Chinese stocks soar, buoying sentiment across Asia

Photo by ChinaFotoPress/Getty Images

Asian markets, with the exception of Australia’s ASX 200 index, are trading higher on Monday, helped in part by further significant gains in Chinese stocks.

At the mid-session break the benchmark Shanghai Composite index trades at 3,290.62 points, an increase of 3.38%. It currently sits at the highest level seen since August 24, and takes the indices gains since August 24 to 15.43%.

Like the benchmark index in Shanghai, all other mainland indices are up by between 3.21% to 4.82%.

The renewed surge in mainland stocks coincided with a story released in China Securities newspaper on Monday in which Yi Gang, deputy governor of the PBOC, stated that the correction in Chinese stocks was “almost over”. Whatever your view of a central banker giving stock market advice, the gains in China have certainly flowed through to sentiment elsewhere in the region.

In Japan the Nikkei 225 is up 1.64% at 18,438.67 while the Hang Seng in Hong Kong sits at 22,736.13, an increase of 1.23%. Elsewhere stocks in South Korea and Singapore are up 0.36% and 0.90 respectively.

The ASX 200 in Australia is the exception to the rule with index currently down 0.76% at 5,239.30 points led by weakness in utilities, energy and healthcare stocks. Last week the index rallied 4.5%, suggesting that some profit taking may be behind the weakness seen today.

Here’s the regional scoreboard.

Stocks

  • ASX 200 5239.30 , -40.39 , -0.76%
  • Nikkei 225 18438.67 , 297.50 , 1.64%
  • Shanghai Composite 3290.62 , 107.47 , 3.38%
  • Hang Seng 22736.13 , 277.33 , 1.23%
  • KOSPI 2026.85 , 7.32 , 0.36%
  • Straits Times 3025.34 , 26.84 , 0.90%
  • S&P 500 Futures 2005.00 , -2.50 , -0.12%

Forex

  • USD/JPY 120.17 , -0.08 , -0.07%
  • USD/CNY 6.3300 , -0.0150 , -0.24%
  • AUD/USD 0.7340 , 0.0009 , 0.12%
  • NZD/USD 0.6701 , 0.0011 , 0.16%
  • AUD/JPY 88.2 , 0.01 , 0.01%
  • EUR/USD 1.1371 , 0.0017 , 0.15%
  • GBP/USD 1.5331 , 0.0028 , 0.18%
  • USD INDEX 94.773 , -0.0400 , -0.04%

Commodities

  • Gold $1,157.60 , $0.47 , 0.04%
  • Silver $15.82 , $0.00 , 0.00%
  • WTI Futures $50.08 , $0.45 , 0.91%
  • Copper Futures ¥40,140 , ¥440 1.11%
  • Iron Ore Futures ¥381.50 , -¥2.00 , -0.52%

10-Year Bond Yields

  • Australia 2.724%
  • New Zealand 3.465%
  • Japan 0.328%
  • Germany 0.614%
  • UK 1.862%
  • US 2.090%

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