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Asian Markets Are Stable amid Improved Market Sentiment

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Economic calendar

10:00 AM EST – US JOLTs Job Openings (July)

1:00 PM EST – US ten-year note auction

7:50 PM EST – Japan’s BSI Large Manufacturing Conditions (Q3)

7:50 PM EST – Japan’s producer price index

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China

After pulling back last week, China’s Shanghai Composite Index regained momentum this week by rising on Monday. Amid improved global market sentiment, the Shanghai Composite started higher on September 12 and clocked its second consecutive daily gain.

The market sentiment improved this week as geopolitical tensions fell and supported the market. So far, China hasn’t released any major economic data this week. The market’s action was driven by improved global sentiment. On Tuesday, strength in the financials and consumer sectors supported the market. However, the market pulled back in the closing hours due to profit-booking in new-energy auto firms. The market is looking forward to retail sales, industrial production, and fixed asset investment data that are scheduled to release on Wednesday.

On September 12, 2017, the Shanghai Composite Index rose 0.09% and ended at 3,379.49. The SPDR S&P China ETF (GXC) rose 1.9% and closed at 102.17.

Hong Kong

After rising for two consecutive trading days, Hong Kong’s Hang Seng Index opened higher on Tuesday. The rally in US markets on Monday along with strength in Asian markets supported the Hang Seng Index. The market stayed near two-year high levels amid the market’s increased risk appetite and closed the day almost flat. On September 12, the Hang Seng Index rose 0.06% and closed the day at 27,972.24. On September 11, the iShares MSCI Hong Kong Index (EWH) rose 1.3% and closed at 25.04.

Japan

After starting this week on a stronger note, Japan’s Nikkei Index continued to rise and opened higher on Tuesday. Stability in the Asian markets on September 12 along with strength in the financial sectors pushed the Nikkei to one-month high price levels. On September 12, the Nikkei Index closed the day at 19,776.62—a rise of 1.2%. The iShares MSCI Japan Index (EWJ) rose 0.45% to 55.22 on September 11.

In the next part of this series, we’ll see how European markets performed in the morning session on September 12, 2017.

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