Thursday, October 8, 2015

Asian markets trade mixed, Shanghai returns with a bang +3.5%

FXStreet (Mumbai) - Stocks on the Asian bourses are seen trading on a mixed note, with liquidity back in the markets as the Chinese traders returned after a long break.

China’s stock markets were closed from Oct 1-7 in observance of the National Day holiday.

Shanghai jumps on re-open, catches-up with the recent global rally

The Chinese benchmark index, the Shanghai Composite re-opened on a firmer note, as the markets try to catch up with the post-NFP rally that has driven the global markets higher.

Poor US jobs data released on Friday further pushed back Fed rate hike expectations into early 2016, which offered respite to the corporate sector and thus boosted the global markets rally. The index rockets 3.73% to 3,166. While Hong Kong’s Hang Seng corrected lower to 22,393 after the previous heavy gains, down -0.54%.

The benchmark Australian S&P/ASX 200 also got a lift from the higher Chinese stocks and edges 0.62% higher to 5,229 points. Mining and banking stocks lead the index higher on the recovery in commodity prices.

Contrarily, the Japanese stocks declined as investors resorted to profit-taking after the long winning streak while dismal Japan’s core machinery data also weighed on the sentiments. Also, a stronger yen versus the US dollar dents the exports stocks. At the moment, USD/JPY trades -0.06% at 119.93 while the Nikkei drops -0.36% to 18,257.
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