Like positive gains in the rest of the Asian Pacific market outside China and Hong Kong, the United States stock market also ended its previous trading session in the green.
Asia Pacific markets showed mixed performance on Monday as the Hong Kong Hang Seng Index (INDEXHANGSENG: HSI) was trading in losses in China. The index fell 6.26% to end at 15,195.79 after falling over 1,000 points. The Hang Seng Tech Index also posted a massive 9% fall on Monday.
Stock market performance in mainland China was no different, however, as losses were narrowed. The Shanghai Composite Index (SHA:000001) was down 2.02% and held above 2,977.56. The Shenzhen Component Index (SHE: 399001) did not outperform and traded in a bearish manner around a fall in valuation of 10,694.61.
In particular, the decline in the Chinese and Hong Kong markets is driven by a wide range of factors spanning both domestic and foreign influences. According to Tai Hui, APAC chief market strategist at JPMorgan Asset Management, one of these factors is rising US Treasury yields.
In addition, Tai notes that most personnel changes occurred at the recently concluded political conference of the Communist Party of China, with no significant economic policies announced.
“Since the meeting is mostly about personnel changes, the economic recovery may not come as quickly as we expected,” said Tai Told CNBC in an email.
Rest of Asia Pacific posted more impressive gains than China and Hong Kong. The S&P/ASX 200 (INDEXASX: XJO), a market-capitalization-weighted and float-adjusted stock market index of stocks listed on the Australian Securities Exchange, rose 1.54% to 6,779.40.
The KOSPI (KRX: KOSPI) index in South Korea also rose 1.04% to 2,236.16, while Japan’s Nikkei 225 (INDEXNIKKEI: NI225) gained 0.31% to 26,974.90. Markets in Singapore, India and Malaysia remained closed on Monday for public holidays. Notably, the Bank of Japan has a scheduled meeting this week, while the Central Bank of Australia and Singapore are expected to hike interest rates to moderate inflation.
Hong Kong Hang Seng losses, US markets up
Like positive gains in the rest of the Asian Pacific market outside China and Hong Kong, the United States stock market also ended its previous trading session in the green.
S&P 500 Index (INDEXSP: .INX) posted a gain of 2.37% at 3,752.75 at the close of the session on Friday. 30-stock index, Dow Jones Industrial Average ,INDEXDJX: .DJI) also registered an unparalleled rise and rose 2.47% to 31,082.56. Nasdaq Composite (INDEXNASDAQ:.IXIC) ended the week on a positive note with a gain of 2.31% at 10,859.72 on Friday.
US stock market growth got priority informed of There has been news from the Wall Street Journal that some Federal Reserve officials are thinking of stopping the increase in interest rates. Inflation for September was pegged at 8.2%, with general expectations that the Federal Open Market Committee (FOMC) would announce a hike of at least 75 basis points.
The growth seen across the board can be attributed to an impressive earnings report from Wall Street and with more big names to report this week, a positive performance could help the market sustain its bullish move. .
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real-life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of emerging technology. His desire to educate people about cryptocurrencies is what drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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