The Asia Day: Chinese stocks soar for a third day in a row

China’s Shanghai Composite, for a third consecutive session, has rallied hard today.

Here’s the scoreboard.

    Asian Equities

  • Nikkei 225 19,624.84, 0.02%
  • Shanghai Composite 4,398.45, 1.5%
  • Hang Seng 27,577.00, -0.51%
  • S&P/ASX 200 5,674.70, 0.88%
    Global Equity Futures

  • S&P 500 2,094.95, -0.13%
  • DAX 11,545.80, -1.09%

As it has done since the PBOC cut interest rates Sunday evening the Shanghai Composite continued to push higher, adding an additional 1.5%. Including the final hour of trade on Friday the index has now put on in excess of 6%. While mainland Chinese equities were higher those in Hong Kong fell. Late in trade the Hang Seng is off 0.5%

Elsewhere Australia’s ASX 200, having fallen in the previous five sessions, rallied 0.88% while the Nikkei in Japan closed flat after trading lower for the vast majority of the session.

In currency markets the USD was weaker against the Euro, Swiss franc and Australian Dollar but stronger against the Pound and Yen.

Brent crude and gold futures were down slightly.

Bond markets, as has been the case for much of the past two weeks, were softer (yields higher). The sell-off in 10-year Japanese and Australian debt, while unable to fluster equity markets, was noticeable.

On the economic front Australian home loan data for March came in well above expectations led by a surge in lending for housing investment.

Looking ahead data releases ahead include jolts job openings and NFIB small business optimism from the US, UK industrial output along with industrial production and CPI data from India. Elsewhere Australian treasurer Joe Hockey delivers the 2014-15 federal budget from 7.30pm in Canberra. Business Insider Australia will have rolling coverage as events unfold.

EUR/USD 1.1192, 0.32%
EUR/GBP 0.7184, 0.38%
EUR/CHF 1.0423, 0.02%
EUR/JPY 134.49, 0.4%
USD/JPY 120.16, 0.07%
USD/CHF 0.9313, -0.31%
GBP/USD 1.5578, -0.05%
AUD/USD 0.7936, 0.56%

Commodity Futures
Gold Futures $1,182.30, -0.06%
Brent Oil Futures $65.45, -0.27%

10-Year Government Bond Yields
Japan 0.442%
U.S. 2.3%
Germany 0.674%
UK 1.96%
Australia 3.045%

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