Asian Shares Rise Lead by China on Strong Iron Ore Prices

Asian markets have started the week mostly higher, boosted by Wall Street’s strong performance on Friday and a bounce in iron ore prices.

Both the Nasdaq and S&P 500 closed at new record highs after US tech firms reported strong first-quarter profits.

The price of iron ore also gained 6% on Friday to $57 (£37) a tonne, its highest price since mid-March.
Hong Kong’s Hang Seng index closed up 1.33% to 28,433.59, while the Shanghai Composite jumped 3.04% to 4,527.40.

Chinese shares continued their bull run, with state-owned firms leading the gains, after state media reported that the government would cut the number of conglomerates it controls through mergers and acquisitions.

Investors also ignored data that showed profits at Chinese industrial firms fell 0.4% in March from a year ago, while profits declined 2.7% in the first quarter.

Japan’s benchmark Nikkei 225 index closed down 0.2% to 19,983.32.

The dollar bought 119 yen, up from 118.99 yen in New York.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza