Pre-Market Research Report: Global Markets Mixed on October 11

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Pre-Market Research Report: Global Markets Mixed on October 11 PART 1 OF 3

How Did Asian Markets Perform on October 11?

Economic calendar for October 11

10:00 AM EST – US JOLTS (Job Openings and Labor Turnover Survey) (August)

2:00 PM EST – US FOMC (Federal Open Market Committee) Meeting Minutes

2:40 PM EST – FOMC member John Williams speaks

4:35 PM EST – US API (American Petroleum Institute) Weekly Crude Oil Stock results

7:01 PM EST – UK RICS (Royal Institution of Chartered Surveyors) House Price Balance

How Did Asian Markets Perform on October 11?

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Asian Markets: China

Following the week-long holiday, China’s markets started this week on a stronger note. Amid improved market sentiment, China’s Shanghai Composite Index moved higher today.

According to data released by Markit, the China Caixin Services PMI (Purchasing Managers’ Index) fell to 50.6 in September. That’s less than the market forecast of 53.1. Despite weak Caixin Services PMI data, the Chinese markets gained in the first three trading days this week. On Wednesday, October 11, the market was supported by a rally in healthcare and consumer staples stocks. On the other hand, a weakness in resource firms limited market gains.

The market is looking forward to the release of China’s exports, imports, and trade balance data scheduled to be released on October 12, 2017. On Wednesday, October 11, the Shanghai Composite Index closed at 3,388.28 with a gain of 0.16%. The SPDR S&P China ETF (GXC) rose 1.0% on October 10, 2017.

Asian Markets: Hong Kong

The Hong Kong Hang Seng Index has risen to its highest levels in almost ten years in the past week. Hang Seng started this week lower due to profit booking. But it regained strength on Tuesday and opened higher on Wednesday amid improved market risk. But the market reversed its course in the afternoon after a speech by Hon Hong’s Chief Executive Carrie Lam Cheng Yuet-ngor on tax relief and housing policies. Property stocks fell more due to the lack of clarity in the speech on the details of land supply measures.

The Hang Seng Index closed at 28,389.57 on Wednesday, a fall of 0.36%. On October 6, 2017, the iShares MSCI Hong Kong Index (EWH) rose 0.88% and closed at 25.17.

Asian Markets: Japan

Following a four-week long rally, Japan’s Nikkei Index started this week on a stronger note. On Wednesday, October 11, the index surged to a 21-year high amid improved market sentiment and confidence in economic stability. The rally in defensive stocks also supported the Nikkei Index. It rose 0.28% and closed the day at 20,881.27. The iShares MSCI Japan (EWJ) rose 0.71% on October 10, 2017. In the next part of this series, we’ll see how the European markets performed in the morning session of October 11, 2017.


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