8:00 AM EST – U.K. NIESR GDP estimate
8:30 AM EST – US average hourly earnings (June)
8:30 AM EST – US non-farm payrolls (June)
8:30 AM EST – US participation rate (June)
8:30 AM EST – US unemployment rate (June)
1:00 PM EST – Baker Hughes’s oil rig count
After gaining for two consecutive trading days, China’s Shanghai Composite Index closed higher on Friday. The Shanghai Composite Index started the day lower and traded with weakness in the early hours. However, it recovered after one hour of trading and ended the day at more than 2.5-month high price levels.
Asian markets opened the day on a weaker note amid the ECB’s plan to discontinue monetary stimulus. The Shanghai Composite Index was stable in the Asian markets amid investors’ positive sentiment. Increased expectations of more growth in China’s economy in 2H17 amid the government’s measures to improve stability supported the Shanghai Composite Index.
On July 7, the Shanghai Composite Index rose 0.17% and ended the day at 3,217.96. The SPDR S&P China ETF (GXC) fell 1.2% to $88.84 on July 6.
Hong Kong’s Hang Seng Index fell briefly on Thursday amid weakness in the energy and telecom sectors. Amid weaker global sentiment and a fall in US markets, the Hang Seng Index opened lower on July 7. It maintained weakness throughout the day and closed at the lowest level in six months. The market is looking forward to US non-farm payrolls data that will be released at 8:10 AM EST today.
The Hang Seng Index fell 0.49% and closed the day at 25,340.85. The iShares MSCI Hong Kong ETF (EWH) fell 0.65% to $23.05 on July 6.
After losing strength on Thursday amid falling oil and the stronger yen, Japan’s Nikkei Index continued to fall on Friday. Nikkei opened lower amid weaker global sentiment due to interest rate concerns. The mining, retail, petroleum, and plastic sectors also weighed on Nikkei. Nikkei closed the day at 19,929.09—a fall of 0.33%.
In the next part, we’ll discuss how European markets performed in the morning session on July 7.