Asian Markets Are Mixed on August 17, China Regains Strength
China’s Shanghai Composite Index fell last week. On August 17, 2017, the Shanghai Composite Index rose 0.68% and ended at 3,268.43.
Aug. 17 2017, Published 8:42 a.m. ET
Economic calendar
8:30 AM EST – US initial jobless claims
8:30 AM EST – U.S. Philadelphia Fed Manufacturing Index (August)
9:15 AM EST – US industrial production
1:00 PM EST – FOMC member Kaplan speaks
1:45 PM EST – FOMC member Kashkari speaks
9:30 PM EST – China house prices (July)
China
After gaining for seven consecutive trading weeks, China’s Shanghai Composite Index fell last week. Despite weak economic data, the index rebounded on Monday and started this week on a stronger note. Continuing the strength, the Shanghai Composite Index rose on Tuesday but lost momentum on Wednesday.
Despite losing momentum on August 16, the Shanghai Composite regained strength on Thursday and rose to one-week high price levels. The strength in shipping, shipbuilding, and materials stocks supported the market today. The market is looking forward to the release of July’s China house prices data that are scheduled to release at 9:30 PM EST today.
On August 17, 2017, the Shanghai Composite Index rose 0.68% and ended at 3,268.43.
Hong Kong
After pulling back from two-year high price levels at the end of last week, Hong Kong’s Hang Seng Index regained strength on August 14, 2017, and started the week on a stronger note. Despite losing momentum on Tuesday, the Hang Seng Index regained strength on Wednesday and opened higher on August 17. Wall Street’s mixed sentiment and profit-booking in Hong Kong’s markets weighed on the Hang Seng Index on Thursday. On August 17, the index closed the day at 27,344.22 with a loss of 0.24%. The iShares MSCI Hong Kong (EWH) rose 0.83% to $24.42 on August 16.
Japan
After falling for four consecutive trading weeks, Japan’s Nikkei Index started this week on a weaker note. Despite a slow start to the week, the Nikkei rose on Tuesday amid the weaker yen and supporting economic data. However, it pulled back on Wednesday and continued the weakness on Thursday. Weakness in the banking, retail, and financial services sectors weighed on the Nikkei Index. It closed the day at 19,702.63—a fall of 0.14%.
In the next part of this series, we’ll see how European markets performed in the morning session on August 17, 2017.