Asian Shares pull ahead after encouraging Chinese data

Asian shares advanced on Monday as investors breathed a sigh of relief after encouraging Chinese data suggested the world’s second-biggest economy may be starting to stabilize thanks to ramped-up stimulus from Beijing.

Asian Shares

Trading was expected to be light as Japan was shut for a public holiday.

  • MSCI’s broadest index of Asia-Pacific shares outside Japan gave up losses to be 0.2% higher at 526.72 points. It fell a little more than 1% last week, snapping five straight weeks of gains.
  • Australian shares slipped 0.4%.
  • South Korea’s KOSPI was mostly flat.
  • Chinese shares pared early losses with the blue-chip index up 0.4%.
  • Hong Kong’s Hang Seng index added 0.3%.

Currency

  • In currency markets, the Australian dollar, often played as a liquid proxy for the Chinese yuan, jumped after the data to a high of $0.7033, a level not seen since July 4.
  • The greenback was a tad higher at 96.871 against a basket of major currencies.
  • The dollar index fell for three days in a row as markets fully priced in the chance of a 25-basis-point (bps) cut to U.S. interest rates. There is also a small probability of a 50 bps cut.
  • Against the Japanese yen, the dollar ticked up from near the lowest since early June at 108.04 while the single currency was slightly lower at $1.1267 after three successive sessions of gains.

Commodities

  • In commodities, U.S. crude fell 31 cents to $59.90 a barrel. Brent crude was off 22 cents at $66.50.
  • Gold slipped to 1,410.01 an ounce, drifting away from a recent six-year top of $1,438.60.

Source

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy