- 6:00 AM EST: U.K. CBI Industrial Trends Orders (April)
- 9:10 AM EST: Bank of England Deputy Governor Woods speaks
- 10:00 AM EST: US CB Consumer Confidence (April)
- 10:00 AM EST: US new home sales (March)
- 4:30 PM EST: US API weekly crude oil stock
After pulling back last week, China’s Shanghai Composite Index started this week on a weaker note by declining on Monday. On April 24, the Shanghai Composite Index opened the day higher and rallied to ten-day high price levels.
The market sentiment was weak last week amid concerns about trade relations between the US and China. However, trade concerns eased this week and gave China’s markets room to recover. On Tuesday, the buying pressure increased following announcements from the government regarding market and economic reforms. China’s Politburo commented on Monday that the government is taking measures for proactive fiscal policy, neutral and prudent monetary policy, and bolder reforms to open up major economic policies. The news improved the market sentiment and boosted the Shanghai Composite Index on Tuesday.
The Shanghai Composite Index gained 2% and closed the day at 3,128.60 on April 24. The SPDR S&P China (GXC) declined 0.44% on April 23.
Hong Kong’s Hang Seng Index started this week on a mixed note by closing lower on Monday. However, the Hang Seng Index regained strength on April 24 and moved higher. Optimism about the earnings season and the improved global risk appetite supported the Hang Seng Index. The improved sentiment on China also strengthened the Hang Seng Index.
The Hang Seng Index gained 1.4% and closed the day at 30,660.00 on April 24. The iShares MSCI Hong Kong (EWH) declined 0.16% on April 23.
Japan’s Nikkei Index gained for four consecutive trading weeks and started this week on a mixed note. However, the Nikkei Index opened higher on Tuesday amid the improved market sentiment and surged to two-month high price levels. The market sentiment improved on Tuesday amid the release of stronger-than-expected economic data. According to the Cabinet Office, the Japan Leading Index surged to 106, which is better than the forecast of 105.8. The Japan Leading Index shows 12 major economic indicators. The index is used to get an idea about the economy’s future direction.
The Nikkei Index gained 0.95% on April 24 and closed the day at 22,298.50. The iShares MSCI Japan (EWJ) declined 0.13% on April 23.
Next, we’ll discuss how European markets performed in the morning session on Tuesday.