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Pre-Market Report: Global Markets Are Weak on November 10

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Pre-Market Report: Global Markets Are Weak on November 10 PART 1 OF 4

Asian Markets Are Mixed on November 10

Economic calendar

8:00 AM EST – United Kingdom NIESR GDP Estimate

10:00 AM EST – US Michigan Consumer Expectations (November)

10:00 AM EST – US Michigan Consumer Sentiment (November)

1:00 PM EST – US Baker Hughes Oil Rig Count

2:00 PM EST – US Federal Budget Balance

Asian Markets Are Mixed on November 10

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China

China’s Shanghai Composite Index started this week on a stronger note and rebounded from the lows created last week. The market gained in the first four trading days of the week amid the improved market sentiment. The Shanghai Composite Index opened Friday on a mixed note and regained strength as the day progressed.

Market sentiment

The market sentiment in Asian markets has improved this week amid renewed hopes about China’s economic stability. China’s stronger-than-expected monthly inflation data released this week. The data cleared doubts about economic stability in the third quarter. On Friday, the Chinese government announced its plans to increase foreign investors’ access to the Asian financial services industry. The government plans to relax financial firms’ foreign ownership limits. The government’s move added strength to the market and pushed the Shanghai Composite to a fresh 22-month high.

On November 10, the Shanghai Composite Index rose 0.14% and closed the day at 3,432.67. The SPDR S&P China (GXC) fell 0.2% on November 9.

Hong Kong

Despite starting this week on a mixed note, Hong Kong’s Hang Seng Index rose to decade-high price levels. The improved market sentiment in Wall Street and Asian markets along with increased capital inflows from China helped the Hang Seng Index rise. The Hang Seng Index opened lower on Friday but regained strength as the day progressed due to strength in insurance stocks amid China’s move to ease the access into its financial industry. The Hang Seng Index fell 0.05% and closed the day at 29,120.92. The iShares MSCI Hong Kong Index (EWH) fell 0.24%.

Japan

After starting this week on a stronger note and rising to more than 25-year high price levels, Japan’s Nikkei Index started lower on Friday. Weakness in US markets along with profit-booking at elevated levels weighed on the Nikkei Index. On the other hand, the improved market sentiment in China limited the losses.

The Nikkei Index closed the day at 22,681.42 with a loss of 0.82%. The iShares MSCI Japan (EWJ) fell 0.83% on Thursday.

In the next part, we’ll discuss how European markets performed in the early hours on November 10.

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