9:45 AM EST – US manufacturing purchasing managers’ index
10:00 AM EST – US existing home sales (December)
6:50 PM EST – Japan’s trade balance
6:50 PM EST – Japan’s export and import data (December)
After starting the week on a positive note, China’s Shanghai Composite Index rose and closed Tuesday at two-week high price levels. The profits in China’s markets were supported by banking and energy stocks. The profits in the markets were limited by a loss in small-cap stocks. The market sentiment was also dented by the larger fiscal deficit reported by Beijing for 2016. The market volume was lower before the Lunar New Year holidays.
On January 24, the Shanghai Composite Index closed the day at 3,142.55—a gain of 0.2%. The SPDR S&P China (GXC) closed at 76.47—a gain of 0.8% on January 23.
After starting the week on a slightly positive note, Hong Kong’s Hang Seng Index rose on Tuesday. Amid President Trump’s protectionist inauguration speech, resource stocks gained strength and supported the Hang Seng Index. The rise in coal miners’ stocks also supported the index. On January 24, the Hang Seng Index rose 0.22% and closed the day at 22,949.86. The iShares MSCI Hong Kong (EWH) rose 0.19% to $20.77 on January 23.
After starting the week on a weaker note, Japan’s Nikkei fell to six-week low price levels. Weakness in the transportation, insurance, and manufacturing sectors weighed on the market. President Trump’s protectionist stance also dented the market sentiment. On January 24, Nikkei fell 0.55% and closed the day at 18,787.99. The iShares MSCI Japan (EWJ) closed at 50.52—a gain of 0.06% on January 23.