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Pre-Market Report: Global Markets Are Strong on November 7

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Pre-Market Report: Global Markets Are Strong on November 7 PART 1 OF 4

Asian Markets Are Strong on November 7 amid Improved Sentiment

Economic calendar

10:00 AM EST – US JOLTs job openings (September)

2:30 PM EST – US Fed Chair Janet Yellen speaks

4:30 PM EST – US API weekly crude oil stock

Asian Markets Are Strong on November 7 amid Improved Sentiment

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China

After pulling back last week, China’s Shanghai Composite Index started this week stronger by rising on Monday. Carrying forward the strength, China’s markets opened higher on Tuesday and rose as the day progressed.

Market sentiment

Last week, the market pulled back amid concerns about the growth in China’s service sector activity amid mixed third-quarter quarterly economic data. On November 7, the strength in energy and banking shares pushed the market higher. The strength in the resources sector also extended support to market movements. The market is looking forward to the release of October’s economic data on November 8—exports, imports, trade balance, and inflation data.

On November 7, the Shanghai Composite Index rose 0.75% and closed the day at 3,413.57. The SPDR S&P China (GXC) rose 1.3% on November 6.

Hong Kong

After regaining some strength last week, Hong Kong’s Hang Seng Index started this week on a mixed note. With increased volatility, the Hang Seng Index closed almost flat on Monday and opened higher on Tuesday. The improved market sentiment in China’s markets along with an overnight rally in Wall Street supported the Hang Seng Index. It hit almost ten-year high price levels on November 7. The rally in AAC Technologies and Tencent also supported Hong Kong’s markets on Tuesday.

On November 7, the Hang Seng Index rose 1.4% and closed the day at 28,997.50. The iShares MSCI Hong Kong Index (EWH) fell 0.08%.

Japan

After rising for eight consecutive trading weeks, Japan’s Nikkei Index started this week with decreased momentum. However, the market regained positive momentum on Tuesday and rose to the highest levels traded since 1992. The improved market sentiment in Wall Street, Asian markets, and high expectations for quarterly earnings pushed the Nikkei higher.

The Nikkei closed the day at 22,937.60 with a gain of 1.7%. The iShares MSCI Japan (EWJ) fell -0.02% on Monday.

In the next part, we’ll discuss how European markets performed in the early hours on November 7.

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