%

Topix
+0.1%
+2.5%

The European markets meanwhile turned mostly negative, with the FTSE 100 slipping 0.2%, the Dax falling 0.5%, and the CAC sliding 0.3%. Since the Fed won’t give its decision until Thursday next week, I doubt anything’s going to change market-wise until then. Here’s what else you need to know:

Non-OPEC oil production set to hit 24-year low. We all know that crude oil’s continued fall could mean bad news for the industry, but here’s the International Energy Agency to tell you just how bad it could get: “Oil's price collapse is closing down high-cost production from Eagle Ford in Texas to Russia and the North Sea, which may result in the loss next year of half a million barrels a day - the biggest decline in 24 years.” International Energy Agency 

Italian industrial output thrashes estimates. Proving how awesome Italians are, industrial output in the nation surged 1.1% in August, nearly double the 0.6% climb analysts have been expecting. Energy output’s 7.1% rise seemed to be the main driver behind the surge, while consumer good added another 1%. MarketWatch

Indonesia sends troops to battle smog fires. More than 10,000 troops are being sent to fight fires in southern Sumatra, as smoke makes thousands sick, delays flights and pushes air quality to unhealthy levels in neighbouring Singapore and Malaysia. Channel News Asia

Bank of Korea keeps rates unchanged. After slashing rates four times between August and June, the Bank of Korea kept its benchmark Base Rate unchanged this month at 1.50%. The prior cuts were mostly due to the MERS outbreak, which crippled the nation’s economy enough to force a government-backed stimulus package. While they’re not out of the woods yet economy-wise, the BOK “forecasts that the domestic economy will show a trend of recovery going forward.” Bank of Korea

Moody’s takes on the SFC. In a closely-watched hearing at the Securities and Futures Appeals Tribunal, U.S.-based Moody’s has locked horns with Hong Kong’s Securities and Futures Commission over complaints that a 2011 report from the ratings agency was “shoddy.” The report was apparently titled “Red Flags for Emerging Market Companies: A Focus O

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