Asian Markets Were Mixed on September 8
On September 8, 2017, the Shanghai Composite Index fell 0.01% and ended at 3,365.24. The SPDR S&P China ETF (GXC) rose 0.78% and closed at 100.83.
Sept. 8 2017, Published 8:41 a.m. ET
Economic calendar
8:45 AM EST – FOMC member Harker speaks
1:00 PM EST – Baker Hughes’s oil rig count
9:30 PM EST – China’s consumer price index (August)
9:30 PM EST – China’s producer price index (August)
China
After pulling back on Thursday, China’s Shanghai Composite Index remained almost flat on Friday. The market rose in three out of five trading days this week. It broke the Shanghai Composite Index’s three-week rising streak by closing lower.
The Shanghai Composite Index started Friday on a mixed note amid weak global market sentiment and China’s mixed economic data. According to data released by China’s General Administration of Customs, China’s exports rose 5.5% in August—below the expected growth of 6%. China’s imports rose 13.3% in August—above the market’s expected growth of 10%. The market is looking forward to the release of fixed asset investment, industrial production, and retail sales data next week.
On September 8, 2017, the Shanghai Composite Index fell 0.01% and ended at 3,365.24. The SPDR S&P China ETF (GXC) rose 0.78% and closed at 100.83.
Hong Kong
After falling for two consecutive trading days, Hong Kong’s Hang Seng Index started Friday on a stronger note. After a positive start, the market gathered momentum amid a strong rally in property developer stocks. The Hang Seng Index broke it three-day gaining streak by falling this week amid the market’s weaker risk appetite and geopolitical concerns.
On September 8, the Hang Seng Index rose 0.53% and closed the day at 27,668.47. On September 7, the iShares MSCI Hong Kong Index (EWH) fell 0.32% and closed at 24.62.
Japan
Despite rising on Thursday, Japan’s Nikkei Index started Friday lower due to weak economic data. According to data released by the Cabinet Office, Japan’s GDP rose 2.5% year-over-year in 2Q17—less than analysts’ forecast of 2.9% GDP growth. The market fell due to weak stocks in the communication, insurance, and pharmaceutical sectors. On Friday, the Nikkei Index closed the day at 19,274.82—a fall of 0.63%. The iShares MSCI Japan Index (EWJ) rose 0.59% to 54.80 on September 7.
In the next part of this series, we’ll see how European markets performed in the morning session on September 8, 2017.
