Mainland Chinese stocks reversed and gained on March 16 trading day

Waiting for news from the Fed, mainland Chinese stocks reversed and gained

After the start of a quiet new week, the major stock indexes in Asia on March 16 simultaneously increased when the focus was on the meeting of the US Federal Reserve (Fed).

China’s Shanghai Composite Index rose 0.78% on March 16 trading day. Photo: AFP

After closing sideways in the previous trading day, Australia’s ASX 200 on the afternoon of March 16 increased 0.8% to 6,827.10 when most stock groups went up, except for two groups of energy stocks. amount and material sequence decreased 0.17% and 0.65%.

Shares of oil and mining companies closed mixed, while shares of the “quartet” of Australia’s largest banks all rallied. In which, shares of ANZ Bank and Commonwealth Bank rose 0.56% and 0.9% respectively, while Westpac shares closed up 0.61% and Australia National Bank shares inched up 0.42%. .

On the Japanese market, the Nikkei 225 index ended the day up 0.52% to 29,921.09 points while the Topix index rose 0.65% to 1,981.50 points. In Korea, Kospi close at the level 3,067.17 points,Up 0.7%, in Hong Kong’s Hang Seng Index recorded a 0.6% increase in late-day trading.

Mainland Chinese stocks on March 16 cut loss and closed with a gain. The Shanghai Composite Index rose 0.78% to 3,446.73 points while the Shenzhen Component Index rose more strongly with 0.91% to 13,642.95 points.

Asia’s major stock markets moved “green” after Wall Street last night saw the Dow Jones industrial average and the S&P 500 index rallied and closed at record levels thanks to the optimistic outlook. on the reopening of the US economy.

Another factor that makes US stocks prosper is the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) scheduled to meet quarterly in 2 days March 16-17. This is “certainly another factor that keeps investors a little more cautious at the beginning of the new week,” commented Rodrigo Catril, senior foreign exchange expert at National Australia Bank.

“There is a lot of focus on whether the new forecasts and dots (on the dot chart – BTV) can reveal the Fed’s rate hike signals,” said Rodrigo Catril.

Every quarter, members of the Federal Open Market Committee (FOMC) meet to provide short, medium, and long-term interest rate forecasts. These predictions are visually represented on the dot chart.

Rising interest rates and the US economy’s recovery have made the Fed’s easing policies the focus of attention. Market observers are questioning when the Fed will consider canceling those easing policies.

The Bank of England is scheduled to have a policy meeting on March 18. On the same day, the Bank of Japan will also launch a two-day policy meeting.

Meanwhile, the Central Bank of Australia recently announced the minutes of its meeting of monetary policy in March. Accordingly, members of the Central Bank of Australia shared that there is still a need for a strong monetary policy. hand in a while, as it will take several years before the Australian economy hits the bank’s inflation and unemployment target.

On the currency markets, the greenback rose 0.12% as the US dollar index against other major currencies reached 91,941, from 91,780 previously established. The Japanese Yen was stable at 109.2 JPY for 1 USD, while the Australian dollar depreciated 0.36% to 1 AUD for 0.7726 USD.

Oil price traded by Asian hour today decreased. Specifically, futures price of crude oil dropped 0.84% ​​to 64.84 USD / barrel, while Brent oil futures price slipped 0.78% to 68.34 USD / barrel.