8:30 AM EST – US core durable goods orders (April)
8:30 AM EST – US GDP
10:00 AM EST – US Michigan consumer sentiment (May)
1:00 PM EST – Baker Hughes’s US oil rig count
After rising on Thursday, China’s Shanghai Composite Index regained strength and closed at the highest levels in ten days. The Shanghai Composite Index became volatile this week after Moody’s downgraded China’s credit system. Despite the downgrade, Chinese markets are stable above the important 3,000 level.
Stabilization measures by China’s government also helped the market close at higher levels. Reports triggered a rally in financial stocks and supported Chinese markets. The blue-chip index rose amid increased expectations of China’s market shares being included in the MSCI benchmark in June. On May 26, the Shanghai Composite Index rose 0.08% and ended the day at 3,110.06. The SPDR S&P China ETF (GXC) rose 1.1% to $88.13 on May 25.
After starting the week on a strong note and gaining for five consecutive trading days, Hong Kong’s Hang Seng Index closed flat on May 26. Weakness in oil prices moved airline stocks up on Friday. However, positive momentum is offset by weakness in the energy sector. Positive sentiment from Wall Street also supported the Hang Seng Index. Read S&P 500 and NASDAQ Are at Record Highs on May 25 to learn how Wall Street performed on May 25. On May 26, the Hang Seng Index remained flat and closed the day at 25,629.5. The iShares MSCI Hong Kong ETF (EWH) rose 0.26% to $23.48 on May 25.
After raising to the highest levels in a week on Thursday, Japan’s Nikkei Index opened higher on Friday and ended the day in losses. Weakness in the energy sector along with the rising yen weighed on Japan’s Nikkei index. Nikkei closed the day at 19,686.84 with a fall of 0.64%. The iShares MSCI Japan ETF (EWJ) closed at $53.15—a gain of 0.26% on May 25. In the next part, we’ll discuss how European markets are performing in the morning session on May 26.