Asia Gains After Our Rally

china yuan

After the US markets rallied to new highs on the year, yesterday, Asian markets returned the favour.

WSJ: The Shanghai Composite rose 1.8% to 2967.59 in choppy trade, after tumbling 2.6% in the previous session.

“Investors are buying because the market was oversold yesterday and half-year earnings for many companies were decent, but whether the rally will be sustainable is still hard to say,” said Chen Huiqin at Huatai Securities.

Japan’s Nikkei 225 Average rose 1.4% to 10639.71, the highest level for 2009. Australia’s S&P/ASX 200 gained 1.1%, South Korea’s Kospi added 0.8%, and New Zealand’s NZX 50 advanced 0.3%. Taiwan’s Taiex fell 1.3%. In Hong Kong, the Hang Seng Index rose 0.1% to 20456.32.

European markets, meanwhile, are basically flat or off slightly.

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