Asian stock markets rose today after Wall Street turned in its fifth straight weekly gain and China’s manufacturing growth held steady. Both Asian markets and the US markets opened relatively higher and gained momentum in the early hours of trading, giving back some of these gains closer to the EU market opening.
The Shanghai Composite Index SHCOMP, rose 0.5% after the Chinese statistics bureau and an industry group reported that a survey showed manufacturing grew in August at about the same rate as the previous month.
The Nikkei 225, in Tokyo, added 1.1%, rebounding after Prime Minister Shinzo Abe’s announcement that he was resigning for health reasons triggered heavy selling on Friday. Five of Japan’s most venerable corporate names also surged after Warren Buffet’s Berkshire Hathaway Inc. took stakes of slightly more than 5% in them.
Hong Kong’s Hang Seng HSI, advanced 0.5% while the Kospi 180721, in Seoul, slipped 0.46%. Australia’s S&P/ASX 200 XJO, is about flat. New Zealand NZ50GR and Jakarta JAKIDX, retreated while Singapore STI gained.
Overview for the Week Ahead
This will be an interesting week with a full calendar of market-moving events. Central bank activity includes RBA and BoE rate decisions. Economic data include US ISM and non-farm payroll, Canadian employment, Australia GDP, and China PMI. These events have the potential to influence the markets which means there is plenty of trading opportunities.
If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].
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Errante is the trading name used by Notely Trading Ltd, an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number [383/20]. Errante is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.
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