Asian Markets Are Strong after the Rally in US Markets
8:15 AM EST – US ADP non-farm employment change (September)
9:45 AM EST – US Markit Composite PMI (purchasing managers’ index) (September)
9:45 AM EST – US services PMI (September)
10:00 AM EST – US ISM non-manufacturing PMI
10:30 AM EST – US crude oil inventories
1:15 PM EST – European Central Bank President Draghi speaks
3:00 PM EST – US FOMC member Bullard speaks
3:15 PM EST – US Fed Chair Yellen speaks
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China’s markets are closed this week for the “National Day” holiday. The markets will resume trade on Monday, October 9.
Hong Kong’s market lost strength last week amid profit-booking due to concerns about the outflow of money from Hong Kong. However, the market opened higher this week and rose to ten-year high price levels. The market sentiment improved due to the Central Bank of China’s decision to cut the reserve rations. The sentiment also improved due to overnight gains on Wall Street. The S&P 500, NASDAQ, and Dow rose to record high price levels on October 3 amid the improved market sentiment. The strength in property developer stocks along with the rise of banks and insurers pushed the Hang Seng Index higher.
The Hang Seng Index rose 0.73% and closed the day at 28,379.18. On October 3, the iShares MSCI Hong Kong Index (EWH) rose 0.61% and closed at 24.89.
Following the three-week rising streak, Japan’s Nikkei Index started this week with an improved market sentiment. On Tuesday, Nikkei rose amid the weaker yen and strong overnight performance on Wall Street. The market opened higher on Wednesday following a rally on Wall Street and closed the day at the highest levels in more than two years. On October 4, the Nikkei Index rose 0.06% and closed the day at 20,626.66.
In the next part, we’ll see how European markets performed in the morning session on October 4, 2017.