Optimism about the recovery of the Chinese economy helped stocks keep the main green color in the first trading session of September 28.
|China’s CSI 300 bluechip index closed the September 28 session up 0.3%. Documentary photo: AFP|
Asian stock markets are fueled by the background Chinese economy continues to emit The recovery signals and the fiscal and export stimulus packages helped save investors’ sentiment.
The MSCI Asia-Pacific Index (excluding Japan) rose 0.7% to 551.48 today, but kept a distance from the lowest level in the past 2 months. 543.66. This index is expected to end September in red as the Covid-19 pandemic continues to devastate the world economy, making investors worry about upcoming stock valuations.
Traders in Asia were cautious about the debate between the US presidential candidates on September 29, and concerns that a recurrence of Covid-19 in Europe could hamper resilience. of the world economy.
Chinese stocks today kicked off the trading week with green color, creating momentum for regional stocks to go up after the ups and downs at the opening. The blue-chip CSI 300 of Chinese stocks today closed up 0.3%. Tension among Asian investors was somewhat eased as weekend data showed that the profits of Chinese industrial companies in August hit the fourth consecutive month of growth, thanks in part to recovery in commodity prices and equipment manufacturing.
The economic indicators in August also showed that export activities, production costs and output of factories in China continued to increase thanks to a series of measures to activate the second largest economy in the world. Analysts assess that these are positive signals that help stimulate the global economic recovery.
In Japan, the Nikkei 225 increased by 1.3% partly due to the depreciation of the yen, while South Korea’s Kospi increased stronger with 1.35%. In contrast, Australian stocks today struggled to cut loss and ended the session slipping 0.21% to 5,952.30 points.
Asian markets are sharp Green coverage thanks to the rise of Wall Street stocks earlier. However, analysts expect the rise of US stocks will only be maintained in a short time when economic growth begins to slow down.
The world has recorded nearly 33 million people infected with Covid-19 and 992,470 deaths from this virus. The real concern for investors is still the Covid-19 epidemic as Europe recently recorded a spike in new infections. Investors fear that the measures to control the spread of the disease re-introduced by European authorities will put great pressure on businesses struggling with losses.
Kerry Craig, global market expert from JP Morgan Asset Management Fund, commented: “The clouds have started to gather in developed countries as political instability in the US intensifies and Europe is fighting. anti-epidemic “.
“Governments are not fond of reintroducing blockades across the country, but regional and local restrictions can still go on for a while and still affect economic activity” Kerry Craig added.
Another concern for investors is the first talk between the Republican candidate, US President Donald Trump, and Joe Biden, the Democratic rival on September 29, before going to the election of the month. 11.
If Biden – the candidate who is leading Mr. Trump with a not-so-disproportionate rating in the polls – demonstrates strength in the debate with his opponent, it could push commercial stocks and renewable energy entirely. In contrast, if Trump dominates the rhetoric, stocks of defense companies and fossil fuels will benefit.
The stock market is also looking forward to a new fiscal stimulus package in the US, in addition to post-Brexit trade negotiations between the UK and Europe when the two sides will continue to sit together this week.
The currency market today recorded the US dollar slipping the deepest nearly 2 weeks against the Japanese yen when trading 105.32 JPY for 1 USD. The euro ended the day with 1 EUR for 1.1629 USD, not far from the 2-month low of 1 EUR / 1.1611 set at the end of last week, and the pound rose 0.3% to 1 GBP “eat” 1.2774 USD.
Meanwhile, the Australian dollar reacted more steadily and traded around 1 AUD / 0.7052 USD, after 6 consecutive slippage sessions when the prospect of monetary policy easing in the country narrowed.
Oil prices today are under great pressure before the move to limit movement in many countries to prevent the Covid-19 epidemic from recurring. Brent crude oil futures for delivery fell 37 cents to $ 41.55 / barrel, while US light crude oil slipped 39 cents to $ 39.86 / barrel.
Drifting away from the historic peak of over $ 2,000 / ounce set in August, gGold price today slipped to 1,858.2 USD / ounce.