China’s Shanghai Composite Index regained strength at the end of last week and closed the week almost flat. Carrying forward the strength, the Shanghai Composite Index started this week on a stronger note by closing higher on Monday. On July 24, the Shanghai Composite Index opened the day higher and rose to one-month high price levels.
The Shanghai Composite Index closed higher on Monday amid strength in financial stocks. Financials moved higher as the People’s Bank of China injected $74.36 billion through a medium-term lending facility into the banking system. The Shanghai Composite Index rose on Tuesday after China’s cabinet signaled a more vigorous fiscal policy to support economic growth and counter uncertainty about the economic outlook. There are expectations that China’s monetary policy will loosen more, which boosted China’s bond yields and equity market on Tuesday.
On July 24, the Shanghai Composite Index gained 1.62% and closed the day at 2,905.94. The SPDR S&P China (GXC) fell 0.37% on Monday.
Hong Kong’s Hang Seng Index started this week on a stable note by closing higher on Monday. Maintaining the strength, the Hang Seng Index opened higher on Tuesday and rose to two-week high price levels. On Tuesday, optimism about China’s monetary expansions boosted the Hang Seng Index. The potential tax cuts for Chinese businesses boost the growth and improved the Asian market sentiment.
On July 24, the Hang Seng Index gained 1.5% and closed the day at 28,681.00. The Shares MSCI Hong Kong (EWH) closed flat on Monday.
After gaining for two consecutive trading weeks, Japan’s Nikkei Index started this week on a weaker note by closing lower on Monday. The Nikkei Index declined on Monday due to the stronger yen. However, the Nikkei Index opened stronger on July 24 and closed the day higher. The rally in the yen lost steam on Tuesday and boosted exporters. The market was also supported by the improved sentiment in Asia on Tuesday.
The Nikkei Index gained 0.51% and closed the day at 22,510.50. The iShares MSCI Japan (EWJ) rose 0.5% on Monday.
Next, we’ll discuss how US markets performed on July 23.
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