uploads/2018/01/asian.png

Asian Markets Started This Week on a Stronger Note

By

Updated

Economic calendar

5:00 AM EST – Eurozone retail sales (November)

12:40 PM EST – FOMC member Bostic speaks

1:35 PM EST – FOMC member Williams speaks

4:00 PM EST – FOMC member Rosengren speaks

7:01 PM EST – U.K. BRC Retail Sales Monitor (December)

Article continues below advertisement

China

After gaining for three consecutive trading weeks, China’s Shanghai Composite Index started this week on a stronger note by rising on Monday. On January 8, the Shanghai Composite Index opened the day with improved sentiment and rose to six-week high price levels.

China’s markets were strong last week amid the improved global market sentiment and release of upbeat economic data. On Monday, the market sentiment was boosted by major property developers’ 2017 sales report. The market is looking forward to the release of China’s consumer price index and producer price index for December at 8:30 AM EST on January 9.

The Shanghai Composite Index rose 0.52% and closed the day at 3,409.48 on January 8. The SPDR S&P China (GXC) rose 0.98% on January 5.

Hong Kong

Hong Kong’s Hang Seng Index closed last week at fresh ten-year high price levels and recorded the fourth consecutive weekly gain. Amid the improved global market sentiment, the Hang Seng Index opened higher on Monday. The market was supported by strength in the energy and IT sectors. With no major economic releases for Hong Kong scheduled this week, global factors are expected to influence the Hang Seng Index’s movements this week.

On January 8, the Hang Seng Index rose 0.12% and closed the day at 30,852.50. The iShares MSCI Hong Kong (EWH) rose 0.27% on January 5.

Japan

Japan’s Nikkei Index rose last week and closed the holiday-shortened week at 26-year high price levels. Japan’s markets are closed today for Coming of Age Day and will be open on January 9.

In the next part, we’ll discuss how European markets performed in the early hours on January 8.

Advertisement

More From Market Realist