- 10:30 AM EST: US JOLTs job openings (March)
- 2:00 PM EST: President Trump speaks
- 4:30 PM EST: US API weekly crude oil stock
- 7:01 PM EST: U.K. BRC Retail Sales Monitor
After gaining for two consecutive trading days, China’s Shanghai Composite Index started this week on a stronger note by rising on Monday. Carrying forward the momentum, the Shanghai Composite Index opened strong on May 8 and closed the day at three-week high price levels.
The market sentiment improved on Tuesday amid reports that trade talks between the US and China will resume. Increased buying in blue-chip stocks before including China stocks in the MSCI China Index, which is scheduled for June 1, also supported the market run. Better-than-expected trade balance data added momentum to the market. According to the General Administration of Customs China, China’s trade balance increased by $28.78 billion in April.
On May 8, the Shanghai Composite Index closed at 3,161.50—a gain of 0.79%. The SPDR S&P China (GXC) gained 0.2% on May 7.
Hong Kong’s Hang Seng Index started this week on a mixed note. The Hang Seng Index gained strength and opened higher on Tuesday following an overnight gain in US markets. The market moved higher amid increased chances of the US and China resuming talks. On May 8, the Hang Seng Index gained 1.4% and closed the day at 30,416.00. The iShares MSCI Hong Kong (EWH) fell 1.4% on Monday.
After gaining for six consecutive trading weeks, Japan’s Nikkei Index started this week on a stable note. The Nikkei Index opened lower on Tuesday, regained strength, and moved higher as the day progressed amid the improved Asian market sentiment. The firm yen limited the market gains. On Tuesday, the Nikkei Index gained 0.21% and closed the day at 22,515. The iShares MSCI Japan (EWJ) gained 0.12% on Monday.
Next, we’ll discuss how European markets performed in the morning session on May 8.