China Stocks Hit Five Year High

January 5, 2015 Share Print 0

Mainland Chinese shares surged on Monday to their highest in five years, leading Asian markets as they reopened for the first full week in 2015.

The Shanghai Composite jumped 3.6% to 3,350.52, after gaining 50% in 2014.

Investors are hoping for monetary policy easing in China after a private survey last week showed manufacturing activity shrank for the first time in seven months.

In Hong Kong, the benchmark Hang Seng index fell 0.57% to 23,721.32.

Shares of Macau casino operator Melco Crown fell 3.5% after it announced a plan on Friday to withdraw its listing from Hong Kong for “cost savings” reasons.

The news came after the world’s biggest gaming hub, Macau, recorded its first annual decline in gambling revenue since casinos were liberalised there in 2001.

via BBC

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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.