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Asian Markets Are Strong amid Holidays

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Dec. 4 2020, Updated 10:52 a.m. ET

Economic calendar

  • 8:00 AM EST: Germany’s consumer price index (April)
  • 8:30 AM EST: US core PCE price index (March)
  • 8:30 AM EST: US personal spending (March)
  • 10:00 AM EST: US pending home sales (March)
  • 8:30 PM EST: Japan’s manufacturing PMI (purchasing managers’ index) (April)
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China

China’s markets are closed on April 30 for the “Labour Day” holiday. China’s Shanghai Composite Index regained strength last week and rebounded from the previous week’s lows. The market sentiment on China’s markets improved last week after the government sent signals of easing economic and monetary policies to avoid slowing down economy and boost economic growth. However, the gains are limited due to concerns about the trade war between the US and China. The Shanghai Composite Index closed last week at 3,082.23—a gain of 0.35%. The SPDR S&P China (GXC) gained 0.50% on April 27.

Hong Kong

Hong Kong’s Hang Seng Index declined for two consecutive trading weeks but started this week on a stronger note. The Hang Seng Index opened higher on Monday and surged to more than two-week high price levels. The Hang Seng Index is supported by optimism about earnings reports and strength in the financials and technology sectors on Monday. Hong Kong’s markets will be closed on May 1 for the “Labour Day” holiday.

The Hang Seng Index gained 1.8% and closed the day at 30,828.00 on April 30. The iShares MSCI Hong Kong (EWH) gained 0.39% on Friday.

Japan

After gaining for four consecutive trading weeks, Japan’s Nikkei Index surged to three-month high price levels last week and gained for the fifth consecutive week. Japan’s markets are closed on April 30 for the “Showa Day” holiday. The market is looking forward to the release of manufacturing PMI data. The data are scheduled to be released at 8:30 PM EST today. The Nikkei Index gained 1.4% and closed last week at 22,467.87. The iShares MSCI Japan (EWJ) fell 0.28% on Friday.

Next, we’ll discuss how European markets performed in the morning session on April 30.

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