Global Economy LIVE | Japanese yen attains lowest value in decades

Gold prices showed upward tick because of slight pullback in the US dollar. However, higher Treasury yields and prospects of more sharp rate hikes by Federal Reserve kept gains in check.

Spot gold rose 0.2% to $1,631.54 per ounce by 0909 GMT. U.S. gold futures inched 0.1% higher to $1,636.50.
 

Shares of Nokia and Ericsson have sunk after their reports of lower-than-expected profits for the third quarter

Ericsson's shares sank by more than 11 percent as the Stockholm stock exhange opened while Nokia tumbled by four percent in Helsinki.

Sweden's Ericsson reported a net profit of 5.4 billion Swedish kronor ($480 million) between July and September, down seven percent compared to a year earlier.

Finnish competitor Nokia reported a 22-percent rise in profit to 428 million euros ($419 million) -- well short of the 514-539 million euros forecast by analysts.
 

Hong Kong stocks closed at a lower level on Thursday. World markets were hit by fresh inflation and worries over interest rates 

The Hang Seng Index dropped 1.40 percent, or 231.06 points, to 16,280.22.

The Shanghai Composite Index eased 0.31 percent, or 9.33 points, to 3,035.05, while the Shenzhen Composite Index on China's second exchange lost 0.51 percent, or 10.17 points, to 1,971.67.
 

Yen has plunged to 150 per dollar. The Japanese currency has hit such a low for the first time since 1990.

The Tokyo shares ended lower on Thursday.

The Topic index dropped 0.51 per cent to 1,894.51, while the benchmark Nikkei 225 index dropped 0.92 per cent, to 27,006.96. 
 

In an effort to support bond prices, Japan's central bank on Thursday announced that it would conduct emergency bond-buying operations. 

The bank will offer a purchase of $667 million worth of government securities.

The decision comes as the yen is currently trading at 150 to the dollar, a 32-year low.

With continuous concerns about rising interest rates and inflation that may push countries into recession, Hong Kong stocks declined at the start of business on Thursday (October 20).

The Hang Sang Index fell 1.70 per cent or 280.49 per cent. 

The Shenzhen Composite Index was 0.63 per cent to 1,969 points, while the Shanghai Corporation Index dropped 0.50 per cent to 3, 029.30 points.

Indian stock indices declined on Thursday after extending gains for consecutive four days. 

The Nifty fell 145.01 points to 17,468.35 points, while the Sensex fell 0.25 percent to 59,962.18 points. 

Following a long-decline of more than a per cent, gold prices continued to fall on Thursday due to rising Treasury rates in the US dollar, along with ongoing concerns about the Federal Reserve's increasing rates.

The spot price of gold fell 0.2 per cent to $1,626.12 per ounce. 

The rupee fell six paise to touch a record low of 83.06 against the US dollar in opening trade on Thursday.

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Oil prices were mixed on Thursday as investors balanced caution over tightening supply against concerns that a global slowdown could curb demand.

Brent crude futures for December settlement fell 14 cents, or 0.15 per cent, to $92.27 a barrel at 0305 GMT. US West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose 53 cents, or 0.6 per cent, to $86.08 per barrel. 

Asian share markets fell on Thursday amid investor fears of a looming recession. Treasury yields rose on expectations that the Federal Reserve will remain aggressive in its interest rate hikes.

Japan's yen crept close to the psychological barrier of 150 per dollar after earlier marking a fresh 32-year low of 149.93.

The dollar loomed over other major currencies on Thursday as Treasury yields peaked at multi-year highs. Meanwhile, the yen tumbled to a fresh 32-year low and kept markets on high alert for any signs of an intervention.

The US dollar index was up 0.05 per cent to 113.04, after a nearly 1 per cent surge overnight. The Japanese yen hit a fresh trough of 149.96 per dollar, and last bought 149.95.

Tesla Inc Chief Executive Elon Musk expects the electric carmaker to have a "great" Q4. However, the company is expected to miss its vehicle delivery targets this year.

"We are extremely confident of a great Q4 and we anticipate continuing to grow our vehicle production, sales and deliveries by, on average by 50 per cent a year as far into the future as we can see," said Musk.

"We have excellent demand for Q4 and we expect to sell every car that we make," he added.

Oil prices opened mixed in early Asian trade on Thursday amid investors trying to balance caution over tightening supply against lower demand projections.

Brent crude futures for December settlement fell 28 cents, or 0.3 per cent, to $92.13 a barrel by 0010 GMT. US West Texas Intermediate crude for November delivery (WTI), which expires on Thursday, rose 34 cents, or 0.4 per cent, to $85.89 per barrel.